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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 its Integrated Resource Plan (IRP) to regulatory commissions in Minnesota, North Dakota, and South Dakota. The two-year analysis aims to ensure reliable and affordable electricity for customers over the next 15 years. Key proposals include adding dual fuel capability at Astoria Station, increasing solar capacity by 150 megawatts, and beginning the withdrawal from its 35% stake in Coyote Station by 2028. The company targets a 50% reduction in carbon emissions by 2025 and aims for 35% of energy from renewable sources by 2023.
Otter Tail Corporation (Nasdaq: OTTR) reported a 48.2% increase in consolidated operating revenues for Q2 2021 to $285.6 million, with net income rising 147.7% to $42.1 million. Diluted earnings per share soared 140.5% to $1.01. The company has raised its earnings guidance for 2021 to $3.50 to $3.65, reflecting anticipated robust performance in the Plastics segment, driven by PVC resin supply constraints. The Electric segment also reported strong second-quarter earnings, benefiting from new projects and improved market conditions.
Otter Tail Corporation will release its second quarter 2021 earnings results on August 2, 2021, after market close. A live conference call and webcast is scheduled for August 3, 2021, at 10:00 a.m. CDT to discuss the company’s financial and operational performance. The conference call can be accessed by dialing 877-312-8789 for questions or 866-634-1342 for listening only. Accompanying slides will be available on their website prior to the webcast. Otter Tail Corporation operates in electric utility and manufacturing sectors and trades under the symbol OTTR.
Otter Tail Corporation (OTTR) reported a significant financial performance for Q1 2021, with operating revenues rising 11.5% to $261.7 million and net income increasing 25.0% to $30.3 million. The diluted earnings per share rose 21.7% to $0.73. The company has revised its 2021 EPS guidance to $2.47-$2.62, reflecting growth of 5% to 12% from 2020's $2.34. Key drivers include strong performance in the Plastics segment and improvements in utility operations.
Otter Tail Corporation will announce its first quarter 2021 earnings results on May 3, 2021, after market close. A live conference call will take place on May 4, 2021, at 10:00 a.m. CDT, to discuss financial and operational performance. Accompanying slides will be available on the corporation’s website before the call. Investors can access the call by dialing 877-312-8789 for questions and 866-634-1342 for listening only. Otter Tail Corporation trades under the symbol OTTR on NASDAQ.
Otter Tail Corporation (NASDAQ: OTTR) conducted its 111th virtual-only annual meeting on April 12, 2021, with 80.6% of shares represented. Shareholders reelected Karen M. Bohn, Charles S. MacFarlane, and Thomas J. Webb for three-year terms on the board. Karen Bohn is the Chair of the Corporate Governance Committee, while MacFarlane also serves as CEO. Webb brings extensive experience as a former CFO. Otter Tail Corporation operates in diversified sectors, including electric utilities and manufacturing.
Otter Tail Corporation (Nasdaq: OTTR) reported 2020 financial results with consolidated operating revenues of $890.1 million, a decrease from $919.5 million in 2019, primarily due to COVID-19 impacts on the Manufacturing segment. However, net income rose 10.4% to $95.9 million, and diluted earnings per share increased 7.8% to $2.34. The board announced a 5.4% dividend increase to $0.39 per share. The company expects EPS in 2021 to be between $2.39 and $2.54. Key projects include a $260 million wind facility and a $152.5 million gas turbine facility.
Otter Tail Corporation (NASDAQ: OTTR) increased its quarterly common stock dividend to $0.39 per share, raising the annual indicated dividend rate to $1.56, an $0.08 increase over 2020. The dividend, reflecting a 5.4% hike, demonstrates the board's confidence in sustainable earnings. This is the 82nd year of consistent dividends, with the payout scheduled for March 10, 2021 to shareholders of record on February 12, 2021. An announcement for the year-end 2020 financial results will occur on February 15, 2021.
Otter Tail Corporation will announce its 2020 earnings results on February 15, 2021, followed by a live conference call and webcast on February 16, 2021, at 10:00 a.m. CT. This session will cover the company’s financial and operating performance. Participants can access the slides prior to the webcast at www.ottertail.com/presentations. Interested parties can dial 877-312-8789 to ask questions or listen only via 866-634-1342. The corporation, which includes an electric utility and manufacturing operations, trades under the symbol OTTR.
Otter Tail Corporation (Nasdaq: OTTR) reported a consolidated net income of $35.9 million and diluted earnings per share (EPS) of $0.87 for Q3 2020, up from $24.7 million and $0.62 per share in Q3 2019.
Revenues increased 3.1% to $235.8 million. The EPS guidance for 2020 was raised to $2.26-$2.36 from $2.10-$2.30. Positive contributions came from the Electric and Plastics segments, particularly from the Merricourt Wind Energy Center.
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