Otter Tail Corp - OTTR STOCK NEWS

Otter Tail Corporation (OTTR) will announce its first quarter 2023 financial results after market close on May 1, 2023. The company will host a live conference call and webcast on May 2, 2023, at 10:00 a.m. CT to discuss its financial and operational performance. Accompanying presentation slides will be available on their website prior to the call. Interested participants can pre-register for the conference call through a provided link. Otter Tail Corporation operates in diversified sectors, including electric utility and manufacturing, and it trades on the NASDAQ Global Select Market under the symbol OTTR.

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.