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Otter Tail Corporation (symbol: OTTR) is a multifaceted American enterprise with headquarters in Fergus Falls, Minnesota, and Fargo, North Dakota. With over $1.2 billion in revenue and a workforce exceeding 4,000 employees, Otter Tail Corp is a significant player across various industries, including electric utilities, manufacturing, health services, food ingredient processing, plastics, construction, and transportation.
Primarily known for its Electric segment, Otter Tail Corp produces and sells electricity to customers in Minnesota, South Dakota, and North Dakota. This segment drives the bulk of the company's revenue, serving a mix of commercial, residential, and industrial customers. The company's commitment to sustainable energy solutions and infrastructure development ensures a reliable power supply while fostering growth in the region.
In the Manufacturing segment, Otter Tail Corp fabricates metal components, supplying vital parts to various industries. This segment showcases the company's versatility and ability to adapt to market demands, underlining its importance in the regional economy.
The Plastics segment of Otter Tail Corp specializes in producing pipes primarily for water use. This segment highlights the company's role in providing essential infrastructure components, contributing to both the public utility and private sectors.
Otter Tail Corp's diversified operations extend to health services, food ingredient processing, construction, and transportation, collectively serving customers across the United States and Canada. By leveraging strategic partnerships and fostering innovation, the company continues to expand its footprint and deliver value to its stakeholders.
Stay updated with the latest news and developments by following Otter Tail Corporation's ongoing projects and financial performance. The company's strategic initiatives and growth trajectory make it a significant entity in the stock market, offering investors and customers alike a comprehensive perspective on its operations.
Otter Tail Power Company has submitted an updated Integrated Resource Plan (IRP) for 2022-2036 to regulatory commissions in Minnesota, North Dakota, and South Dakota. This update reflects significant changes since its initial filing in September 2021, emphasizing an increase in renewable energy resources. Key actions include adding liquified natural gas storage by 2026, developing 200 MW of solar generation by 2028, and initiating plans for 200 MW of wind power by 2029. The company may withdraw from Coyote Station ownership if a large capital investment is necessary. The Minnesota Public Utilities Commission will review the updated plan this fall.
Otter Tail Corporation (OTTR) reported strong financial results for 2022, achieving a 61% increase in net income to $284.2 million, with diluted earnings per share (EPS) up 60% to $6.78. Total operating revenues rose 22% to $1.46 billion. The board approved a quarterly dividend increase of 6.1% to $0.4375 per share. The company expects EPS in 2023 to range from $3.76 to $4.06. The plastics segment saw record profits but anticipates normalization in 2023 due to reduced demand. Electric segment earnings increased 10% due to higher demand and favorable weather conditions.
Otter Tail Corporation (NASDAQ: OTTR) has announced an increase in its quarterly common stock dividend to $0.4375 per share, raising the annual indicated rate to $1.75, marking a $0.10 increase from 2022. The dividend is scheduled for payment on March 10, 2023, to shareholders of record as of February 14, 2023. This 6.1% increase reflects the Board's confidence in the company's ability to deliver sustainable earnings and cash flows. Otter Tail has paid dividends consistently for 84 years and expects future increases aligned with a long-term growth rate of 5-7%, maintaining a payout ratio of 55-65%%.
Otter Tail Corporation will announce its 2022 earnings results on February 13, 2023, and will host a live conference call on February 14, 2023, at 10:00 a.m. CT to discuss its financial and operational performance. The accompanying presentation slides will be available on the company's website prior to the webcast. Interested participants can pre-register for the conference call to obtain the necessary dial-in details. The company operates in diversified sectors, including an electric utility and manufacturing, and trades under the symbol OTTR on NASDAQ.
Otter Tail Corporation announces the retirement of board member James Stake after 14 years, effective April 2023. Jeanne Crain and Mary Ludford have been appointed to the Board, effective January 1, 2023. Crain brings extensive financial expertise and leadership experience from a $16 billion financial services organization, while Ludford has 39 years in the energy sector with a Fortune 100 company. Stake's departure may signal a transition in board dynamics as the company aims to enhance governance and oversight.
Otter Tail Corporation (OTTR) reported a 21% increase in consolidated operating revenues to $384 million for Q3 2022, with net income rising 60% to $84 million, translating to a diluted EPS of $2.01. The Plastics segment saw significant earnings growth, generating $56 million, although demand for PVC pipe declined due to price reductions in resin. The company has adjusted its 2022 diluted EPS guidance to a range of $6.42 to $6.72 due to expected sales volume reductions in the Plastics segment. A quarterly dividend of $0.4125 per share was declared, payable on December 9, 2022.
Otter Tail Corporation will announce its third quarter 2022 earnings results on October 31, 2022, followed by a live conference call on November 1, 2022, at 10:00 a.m. CT. This call will cover the company’s financial and operating performance. Accompanying slides will be available on the corporation's website prior to the webcast. Interested parties can access the webcast here.
Otter Tail Corporation (OTTR) reported robust financial results for the quarter ended June 30, 2022. Operating revenues surged 40% to $400 million, with net income rising 104% to $86 million. Diluted EPS also jumped 103% to $2.05. The company has revised its 2022 EPS guidance to a range of $6.83 to $7.13, up from $5.15 to $5.45. Key growth drivers included strong demand in the Plastics segment and improved earnings from Electric and Manufacturing segments. A quarterly dividend of $0.4125 per share was also declared, payable on September 9, 2022.
Otter Tail Corporation will release its second quarter 2022 earnings results on August 1, 2022. A live conference call and webcast will follow on August 2, 2022, at 10:00 a.m. CT to discuss financial performance. The presentation slides will be available on the corporation’s website prior to the event. Investors can pre-register for the call for access details. Otter Tail operates in diversified sectors, including electric utilities and manufacturing.
Otter Tail Corporation (OTTR) reported robust financial results for Q1 2022, with consolidated operating revenues up 43% to $375 million and net income soaring 137% to $72 million. Diluted earnings per share (EPS) rose 136% to $1.72. The company raised its 2022 EPS guidance to $5.15 - $5.45, indicating a growth of 22% to 29% from 2021. The Plastics segment excelled, driven by high demand despite increasing resin prices. However, the Manufacturing segment faced a 24.2% income drop due to production inefficiencies. The corporation maintains a capital expenditure outlook of nearly $1 billion over five years.
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