Allete Inc. had an electric start to 2017, posting a $49 million profit in the first quarter of the year.
The Duluth-based parent of Minnesota Power saw its revenues jump to $365 million, up from $333 million in the first three months of 2016.
"Allete begins the year with solid financial results and significant progress with several key growth initiatives," CEO Al Hodnik said in a press release.
The profit represents 97 cents per share, which keeps Allete on track for a yearly profit between $3.10 and $3.50 per share, company leaders said during an investor call Thursday morning.
Hodnik said that taconite operations - a major source of company income - are at full production levels, and Minnesota Power is staying busy keeping tabs on future industrial prospects.
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Among the projects the company is eyeing are the former Essar Steel site, the PolyMet mine proposal and Magnetation, which Hodnik said during Thursday's call could restart operations in June or later this summer.
The company recently announced a quarterly dividend of 53.5 cents per share, or $2.14 on an annual basis. The dividend will be paid June 1 to shareholders of record as of May 15.
Allete, traded as ALE, saw its shares rise nearly 1 percent on Thursday. It has traded as high as $72.05 and as low as $54.03 in the past 52 weeks, gaining 20 percent in that time.
