© Reuters.
FERGUS FALLS, Minn. – Otter Tail (NASDAQ:) Company (NASDAQ:OTTR) disclosed its monetary outcomes for the quarter and 12 months ending December 31, 2023. The corporate noticed a 4% rise in consolidated internet revenue to $294.2 million and a 3% improve in diluted earnings per share to $7.00 for the 12 months. Nevertheless, working revenues declined by 8% to $1.3 billion in comparison with 2022.
The Electrical phase’s earnings grew by 6%, pushed by charge base investments restoration and better industrial and industrial gross sales. The Manufacturing phase skilled a modest improve, whereas the Plastics phase’s earnings dropped by 4% resulting from lowered gross sales volumes, though it continued to carry out strongly relative to pre-2021 ranges.
Otter Tail Energy accomplished the acquisition of Ashtabula III, a 62 MW wind facility, and launched Hoot Lake Photo voltaic, a 49 MW photo voltaic challenge, in 2023. The Electrical phase’s up to date 5-year capital expenditure plan totals $1.3 billion, aiming for a 7.7% compounded annual charge base development.
The board of administrators elevated the quarterly frequent inventory dividend by 7% to $0.4675 per share for 2024, up from $1.75 per share in 2023. The corporate ended the 12 months in a powerful monetary place, with $479.8 million in complete out there liquidity.
The company anticipates a diluted earnings per share steerage vary of $5.13 to $5.43 for 2024, reflecting anticipated development within the Electrical phase and a decline in Plastics phase earnings resulting from a downward pattern in gross sales costs and resin spreads.
Otter Tail Company’s money supplied by working actions reached a document $404.5 million in 2023, primarily resulting from elevated internet revenue and decreased pension plan contributions. The corporate’s capital expenditures had been $287.1 million, primarily for investments throughout the Electrical phase.
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