Otter Tail Corporation Announces Second Quarter Earnings, Increases 2023 Earnings Guidance, Board of Directors Declares Quarterly Dividend of $0.4375 per Share
SUMMARY
Compared to the quarter ended June 30, 2022:
-
Consolidated operating revenues decreased
16% to .$338 million -
Consolidated net income decreased
5% to .$82 million -
Diluted earnings per share decreased
5% to per share.$1.95
CEO OVERVIEW
“We are pleased with our second quarter financial results,” said President and CEO Chuck MacFarlane, “with our employees continuing to adapt to changing market conditions. Our Electric segment produced earnings growth of 4 percent compared to the second quarter of 2022, primarily driven by the recovery of rate base investments. Manufacturing segment earnings decreased 21 percent due to lower sales volumes of horticulture products and unfavorable manufacturing cost absorption. As expected, Plastics segment earnings declined from the second quarter of 2022, driven by general end market softness and reductions in sales volumes as distributors continue to manage inventory levels.
“We look forward to substantial completion of our 49 MW Hoot Lake Solar project, which is currently expected to be placed in service on time and on budget in the third quarter of 2023. Hoot Lake Solar is being constructed on and near the retired Hoot Lake coal plant property in
“We are increasing our 2023 diluted earnings per share guidance to a range of
“Our long-term focus remains unchanged - executing our strategy to grow our business and achieve operational, commercial and talent excellence to strengthen our position in the markets we serve. We now expect a normalizing of Plastics segment earnings during the last half of 2024. As we return to more normal levels of earnings in this segment, we remain confident in our ability to achieve a compounded annual growth rate in earnings per share of 5 to 7 percent. We then expect to return to an earnings mix of approximately 65 percent from our Electric segment and 35 percent from our Manufacturing and Plastics segments.”
SECOND QUARTER UPDATES
- Otter Tail Power filed its supplemental Integrated Resource Plan (IRP) earlier this year, which requests, among other items, the addition of on-site liquefied natural gas fuel storage at our Astoria Station plant in 2026. In May, the Minnesota Public Utilities Commission decided to align the timing of its decision on the Astoria Station project with the timing of its decision on the overall supplemental IRP. We anticipate a hearing on the IRP in early 2024.
QUARTERLY DIVIDEND
On July 31, 2023, the corporation’s Board of Directors declared a quarterly common stock dividend of
CASH FLOWS AND LIQUIDITY
Our consolidated cash provided by operating activities for the six months ended June 30, 2023 was
As of June 30, 2023, we had
SEGMENT PERFORMANCE
Electric Segment
|
Three Months Ended June 30, |
|
|
|
|
|||||||||
($ in thousands) |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% Change |
|||
Operating Revenues |
$ |
113,763 |
|
$ |
130,949 |
|
$ |
(17,186 |
) |
|
(13.1 |
)% |
||
Net Income |
|
19,634 |
|
|
|
18,858 |
|
|
|
776 |
|
|
4.1 |
|
|
|
|
|
|
|
|
|
|||||||
Retail MWh Sales |
|
1,345,830 |
|
|
|
1,286,419 |
|
|
|
59,411 |
|
|
4.6 |
% |
Heating Degree Days |
|
639 |
|
|
|
716 |
|
|
|
(77 |
) |
|
(10.8 |
) |
Cooling Degree Days |
|
254 |
|
|
|
154 |
|
|
|
100 |
|
|
64.9 |
|
The following table shows heating degree days (HDDs) and cooling degree days (CDDs) as a percent of normal.
|
Three Months Ended June 30, |
||||
|
2023 |
|
|
2022 |
|
HDDs |
120.6 |
% |
|
135.1 |
% |
CDDs |
215.3 |
% |
|
129.4 |
% |
The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2023 and 2022.
