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.
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.
Otter Tail Power Company has filed a request with the Minnesota Public Utilities Commission to increase rates by approximately $14.5 million, equating to a 6.77% rise. A typical residential customer's bill may increase by $7.75 monthly, while business customers could see a rise of $26. The request aims to support investments in cleaner energy generation, including the Merricourt Wind Energy Center and Astoria Station, which will replace older coal-fired plants. The interim rate increase could begin on January 1, 2021, with the potential for refunds if the final rates are lower.
Otter Tail Corporation plans to release its third quarter 2020 earnings results after market close on November 2, 2020. A live conference call will follow on November 3, 2020, at 10:00 a.m. CT to discuss the financial and operational performance. Accompanying presentation slides will be available on the company’s website prior to the webcast. The company operates in electric utility and manufacturing sectors and trades under the symbol OTTR.