Otter Tail Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 30, 2023 at 06:00 pm EDT
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Otter Tail Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 130.33 million compared to USD 142.75 million a year ago. Revenue was USD 358.06 million compared to USD 383.86 million a year ago. Net income was USD 91.97 million compared to USD 84.24 million a year ago. Basic earnings per share from continuing operations was USD 2.21 compared to USD 2.02 a year ago. Diluted earnings per share from continuing operations was USD 2.19 compared to USD 2.01 a year ago.
For the nine months, sales was USD 396 million compared to USD 404.11 million a year ago. Revenue was USD 1,034.85 million compared to USD 1,158.8 million a year ago. Net income was USD 236.42 million compared to USD 242.18 million a year ago. Basic earnings per share from continuing operations was USD 5.67 compared to USD 5.82 a year ago. Diluted earnings per share from continuing operations was USD 5.63 compared to USD 5.78 a year ago.
Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the generation, purchase, transmission, distribution and sale of electric energy in western Minnesota, eastern North Dakota and northeastern South Dakota. The Manufacturing segment consists of businesses engaged in manufacturing activities: contract machining; metal parts stamping; fabrication and painting; and production of plastic thermoformed horticultural containers, life science and industrial packaging, material handling components and extruded raw material stock. These businesses have manufacturing facilities in Georgia, Illinois and Minnesota and sell products primarily in the United States. The Plastics segment consists of businesses producing polyvinyl chloride (PVC) pipe at plants in North Dakota and Arizona. The PVC pipe is sold primarily in the western half of the United States and Canada.