Business
Otter Tail Corporation Announces First Quarter Earnings
Electric and Plastics Segments’ Guidance Ranges Remain Largely Unchanged; Revised 2020 Earnings Per Share Guidance Range driven by Coronavirus (COVID-19)
About this update from Otter Tail Corporation
[{"type":"text","content":"\nElectric and Plastics Segments’ Guidance Ranges Remain Largely Unchanged; Revised 2020 Earnings Per Share Guidance Range driven by Coronavirus (COVID-19) Impacts on Manufacturing Segment\n\n\nBoard of Directors Declares Quarterly Dividend of $0.37 Per Share\n\n FERGUS FALLS, Minn.--(BUSINESS WIRE)--\nOtter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended March 31, 2020.\n\n\nSummary: \n\n\n\nConsolidated operating revenues decreased 4.6% to $234.7 million compared with $246.0 million for the first quarter of 2019.\n\n\nConsolidated net income and diluted earnings per share were $24.3 million and $0.60 per share, respectively, compared with $26.3 million and $0.66 per share for the first quarter of 2019.\n\n\nMilder weather during the quarter accounted for a $0.09 reduction in diluted earnings per share compared with the first quarter of 2019.\n\n\nThe corporation revises its 2020 earnings per share guidance range to $2.00-$2.25 from $2.22-$2.37.\n\n\nThe corporation maintains its long-term earnings per share growth rate of 5% to 7% off a 2019 base.\n\n\n\nCEO Overview\n\n\n“As our country continues to address the many challenges presented by the COVID-19 pandemic, Otter Tail Corporation continues focusing on: maintaining the health and safety of our employees, customers and communities; ensuring continued electrical reliability and continuous delivery of products and implementation of counter measures to limit near-term negative financial impacts,” said President and CEO Chuck MacFarlane.\n\n\n“Based on recommendations from the Centers for Disease Control and Prevention and regional health organizations, the corporation is working to slow the spread of the virus. Some of the actions we have taken include:\n\n\n\nImplementing policies for employees to exercise social distancing and installing physical barriers.\n\n\nIncreasing sanitization efforts across all operating companies.\n\n\nActivating internal preparedness teams across all operating companies.\n\n\nEncouraging employees to work from home where possible and shifting in-person meetings to technology-based meetings.\n\n\nRequiring sick employees or those who have tested for the virus to stay home.\n\n\nProviding and encouraging the use of face coverings where possible.\n\n\nRequiring employees to self-quarantine if they have been ou...