Otter Tail Corporation Announces Third Quarter Earnings, Increases Consolidated 2024 Annual Earnings Guidance
Otter Tail (OTTR) reported Q3 2024 financial results with diluted earnings per share decreasing 7% to $2.03 compared to Q3 2023. The company increased its 2024 earnings guidance midpoint by $0.15 to $7.07 per share. The Electric segment earnings rose 16%, while Plastics segment earnings declined 8% due to falling PVC pipe prices. The Manufacturing segment saw a 71% earnings decrease due to lower sales volumes. The company maintains strong liquidity of $544 million and declared a quarterly dividend of $0.4675 per share. Return on equity stands at 20% over the trailing twelve months.
Otter Tail (OTTR) ha riportato i risultati finanziari del terzo trimestre 2024, con utili per azione diluiti in calo del 7% a $2,03 rispetto al terzo trimestre 2023. L'azienda ha aumentato il suo obiettivo di guadagno per il 2024 di $0,15, portandolo a $7,07 per azione. Gli utili del segmento Elettrico sono aumentati del 16%, mentre gli utili del segmento Plastica sono diminuiti dell'8% a causa della riduzione dei prezzi dei tubi in PVC. Il segmento Manifatturiero ha registrato un calo degli utili del 71% a causa di volumi di vendita inferiori. L'azienda mantiene una solida liquidità di $544 milioni e ha dichiarato un dividendo trimestrale di $0,4675 per azione. Il ritorno sul patrimonio netto è pari al 20% negli ultimi dodici mesi.
Otter Tail (OTTR) reportó los resultados financieros del tercer trimestre de 2024, con una disminución del 7% en las ganancias por acción diluida a $2.03 en comparación con el tercer trimestre de 2023. La empresa incrementó su guía de ganancias para 2024 en $0.15, llevándola a $7.07 por acción. Las ganancias del segmento Eléctrico aumentaron un 16%, mientras que las ganancias del segmento Plásticos disminuyeron un 8% debido a la caída de los precios de los tubos de PVC. El segmento de Manufactura experimentó una disminución del 71% en las ganancias debido a menores volúmenes de ventas. La empresa mantiene una sólida liquidez de $544 millones y declaró un dividendo trimestral de $0.4675 por acción. El retorno sobre el patrimonio se sitúa en el 20% durante los últimos doce meses.
Otter Tail (OTTR)는 2024년 3분기 재무 결과를 보고했으며, 희석 주당 이익은 2023년 3분기 대비 7% 감소하여 $2.03에 달했습니다. 회사는 2024년 주당 이익 가이드를 $0.15 상향 조정하여 $7.07로 설정했습니다. 전력 부문의 이익은 16% 증가했으나, 플라스틱 부문의 이익은 PVC 파이프 가격 하락으로 인해 8% 감소했습니다. 제조 부문은 판매량 감소로 인해 71%의 이익 감소를 겪었습니다. 회사는 $544백만의 강력한 유동성을 유지하며, 주당 $0.4675의 분기 배당금을 선언했습니다. 자기자본이익률(ROE)은 최근 12개월 기준으로 20%입니다.
Otter Tail (OTTR) a annoncé ses résultats financiers du troisième trimestre 2024, avec un bénéfice par action dilué en baisse de 7 % à 2,03 $ par rapport au troisième trimestre 2023. L'entreprise a augmenté son estimation de bénéfice pour 2024 de 0,15 $ à 7,07 $ par action. Les bénéfices du segment Électrique ont augmenté de 16 %, tandis que ceux du segment Plastique ont diminué de 8 % en raison de la chute des prix des tuyaux en PVC. Le secteur Manufacturier a connu une diminution de 71 % de ses bénéfices en raison d'une baisse des volumes de vente. L'entreprise maintient une solide liquidité de 544 millions de dollars et a déclaré un dividende trimestriel de 0,4675 $ par action. Le rendement des capitaux propres s'élève à 20 % sur les douze derniers mois.
