Diluted earnings per share from continuing operations rose 11% to $3.08 in 2007 from $2.77 in 2006. Income from Allete’s energy business segments were $65.9 million for 2007, compared to $52.4 million in the preceding year.
Weather-related kWh sales increases, a full year’s earnings contribution from the company’s investment in the American Transmission Company, higher rates at Superior Water, Light & Power and the addition of two new municipal full requirements customers all reportedly contributed to the improvement.
These increases were partially offset by higher operation and maintenance expenses during 2007, compared to 2006. The energy business also benefited from a lower effective tax rate in 2007, the company said.
