Welcome to our dedicated page for Otter Tail news (Ticker: OTTR), a resource for investors and traders seeking the latest updates and insights on Otter Tail stock.
Otter Tail Corporation reports developments across diversified operations anchored by Otter Tail Power Company, its regulated electric utility, and its manufacturing businesses. Recurring news includes earnings results, guidance, utility rate proceedings, capital spending tied to rate-base growth, and electric infrastructure projects such as wind repowering, solar, battery storage, and regional transmission.
Company updates also cover manufacturing demand and cost management, dividend actions, board and executive succession, and shareholder communications. Otter Tail’s common shares trade on the Nasdaq Global Select Market under the symbol OTTR.
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.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.