|
2023 vs Normal |
|
2023 vs 2022 |
|
2022 vs Normal |
|||
Effect on Diluted Earnings Per Share |
$ |
0.04 |
|
$ |
0.01 |
|
$ |
0.03 |
Operating Revenues decreased
Net Income increased
Manufacturing Segment
|
Three Months Ended June 30, |
|
|
|
|
|||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
% Change |
|||
Operating Revenues |
$ |
102,475 |
|
$ |
103,196 |
|
$ |
(721 |
) |
|
(0.7 |
)% |
||
Net Income |
|
5,969 |
|
|
|
7,555 |
|
|
|
(1,586 |
) |
|
(21.0 |
) |
Operating Revenues decreased
Net Income decreased
Plastics Segment
|
Three Months Ended June 30, |
|
|
|
|
|||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
% Change |
|||
Operating Revenues |
$ |
121,478 |
|
$ |
165,895 |
|
$ |
(44,417 |
) |
|
(26.8 |
)% |
||
Net Income |
|
55,392 |
|
|
|
63,959 |
|
|
|
(8,567 |
) |
|
(13.4 |
) |
Operating Revenues decreased
Net Income decreased
Corporate Costs
|
Three Months Ended June 30, |
|
|
|
|
||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
% Change |
||
Net Income (Loss) |
$ |
974 |
|
$ |
(4,435 |
) |
|
$ |
5,409 |
|
n/m |
Net Income (Loss) at our corporate cost center increased primarily due to non-taxable death benefit proceeds from corporate owned life insurance and market gains on our corporate-owned life insurance policy investments in the second quarter of 2023 compared to losses in the same period last year, increased investment income earned on our short-term cash equivalent investments and decreased employee health care costs.
2023 BUSINESS OUTLOOK
We are increasing our 2023 diluted earnings per share range to
The segment components of our 2023 diluted earnings per share guidance compared with actual earnings for 2022 are as follows:
|
|
|
2022 EPS by Segment |
|
2023 EPS Guidance May 1, 2023 |
|
2023 EPS Guidance July 31, 2023 |
||||||||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
||||||||||||
Electric |
|
|
$ |
1.91 |
|
|
$ |
2.00 |
|
|
$ |
2.04 |
|
|
$ |
2.00 |
|
|
$ |
2.04 |
|
Manufacturing |
|
|
|
0.50 |
|
|
|
0.47 |
|
|
|
0.51 |
|
|
|
0.47 |
|
|
|
0.51 |
|
Plastics |
|
|
|
4.66 |
|
|
|
2.30 |
|
|
|
2.49 |
|
|
|
3.40 |
|
|
|
3.59 |
|
Corporate |
|
|
|
(0.29 |
) |
|
|
(0.22 |
) |
|
|
(0.19 |
) |
|
|
(0.17 |
) |
|
|
(0.14 |
) |
Total |
|
|
$ |
6.78 |
|
|
$ |
4.55 |
|
|
$ |
4.85 |
|
|
$ |
5.70 |
|
|
$ |
6.00 |
|
Return on Equity |
|
|
|
25.6 |
% |
|
|
14.9 |
% |
|
|
15.7 |
% |
|
|
18.4 |
% |
|
|
19.2 |
% |
The following items contributed to our revised 2023 earnings guidance:
Electric Segment - We are maintaining our May 1, 2023 guidance, expecting earnings to increase
Manufacturing Segment - We are maintaining our May 1, 2023 guidance.
-
Backlog for the manufacturing companies as of June 30, 2023 was approximately
, compared with$200 million one year ago.$245 million
Plastics Segment - We are increasing our Plastics segment guidance based on:
- Continued strength in our product sales prices and related margins. While sales prices and margins have begun to recede from historic highs, the rate of decline is slower than our previous expectations. The impact of higher sales prices and margins is partially offset by a decrease in expected sales volumes over the remainder of 2023.
- Our guidance reflects lower second half earnings as compared to the first half of 2023 as we expect sales prices and margins to decline modestly over the remainder of 2023. Should pricing and margins remain elevated relative to our expectations, there could be further upside to our current year earnings.
Corporate Costs - We are decreasing our Corporate cost guidance based on the following:
- The results in the second quarter of 2023 were better than expected due to gains on our corporate-owned life insurance policies, including death benefit proceeds, earnings on our cash balance investments and lower employee healthcare costs.
- Increased earnings on our cash balance investments over the remainder of the year due to a higher balance of invested funds and a higher yield.
- These items are partially offset by an increase in our operating and maintenance expenses.
CONFERENCE CALL AND WEBCAST
The corporation will host a live webcast on Tuesday, August 1, 2023, at 10:00 a.m. CDT to discuss its financial and operating performance.
The presentation will be posted on our website before the webcast. To access the live webcast, go to www.ottertail.com/presentations and select “Webcast.” Please allow time prior to the call to visit the site and download any software needed to listen in. An archived copy of the webcast will be available on our website shortly after the call.
If you are interested in asking a question during the live webcast, visit and follow the link provided in the press release announcing the upcoming conference call.
