Otter Tail Q1 EPS $1.49 (-13% YoY); raises FY2023 guidance to $4.55-$4.85

Otter Tail Corp

2023-Q1 EPS reported $1.49 revenue$339,081,000

Q1 net income $62M ($1.49 diluted EPS), down 13% YoY; revenues $339M (-10%).
Electric segment earnings +21% to $23.2M; Manufacturing +68% to $6.9M; Plastics -34% to $33.7M.
FY2023 EPS guidance raised to $4.55-$4.85 from $3.76-$4.06 on higher Plastics and Manufacturing expectations.
Quarterly dividend declared $0.4375 per share, payable June 9, 2023; unchanged.
Completed $50.6M purchase of Ashtabula III wind farm; 5-year capex plan totals $1,281M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Otter Tail Corp reported the quarter ended March 31, 2023 results: revenue $339 million, net income $62 million, EPS $1.49 per share. Guidance raised.

Period: the quarter ended March 31, 2023
Revenue: $339 million
Net income: $62 million
EPS: $1.49 per share
Guidance: raised
Result: reported results

Exact text from the filing

today announced financial results for the quarter ended March 31, 2023. SUMMARY Compared to the quarter ended March 31, 2022: • Consolidated operating revenues decreased 10% to $339 million. • Consolidated net income decreased 13% to $62 million. • Diluted earnings per share decreased 13% to $1.49 per share. CEO OVERVIEW “We are pleased with our first quarter

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Source: SEC EDGAR

accession 0001466593-23-000124

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