Otter Tail (OTTR) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024, wobei der verwässerte Gewinn pro Aktie um 7% auf $2,03 im Vergleich zum dritten Quartal 2023 fiel. Das Unternehmen erhöhte seine Gewinnprognose für 2024 um $0,15 auf $7,07 pro Aktie. Die Gewinne im Elektriksegment stiegen um 16%, während die Gewinne im Kunststoffsegment aufgrund sinkender PVC-Rohrpreise um 8% zurückgingen. Das Fertigungssegment verzeichnete einen Rückgang der Gewinne um 71% aufgrund niedrigerer Verkaufszahlen. Das Unternehmen verfügt über eine starke Liquidität von 544 Millionen US-Dollar und beschloss eine vierteljährliche Dividende von $0,4675 pro Aktie. Die Eigenkapitalrendite liegt bei 20% über die letzten zwölf Monate.
- Increased 2024 earnings guidance to $6.97-$7.17 per share
- Electric segment earnings increased 16% ($4 million)
- Strong liquidity position of $544 million
- 13% increase in Plastics segment sales volumes
- 20% Return on equity over trailing twelve months
- Q3 diluted EPS decreased 7% to $2.03
- Manufacturing segment earnings declined 71% ($5 million)
- Plastics segment earnings decreased 8% ($5 million)
- 11% decline in PVC pipe sales prices
- 20.6% decrease in Manufacturing segment revenue
Insights
The Q3 2024 results show mixed performance across segments. The EPS decreased 7% to
Key financial metrics include strong liquidity of
The Electric segment's performance is particularly noteworthy with increased transmission revenue and successful rate case implementation in North Dakota. The wind repowering project represents a strategic move toward cleaner energy while improving efficiency and reducing customer costs. The segment's stable performance, with retail MWh sales up
The company's significant
SUMMARY
-
Midpoint of 2024 earnings guidance increased
to$0.15 per share.$7.07 -
Diluted earnings per share decreased
7% to per share compared to the third quarter of 2023.$2.03 -
Return on equity of
20% over the trailing twelve months.
CEO OVERVIEW
“Our team members continue to perform well as they navigate changing market conditions,” said President and CEO Chuck MacFarlane. “While third quarter earnings were lower than the same time last year, electric segment earnings increased 16 percent, or
“Otter Tail Power continues to execute on its significant rate base growth plan, which includes investments to support safe, reliable, increasingly clean and affordable electric service for our customers. Our wind repowering project remains on schedule and we expect to finish the equipment upgrades at the first of four owned wind energy centers later this year. We look forward to completing this project in its entirety next year as it will increase the efficiency of these wind sites while simultaneously lowering customer bills through increased output and available tax credits.
“Our Manufacturing segment continues to face softening end market demand. We continue to take action to tightly manage costs and mitigate the impact of lower sales volumes. Despite this near-term softness, the longer term fundamentals of the segment remain strong. Our expansion project in
“Despite Plastics segment earnings decreasing from the same time last year, the segment continues to perform better than anticipated, capitalizing on customer sales volume growth. Sales prices of PVC pipe continue to decline but at a slower rate than expected. The first phase of our expansion project at Vinyltech in
“Our diversified business model continues to serve us and our stakeholders well as it generates incremental earnings and cash flow for us to fund our rate base growth plan without any equity needs. As of September 30, 2024, our total available liquidity was
“We are increasing and tightening our 2024 diluted earnings per share guidance to a range of
QUARTERLY DIVIDEND
On November 4, 2024, 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 nine months ended September 30, 2024 was
Investing activities for the nine months ended September 30, 2024 included capital expenditures of
As of September 30, 2024, we had
SEGMENT PERFORMANCE
Electric Segment
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Operating Revenues |
$ |
130,380 |
|
$ |
130,326 |
|
$ |
54 |
|
|
— |
% |
||
Net Income |
|
28,530 |
|
|
|
24,565 |
|
|
|
3,965 |
|
|
16.1 |
|
|
|
|
|
|
|
|
|
|||||||
Retail MWh Sales |
|
1,304,446 |
|
|
|
1,300,324 |
|
|
|
4,122 |
|
|
0.3 |
% |
Heating Degree Days |
|
2 |
|
|
|
3 |
|
|
|
(1 |
) |
|
(33.3 |
) |
Cooling Degree Days |
|
378 |
|
|
|
317 |
|
|
|
61 |
|
|
19.2 |
|
The following table shows heating degree days (HDDs) and cooling degree days (CDDs) as a percent of normal.
