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Allete posts lower third-quarter results

Allete headquarters in downtown Duluth (file / News Tribune)

Allete reported $30.7 million in third-quarter profit Thursday, down from $44 million during the same time in 2017.

The Duluth-based energy company, which owns Minnesota Power, Superior Water Light and Power, Allete Clean Energy and other subsidiaries, said last year’s results were higher thanks to a North Dakota investment tax credit bump.

“Our year-to-date financial results capture robust demand from our taconite customers, impacts from a rate case outcome earlier this year and Allete Clean Energy’s progress executing its multi-year refurbishment strategy,” CEO Al Hodnik said in a news release Thursday. “We are on track to deliver full-year financial results that are near the midpoint of our original 2018 earnings guidance range of $3.20 to $3.50 per share.”

Allete’s share price closed at $74.57 on Thursday. ALE has traded as high as $75 and as low as $73.25 in the past year.