FORWARD-LOOKING STATEMENTS
Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “projected,” “should,” “target,” “will,” “would” and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward-looking statements made herein, which may include statements regarding 2023 earnings and earnings per share, long-term earnings, earnings per share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supply constraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company’s risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures, rate base levels and rate base growth, risks associated with energy markets, the availability and pricing of resource materials, inflationary cost pressures, attracting and maintaining a qualified and stable workforce, changing macroeconomic and industry conditions, long-term investment risk, seasonal weather patterns and extreme weather events, counterparty credit risk, future business volumes with key customers, reductions in our credit ratings, our ability to access capital markets on favorable terms, assumptions and costs relating to funding our employee benefit plans, our subsidiaries’ ability to make dividend payments, cyber security threats or data breaches, the impact of government legislation and regulation including foreign trade policy and environmental, health and safety laws and regulations, the impact of climate change including compliance with legislative and regulatory changes to address climate change, expectations regarding regulatory proceedings, and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.
Category: Earnings
About the Corporation: Otter Tail Corporation, a member of the S&P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are in
OTTER TAIL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (unaudited)
|
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in thousands, except per-share amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating Revenues |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
113,763 |
|
|
$ |
130,949 |
|
|
$ |
265,671 |
|
|
$ |
261,365 |
|
Product Sales |
|
223,953 |
|
|
|
269,091 |
|
|
|
411,126 |
|
|
|
513,579 |
|
Total Operating Revenues |
|
337,716 |
|
|
|
400,040 |
|
|
|
676,797 |
|
|
|
774,944 |
|
Operating Expenses |
|
|
|
|
|
|
|
||||||||
Electric Production Fuel |
|
14,833 |
|
|
|
14,714 |
|
|
|
26,326 |
|
|
|
29,567 |
|
Electric Purchased Power |
|
5,212 |
|
|
|
24,162 |
|
|
|
47,037 |
|
|
|
44,691 |
|
Electric Operating and Maintenance Expense |
|
45,522 |
|
|
|
42,379 |
|
|
|
91,070 |
|
|
|
86,659 |
|
Cost of Products Sold (excluding depreciation) |
|
120,658 |
|
|
|
152,466 |
|
|
|
233,027 |
|
|
|
304,225 |
|
Other Nonelectric Expenses |
|
16,870 |
|
|
|
17,252 |
|
|
|
35,568 |
|
|
|
34,457 |
|
Depreciation and Amortization |
|
24,232 |
|
|
|
23,566 |
|
|
|
48,089 |
|
|
|
47,113 |
|
Electric Property Taxes |
|
4,336 |
|
|
|
4,435 |
|
|
|
8,957 |
|
|
|
8,866 |
|
Total Operating Expenses |
|
231,663 |
|
|
|
278,974 |
|
|
|
490,074 |
|
|
|
555,578 |
|
Operating Income |
|
106,053 |
|
|
|
121,066 |
|
|
|
186,723 |
|
|
|
219,366 |
|
Other Income and (Expense) |
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
(9,696 |
) |
|
|
(8,991 |
) |
|
|
(19,111 |
) |
|
|
(17,939 |
) |
Nonservice Components of Postretirement Benefits |
|
2,421 |
|
|
|
751 |
|
|
|
4,833 |
|
|
|
772 |
|
Other Income (Expense), net |
|
3,253 |
|
|
|
(889 |
) |
|
|
5,370 |
|
|
|
(629 |
) |
Income Before Income Taxes |