|
Three Months Ended
|
||||
|
2024 |
|
2023 |
||
HDDs |
4.7 |
% |
|
6.3 |
% |
CDDs |
111.5 |
% |
|
92.2 |
% |
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 for the three months ended September 30, 2024 and 2023.
|
2024 vs
|
|
2024 vs
|
|
2023 vs
|
||||||
Effect on Diluted Earnings Per Share |
$ |
0.01 |
|
$ |
0.02 |
|
$ |
(0.01 |
) |
Operating Revenues increased
Net Income increased
Manufacturing Segment
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Operating Revenues |
$ |
79,896 |
|
$ |
100,678 |
|
$ |
(20,782 |
) |
|
(20.6 |
)% |
||
Net Income |
|
2,174 |
|
|
|
7,446 |
|
|
|
(5,272 |
) |
|
(70.8 |
) |
Operating Revenues decreased
Net Income decreased
Plastics Segment
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Operating Revenues |
$ |
127,757 |
|
$ |
127,052 |
|
$ |
705 |
|
|
0.6 |
% |
||
Net Income |
|
54,479 |
|
|
|
59,162 |
|
|
|
(4,683 |
) |
|
(7.9 |
) |
Operating Revenues increased
Net Income decreased
Corporate
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Net Income |
$ |
296 |
|
$ |
801 |
|
$ |
(505 |
) |
|
(63.0 |
)% |
Net Income decreased
2024 BUSINESS OUTLOOK
We are increasing our 2024 diluted earnings per share range to
The segment components of our 2024 diluted earnings per share guidance compared with actual earnings for 2023 are as follows:
|
|
|
|
|
2024 EPS Guidance |
|
2024 EPS Guidance |
||||||||||||||
|
|
|
2023 EPS by Segment |
|
August 5, 2024 |
|
November 4, 2024 |
||||||||||||||
|
|
|
Low |
|
High |
|
Low |
|
High |
||||||||||||
Electric |
|
|
$ |
2.01 |
|
|
$ |
2.13 |
|
|
$ |
2.17 |
|
|
$ |
2.13 |
|
|
$ |
2.17 |
|
Manufacturing |
|
|
|
0.51 |
|
|
|
0.36 |
|
|
|
0.40 |
|
|
|
0.30 |
|
|
|
0.34 |
|
Plastics |
|
|
|
4.47 |
|
|
|
4.35 |
|
|
|
4.54 |
|
|
|
4.61 |
|
|
|
4.70 |
|
Corporate |
|
|
|
0.01 |
|
|
|
(0.07 |
) |
|
|
(0.04 |
) |
|
|
(0.07 |
) |
|
|
(0.04 |
) |
Total |
|
|
$ |
7.00 |
|
|
$ |
6.77 |
|
|
$ |
7.07 |
|
|
$ |
6.97 |
|
|
$ |
7.17 |
|
Return on Equity |
|
|
|
22.1 |
% |
|
|
18.3 |
% |
|
|
19.0 |
% |
|
|
18.8 |
% |
|
|
19.3 |
% |
The following items contribute to our revised 2024 earnings guidance:
Electric Segment - We are maintaining our guidance, expecting earnings to increase
Manufacturing Segment - We are decreasing our segment earnings guidance based on:
- Anticipated lower sales volumes in the fourth quarter as demand continues to soften across most end markets and manufacturers tightly manage inventories through year-end, and
- Product pricing pressures and lower scrap revenues within our metal fabrication business, partially offset by reduced operating costs as we align our production costs with the current demand environment.
Plastics Segment - We are increasing our segment earnings guidance based on:
- Better than expected financial results in the third quarter of 2024, and
- A slower decline in product sales prices than previously expected and increased sales volumes in the fourth quarter of 2024.
Corporate Costs - We are maintaining our corporate cost guidance.
