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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 (Nasdaq: OTTR) has announced it will release its second quarter 2024 financial results after market close on Monday, August 5, 2024. The company will host a live conference call and webcast on Tuesday, August 6, 2024, at 10:00 a.m. CT to discuss its financial and operating performance. Accompanying slides will be available on the 's website before the webcast begins.
Investors and analysts can access the live webcast at www.ottertail.com/events-and-presentations. A recording of the webcast will be available on the company's website shortly after the call. Pre-registration for the conference call is available to obtain dial-in numbers and passcodes. For any questions about participation, contact Beth Eiken at 701-451-3571 or beiken@ottertail.com.
The Minnesota Public Utilities Commission (MPUC) has approved Otter Tail Power’s Integrated Resource Plan, which includes key agreements made on April 2, 2024, in their 2022-2036 docket. The approval allows Otter Tail Power to maintain the reliability benefits of Coyote Station for Minnesota customers for emergency purposes until 2031. Additionally, Otter Tail Power is to develop plans for 200-300 MW of solar, 150-200 MW of wind, and 20-75 MW of battery storage to be operational by 2029. The plan also includes the addition of liquefied natural gas storage at Astoria Station to ensure system reliability and price protection. These steps support Minnesota's move towards a carbon-free energy standard.
Otter Tail (Nasdaq: OTTR) reported a 19% increase in diluted earnings per share to $1.77 and raised its 2024 earnings guidance by 21% to $6.38 per share. The company's Return on Equity over the past twelve months was 22%. Plastics segment earnings surged by 39%, while Electric segment earnings dipped due to weather-related challenges. Manufacturing segment earnings decreased by 23%. The declared a quarterly dividend of $0.4675 per share. Cash flows improved, with $71.9 million provided by operating activities. Available liquidity stood at $569.1 million. The company plans to increase its 2024 diluted earnings per share guidance to a range of $6.23 to $6.53, predominantly driven by strong Plastics segment performance.
Otter Tail (OTTR) declared a quarterly common stock dividend of $0.4675 per share, payable on June 10, 2024, to shareholders of record May 15, 2024. The will release its first quarter 2024 financial results on May 6, 2024, and hold an earnings call on May 7, 2024.
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