ALLETE Q3 Profit Falls Amid Lower Non-Utility Revenue, Awaits MPUC Order for Acquisition by CPP Investments and GIP.

ALLETE reported a 40% decline in Q3 profit to $27.1 million, primarily due to lower non-utility revenue. Net income fell to $0.46 per share from $0.78, while operating income dropped to $29.6 million from $45.3 million. Revenue declined 7.9% to $375 million, mainly due to a sharp drop in non-utility segment sales. Utility revenue rose to $320.2 million from $310.5 million. The company awaits a written order from the Minnesota Public Utilities Commission to close its acquisition by CPP Investments and GIP.