CONFERENCE CALL AND WEBCAST
The corporation will host a live webcast on Tuesday, November 5, 2024, at 10:00 a.m. CT 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,” “can,” “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 2024 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 that impact the demand for our products, pricing and margin; 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; cybersecurity threats or data breaches; the impact of government legislation and regulation including foreign trade policy and environmental; health and safety laws and regulations; changes in tax laws and regulations; the impact of climate change including compliance with legislative and regulatory changes to address climate change; expectations regarding regulatory proceedings, including state utility commission approval of resource plans, assigned service areas, the siting and construction of major facilities, capital structure, and allowed customer rates; actual and threatened claims or litigation; 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(in thousands, except per-share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating Revenues |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
130,380 |
|
|
$ |
130,326 |
|
|
$ |
384,696 |
|
|
$ |
395,997 |
|
Product Sales |
|
207,653 |
|
|
|
227,730 |
|
|
|
642,741 |
|
|
|
638,856 |
|
Total Operating Revenues |
|
338,033 |
|
|
|
358,056 |
|
|
|
1,027,437 |
|
|
|
1,034,853 |
|
Operating Expenses |
|
|
|
|
|
|
|
||||||||
Electric Production Fuel |
|
14,991 |
|
|
|
19,603 |
|
|
|
45,009 |
|
|
|
45,928 |
|
Electric Purchased Power |
|
10,735 |
|
|
|
10,895 |
|
|
|
42,507 |
|
|
|
57,932 |
|
Electric Operating and Maintenance Expense |
|
43,737 |
|
|
|
43,534 |
|
|
|
136,367 |
|
|
|
134,604 |
|
Cost of Products Sold (excluding depreciation) |
|
111,444 |
|
|
|
118,303 |
|
|
|
342,962 |
|
|
|
351,330 |
|
Nonelectric Selling, General, and Administrative Expenses |
|
18,829 |
|
|
|
15,863 |
|
|
|
55,896 |
|
|
|
51,433 |
|
Depreciation and Amortization |
|
27,051 |
|
|
|
24,548 |
|
|
|
79,579 |
|
|
|
72,636 |
|
Electric Property Taxes |
|
3,705 |
|
|
|
4,194 |
|
|
|
11,691 |
|
|
|
13,151 |
|
Total Operating Expenses |
|
230,492 |
|
|
|
236,940 |
|
|
|
714,011 |
|
|
|
727,014 |
|
Operating Income |
|
107,541 |
|
|
|
121,116 |
|
|
|
313,426 |
|
|
|
307,839 |
|
Other Income and (Expense) |
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
(11,173 |
) |
|
|
(9,175 |
) |
|
|
(31,225 |
) |
|
|
(28,285 |
) |
Nonservice Components of Postretirement Benefits |
|
2,367 |
|
|
|
2,289 |
|
|
|
7,197 |
|
|
|
7,122 |
|
Other Income (Expense), net |
|
5,421 |
|
|
|
2,471 |
|
|
|
14,491 |
|
|
|
7,841 |
|
Income Before Income Taxes |
|
104,156 |
|
|
|
116,701 |
|
|
|
303,889 |
|
|
|
294,517 |
|
Income Tax Expense |
|
18,677 |
|
|
|
24,727 |
|
|
|
57,077 |
|
|
|
58,093 |
|
Net Income |
$ |
85,479 |
|
|
$ |
91,974 |
|
|
$ |
246,812 |
|
|
$ |
236,424 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-Average Common Shares Outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
41,800 |
|
|
|
41,680 |
|
|
|
41,770 |
|
|
|
41,663 |
|
Diluted |
|
42,081 |
|
|
|
42,058 |
|
|
|
42,068 |
|
|
|
42,028 |
|
