Otter Tail posts record Q3 EPS $2.01, up 60% YoY; cuts FY2022 guidance to $6.42-$6.72

Otter Tail Corp

2022-Q3 EPS reported $5.78 revenue$1,158,800,000

Q3 net income $84M, diluted EPS $2.01 (up 60% YoY); revenues $384M, up 21%.
Plastics segment net income $56M (up 97%) on elevated PVC margins; demand softening due to resin price declines.
FY2022 EPS guidance lowered to $6.42-$6.72 from $6.83-$7.13; midpoint still 55% above 2021 EPS of $4.23.
Board declares quarterly dividend $0.4125/share, payable Dec 9, 2022, record Nov 15, 2022.
Otter Tail Corp and OTP each entered new $170M revolving credit facilities, maturing Oct 2027; no amounts drawn initially.

item 1.01 item 2.03 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Otter Tail Corp reported the quarter ended September 30, 2022 results: revenue $384 million, net income $84 million, EPS $2.01 per share. Guidance reaffirmed.

Period: the quarter ended September 30, 2022
Revenue: $384 million
Net income: $84 million
EPS: $2.01 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended September 30, 2022. SUMMARY Compared to the quarter ended September 30, 2021: • Consolidated operating revenues increased 21% to $384 million. • Consolidated net income increased 60% to $84 million. • Diluted earnings per share increased 60% to $2.01 per share.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Otter Tail Corp entered into Fourth Amended and Restated Credit Agreement with U.S. Bank National Association valued at $170 million unsecured revolving credit facility, may be increased to $250 million, expires October (effective 2022-10-31).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank National Association
Value: $170 million unsecured revolving credit facility, may be increased to $250 million, expires October
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, Otter Tail Power Company (“OTP”), a wholly owned subsidiary of the Company, entered into a Fourth Amended and Restated Credit Agreement (the “OTP Credit Agreement”) with a group of banks as named therein, and led by U.S. Bank, as administrative agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Otter Tail Corp entered into Fifth Amended and Restated Credit Agreement with U.S. Bank National Association valued at $170 million unsecured revolving credit facility, may be increased to $290 million, expires October (effective 2022-10-31).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank National Association
Value: $170 million unsecured revolving credit facility, may be increased to $290 million, expires October
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, Otter Tail Corporation (the “Company”) entered into a Fifth Amended and Restated Credit Agreement (the “Otter Tail Credit Agreement”) with certain banks as named therein, and led by U.S. Bank National Association (“U.S. Bank”), as administrative agent.

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Source: SEC EDGAR

accession 0001466593-22-000070

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