Business Services Industry
Auto Services, Water Utilities Cited in Minnesota Power's Growth.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, January, 2000 by Adams, Paul
Jan. 19--You wouldn't know it by checking recent stock quotes, but Minnesota Power's five-year diversification strategy has produced a third year of solid earnings growth that exceeds that of most utilities in its peer group.
The Duluth-based company reported 1999 net income of $104.2 million, excluding a noncash charge of $36.2 million related to its investment in New York-based re-insurance company Capital Re. That represents an 18 percent increase in net income over the same period in 1998 and earnings per share of $1.49, up 10 percent from 1998's earnings of $1.35 per share.
Analysts continue to credit the company's growing automotive services and water utility businesses for pushing earnings higher while the electric division remains flat by...
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