Earnings Per Share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.04 |
|
|
$ |
2.21 |
|
|
$ |
5.91 |
|
|
$ |
5.67 |
|
Diluted |
$ |
2.03 |
|
|
$ |
2.19 |
|
|
$ |
5.87 |
|
|
$ |
5.63 |
|
OTTER TAIL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited)
|
|||||||
|
September 30, |
|
December 31, |
||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
280,020 |
|
$ |
230,373 |
||
Receivables, net of allowance for credit losses |
|
186,273 |
|
|
|
157,143 |
|
Inventories |
|
153,233 |
|
|
|
149,701 |
|
Regulatory Assets |
|
7,860 |
|
|
|
16,127 |
|
Other Current Assets |
|
22,927 |
|
|
|
16,826 |
|
Total Current Assets |
|
650,313 |
|
|
|
570,170 |
|
Noncurrent Assets |
|
|
|
||||
Investments |
|
121,421 |
|
|
|
62,516 |
|
Property, Plant and Equipment, net of accumulated depreciation |
|
2,604,869 |
|
|
|
2,418,375 |
|
Regulatory Assets |
|
95,537 |
|
|
|
95,715 |
|
Intangible Assets, net of accumulated amortization |
|
6,018 |
|
|
|
6,843 |
|
Goodwill |
|
37,572 |
|
|
|
37,572 |
|
Other Noncurrent Assets |
|
51,009 |
|
|
|
51,377 |
|
Total Noncurrent Assets |
|
2,916,426 |
|
|
|
2,672,398 |
|
Total Assets |
$ |
3,566,739 |
|
|
$ |
3,242,568 |
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Short-Term Debt |
$ |
67,401 |
|
|
$ |
81,422 |
|
Accounts Payable |
|
88,885 |
|
|
|
94,428 |
|
Accrued Salaries and Wages |
|
31,320 |
|
|
|
38,134 |
|
Accrued Taxes |
|
29,150 |
|
|
|
26,590 |
|
Regulatory Liabilities |
|
43,685 |
|
|
|
25,408 |
|
Other Current Liabilities |
|
39,149 |
|
|
|
43,775 |
|
Total Current Liabilities |
|
299,590 |
|
|
|
309,757 |
|
Noncurrent Liabilities and Deferred Credits |
|
|
|
||||
Pension Benefit Liability |
|
32,388 |
|
|
|
33,101 |
|
Other Postretirement Benefits Liability |
|
28,074 |
|
|
|
27,676 |
|
Regulatory Liabilities |
|
282,997 |
|
|
|
276,547 |
|
Deferred Income Taxes |
|
251,105 |
|
|
|
237,273 |
|
Deferred Tax Credits |
|
14,613 |
|
|
|
15,172 |
|
Other Noncurrent Liabilities |
|
80,978 |
|
|
|
75,977 |
|
Total Noncurrent Liabilities and Deferred Credits |
|
690,155 |
|
|
|
665,746 |
|
Commitments and Contingencies |
|
|
|
||||
Capitalization |
|
|
|
||||
Long-Term Debt |
|
943,663 |
|
|
|
824,059 |
|
Shareholders’ Equity |
|
|
|
||||
Common Shares |
|
209,140 |
|
|
|
208,553 |
|
Additional Paid-In Capital |
|
427,751 |
|
|
|
426,963 |
|
Retained Earnings |
|
994,461 |
|
|
|
806,342 |
|
Accumulated Other Comprehensive Income |
|
1,979 |
|
|
|
1,148 |
|
Total Shareholders' Equity |
|
1,633,331 |
|
|
|
1,443,006 |
|
Total Capitalization |
|
2,576,994 |
|
|
|
2,267,065 |
|
Total Liabilities and Shareholders' Equity |
$ |
3,566,739 |
|
|
$ |
3,242,568 |
|
OTTER TAIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|||||||
|
Nine Months Ended September 30, |
||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
||||
Net Income |
$ |
246,812 |
|
|
$ |
236,424 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
||||
Depreciation and Amortization |
|
79,579 |
|
|
|
72,636 |
|
Deferred Tax Credits |
|
(559 |
) |
|
|
(558 |
) |
Deferred Income Taxes |
|
8,840 |
|
|
|
10,800 |
|
Investment Gains |
|
(5,259 |
) |
|
|
(3,734 |
) |
Stock Compensation Expense |
|
8,082 |
|
|
|
6,975 |
|
Other, net |
|
(2,167 |