|
102,031 |
|
|
|
111,937 |
|
|
|
177,815 |
|
|
|
201,570 |
|
Income Tax Expense |
|
20,062 |
|
|
|
26,000 |
|
|
|
33,365 |
|
|
|
43,630 |
|
Net Income |
$ |
81,969 |
|
|
$ |
85,937 |
|
|
$ |
144,450 |
|
|
$ |
157,940 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-Average Common Shares Outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
41,678 |
|
|
|
41,597 |
|
|
|
41,655 |
|
|
|
41,573 |
|
Diluted |
|
42,053 |
|
|
|
41,944 |
|
|
|
42,035 |
|
|
|
41,907 |
|
Earnings Per Share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.97 |
|
|
$ |
2.07 |
|
|
$ |
3.47 |
|
|
$ |
3.80 |
|
Diluted |
$ |
1.95 |
|
|
$ |
2.05 |
|
|
$ |
3.44 |
|
|
$ |
3.77 |
|
OTTER TAIL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited)
|
|||||||
|
June 30, |
|
December 31, |
||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
150,578 |
|
$ |
118,996 |
||
Receivables, net of allowance for credit losses |
|
194,951 |
|
|
|
144,393 |
|
Inventories |
|
144,441 |
|
|
|
145,952 |
|
Regulatory Assets |
|
19,058 |
|
|
|
24,999 |
|
Other Current Assets |
|
15,084 |
|
|
|
18,412 |
|
Total Current Assets |
|
524,112 |
|
|
|
452,752 |
|
Noncurrent Assets |
|
|
|
||||
Investments |
|
59,882 |
|
|
|
54,845 |
|
Property, Plant and Equipment, net of accumulated depreciation |
|
2,316,246 |
|
|
|
2,212,717 |
|
Regulatory Assets |
|
96,128 |
|
|
|
94,655 |
|
Intangible Assets, net of accumulated amortization |
|
7,393 |
|
|
|
7,943 |
|
Goodwill |
|
37,572 |
|
|
|
37,572 |
|
Other Noncurrent Assets |
|
52,653 |
|
|
|
41,177 |
|
Total Noncurrent Assets |
|
2,569,874 |
|
|
|
2,448,909 |
|
Total Assets |
$ |
3,093,986 |
|
|
$ |
2,901,661 |
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Short-Term Debt |
$ |
50,197 |
|
|
$ |
8,204 |
|
Accounts Payable |
|
104,661 |
|
|
|
104,400 |
|
Accrued Salaries and Wages |
|
26,029 |
|
|
|
32,327 |
|
Accrued Taxes |
|
31,900 |
|
|
|
19,340 |
|
Regulatory Liabilities |
|
41,743 |
|
|
|
17,300 |
|
Other Current Liabilities |
|
46,032 |
|
|
|
56,065 |
|
Total Current Liabilities |
|
300,562 |
|
|
|
237,636 |
|
Noncurrent Liabilities and Deferred Credits |
|
|
|
||||
Pensions Benefit Liability |
|
33,198 |
|
|
|
33,210 |
|
Other Postretirement Benefits Liability |
|
47,364 |
|
|
|
46,977 |
|
Regulatory Liabilities |
|
245,935 |
|
|
|
244,497 |
|
Deferred Income Taxes |
|
231,910 |
|
|
|
221,302 |
|
Deferred Tax Credits |
|
15,544 |
|
|
|
15,916 |
|
Other Noncurrent Liabilities |
|
67,093 |
|
|
|
60,985 |
|
Total Noncurrent Liabilities and Deferred Credits |
|
641,044 |
|
|
|
622,887 |
|
Commitments and Contingencies |
|
|
|
||||
Capitalization |
|
|
|
||||
Long-Term Debt |
|
823,941 |
|
|
|
823,821 |
|
Shareholders’ Equity |
|
|
|
||||
Common Shares |
|
208,553 |
|
|
|
208,156 |
|
Additional Paid-In Capital |
|
425,867 |
|
|
|
423,034 |
|
Retained Earnings |
|
693,138 |
|
|
|
585,212 |
|
Accumulated Other Comprehensive Income |
|
881 |
|
|
|
915 |
|
Total Shareholders' Equity |
|
1,328,439 |
|
|
|
1,217,317 |
|
Total Capitalization |
|
2,152,380 |
|
|
|
2,041,138 |
|
Total Liabilities and Shareholders' Equity |
$ |
3,093,986 |
|
|
$ |
2,901,661 |
|
OTTER TAIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|||||||
|
June 30, |
||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
Operating Activities |
|
|
|
||||
Net Income |
$ |
144,450 |
|
|
$ |
157,940 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
||||
Depreciation and Amortization |
|
48,089 |
|
|
|
47,113 |
|
Deferred Tax Credits |
|
(372 |
) |
|
|
(373 |
) |
Deferred Income Taxes |
|
8,708 |
|
|
|
25,160 |
|
Discretionary Contribution to Pension Plan |
|
— |
|
|
|
(20,000 |
) |
Investment (Gains) Losses |
|
(4,295 |
) |
|
|
4,440 |
|
Stock Compensation Expense |
|
6,484 |
|
|
|
5,511 |
|
Other, net |
|
161 |
|
|
|
(164 |
) |
Change in Operating Assets and Liabilities: |
|
|
|
||||
Receivables |
|
(50,558 |
) |
|
|
(50,885 |
) |
Inventories |
|
2,396 |
|
|
|
2,889 |
|
Regulatory Assets |
|
7,320 |
|
|
|
5,604 |
|
Other Assets |
|
3,561 |
|
|
|
3,240 |
|
Accounts Payable |
|
1,037 |
|
|
|
1,933 |
|
Accrued and Other Liabilities |
|
(4,271 |
) |
|
|
(3,394 |
) |
Regulatory Liabilities |
|
27,169 |
|
|
|
(3,859 |
) |
Pension and Other Postretirement Benefits |
|
(5,382 |
) |
|
|
475 |
|
Net Cash Provided by Operating Activities |
|
184,497 |
|
|
|
175,630 |
|
Investing Activities |
|
|
|
||||
Capital Expenditures |
|
(151,516 |
) |
|
|
(70,791 |
) |
Proceeds from Disposal of Noncurrent Assets |
|
2,970 |
|
|
|
2,840 |
|
Purchases of Investments and Other Assets |
|
(5,079 |
) |
|
|
(5,944 |
) |
Net Cash Used in Investing Activities |
|
(153,625 |
) |
|
|
(73,895 |
) |
Financing Activities |
|
|
|
||||
Net Borrowings (Repayments) on Short-Term Debt |
|
41,993 |
|
|
|
(91,163 |
) |
Proceeds from Issuance of Long-Term Debt |
|
— |
|
|
|
90,000 |
|
Dividends Paid |
|
(36,524 |
) |
|
|
(34,372 |
) |
Payments for Shares Withheld for Employee Tax Obligations |
|
(3,088 |
) |
|
|
(2,942 |
) |
Other, net |
|
(1,671 |
) |
|
|
(2,806 |
) |
Net Cash Provided by (Used in) Financing Activities |
|
710 |
|
|
|
(41,283 |
) |
Net Change in Cash and Cash Equivalents |
|
31,582 |
|
|
|
60,452 |
|
Cash and Cash Equivalents at Beginning of Period |
|
118,996 |
|
|
|
1,537 |
|
Cash and Cash Equivalents at End of Period |
$ |
150,578 |
|
|
$ |
61,989 |
|
OTTER TAIL CORPORATION SEGMENT RESULTS (unaudited)
|
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating Revenues |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
113,763 |
|
|
$ |
130,949 |
|
|
$ |
265,671 |
|
|
$ |
261,365 |
|
Manufacturing |
|
102,475 |
|
|
|
103,196 |
|
|
|
209,257 |
|
|
|
208,154 |
|
Plastics |
|
121,478 |
|
|
|
165,895 |
|
|
|
201,869 |
|
|
|
305,425 |
|
Total Operating Revenues |
$ |
337,716 |
|
|
$ |
400,040 |
|
|
$ |
676,797 |
|
|
$ |
774,944 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
25,188 |
|
|
$ |
26,869 |
|
|
$ |
55,284 |
|
|
$ |
54,810 |
|
Manufacturing |
|
8,320 |
|
|
|
10,700 |
|
|
|
17,829 |
|
|
|
16,637 |
|
Plastics |
|
75,035 |
|
|
|
86,561 |
|
|
|
120,718 |
|
|
|
155,422 |
|
Corporate |
|
(2,490 |
) |
|
|
(3,064 |
) |
|
|
(7,108 |
) |
|
|
(7,503 |
) |
Total Operating Income |
$ |
106,053 |
|
|
$ |
121,066 |
|
|
$ |
186,723 |
|
|
$ |
219,366 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
19,634 |
|
|
$ |
18,858 |
|
|
$ |
42,854 |
|
|
$ |
38,091 |
|
Manufacturing |
|
5,969 |
|
|
|
7,555 |
|
|
|
12,831 |
|
|
|
11,639 |
|
Plastics |
|
55,392 |
|
|
|
63,959 |
|
|
|
89,078 |
|
|
|
114,806 |
|
Corporate |
|
974 |
|
|
|
(4,435 |
) |
|
|
(313 |
) |
|
|
(6,596 |
) |
Total Net Income |
$ |
81,969 |
|
|
$ |
85,937 |
|
|
$ |
144,450 |
|
|
$ |
157,940 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230731691003/en/
Media Contact: Stephanie Hoff, Director of Corporate Communications, (218) 739-8535
Investor Contact: Beth Osman, Manager of Investor Relations, (701) 451-3571
Source: Otter Tail Corporation