) |
|
|
(164 |
) |
Change in Operating Assets and Liabilities: |
|
|
|
||||
Receivables |
|
(29,130 |
) |
|
|
(48,782 |
) |
Inventories |
|
(2,198 |
) |
|
|
4,873 |
|
Regulatory Assets |
|
7,209 |
|
|
|
8,387 |
|
Other Assets |
|
(2,785 |
) |
|
|
3,899 |
|
Accounts Payable |
|
3,180 |
|
|
|
(511 |
) |
Accrued and Other Liabilities |
|
(5,745 |
) |
|
|
13,858 |
|
Regulatory Liabilities |
|
24,083 |
|
|
|
21,601 |
|
Pension and Other Postretirement Benefits |
|
(7,167 |
) |
|
|
(7,209 |
) |
Net Cash Provided by Operating Activities |
|
322,775 |
|
|
|
318,495 |
|
Investing Activities |
|
|
|
||||
Capital Expenditures |
|
(259,750 |
) |
|
|
(229,849 |
) |
Proceeds from Disposal of Noncurrent Assets |
|
6,684 |
|
|
|
4,746 |
|
Purchases of Investments and Other Assets |
|
(59,100 |
) |
|
|
(6,915 |
) |
Net Cash Used in Investing Activities |
|
(312,166 |
) |
|
|
(232,018 |
) |
Financing Activities |
|
|
|
||||
Net (Repayments) Borrowings on Short-Term Debt |
|
(14,021 |
) |
|
|
43,292 |
|
Proceeds from Issuance of Long-Term Debt |
|
120,000 |
|
|
|
— |
|
Dividends Paid |
|
(58,693 |
) |
|
|
(54,792 |
) |
Payments for Shares Withheld for Employee Tax Obligations |
|
(6,457 |
) |
|
|
(3,088 |
) |
Other, net |
|
(1,791 |
) |
|
|
(1,671 |
) |
Net Cash Provided by (Used in) Financing Activities |
|
39,038 |
|
|
|
(16,259 |
) |
Net Change in Cash and Cash Equivalents |
|
49,647 |
|
|
|
70,218 |
|
Cash and Cash Equivalents at Beginning of Period |
|
230,373 |
|
|
|
118,996 |
|
Cash and Cash Equivalents at End of Period |
$ |
280,020 |
|
|
$ |
189,214 |
|
OTTER TAIL CORPORATION SEGMENT RESULTS (unaudited)
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating Revenues |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
130,380 |
|
|
$ |
130,326 |
|
|
$ |
384,696 |
|
|
$ |
395,997 |
|
Manufacturing |
|
79,896 |
|
|
|
100,678 |
|
|
|
275,961 |
|
|
|
309,936 |
|
Plastics |
|
127,757 |
|
|
|
127,052 |
|
|
|
366,780 |
|
|
|
328,920 |
|
Total Operating Revenues |
$ |
338,033 |
|
|
$ |
358,056 |
|
|
$ |
1,027,437 |
|
|
$ |
1,034,853 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
36,471 |
|
|
$ |
33,142 |
|
|
$ |
88,108 |
|
|
$ |
88,427 |
|
Manufacturing |
|
2,683 |
|
|
|
8,829 |
|
|
|
19,699 |
|
|
|
26,657 |
|
Plastics |
|
73,745 |
|
|
|
80,119 |
|
|
|
219,136 |
|
|
|
200,836 |
|
Corporate |
|
(5,358 |
) |
|
|
(974 |
) |
|
|
(13,517 |
) |
|
|
(8,081 |
) |
Total Operating Income |
$ |
107,541 |
|
|
$ |
121,116 |
|
|
$ |
313,426 |
|
|
$ |
307,839 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
28,530 |
|
|
$ |
24,565 |
|
|
$ |
69,486 |
|
|
$ |
67,420 |
|
Manufacturing |
|
2,174 |
|
|
|
7,446 |
|
|
|
14,271 |
|
|
|
20,276 |
|
Plastics |
|
54,479 |
|
|
|
59,162 |
|
|
|
161,829 |
|
|
|
148,240 |
|
Corporate |
|
296 |
|
|
|
801 |
|
|
|
1,226 |
|
|
|
488 |
|
Total Net Income |
$ |
85,479 |
|
|
$ |
91,974 |
|
|
$ |
246,812 |
|
|
$ |
236,424 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104293379/en/
Media Contact: Stephanie Hoff, Director of Corporate Communications, (218) 739-8535
Investor Contact: Beth Eiken, Manager of Investor Relations, (701) 451-3571
Source: Otter Tail Corporation
FAQ
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