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Otter Tail Corporation Announces First Quarter Earnings and Increases 2021 Earnings Per Share Guidance
Board of Directors Declares Quarterly Dividend of $0.39 Per Share FERGUS FALLS, Minn.--(BUSINESS WIRE)-- Otter Tail Corporation (Nasdaq: OTTR) today
About this update from Otter Tail Corporation
[{"type":"text","content":"\nBoard of Directors Declares Quarterly Dividend of $0.39 Per Share\n\n FERGUS FALLS, Minn.--(BUSINESS WIRE)--\nOtter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended March 31, 2021.\n\nSUMMARY\n\n\nConsolidated operating revenues increased 11.5% to $261.7 million.\n\n\nConsolidated net income increased 25.0% to $30.3 million primarily driven by strong Plastics segment performance.\n\n\nDiluted earnings per share increased 21.7% to $0.73 per share.\n\n\nThe corporation increases its 2021 diluted earnings per share guidance range to $2.47 to $2.62 reflecting a range of 5% to 12.0% growth off of 2020 reported $2.34.\n\n\nCEO OVERVIEW\n\n“Otter Tail Corporation employees achieved outstanding financial results in the first quarter of 2021 with earnings per share increasing 22%,” said President and CEO Chuck MacFarlane. “Every operating company improved net income with the Plastics segment increasing most significantly. This was due to increased PVC pipe prices and margins driven, in part, by PVC resin supply constraints caused by the temporary closure of various petrochemical plants in the Gulf Coast during the extreme cold weather in February.\n\n“Otter Tail Power’s generation performed well and was largely online and available for dispatch during the February cold weather event, insulating our customers from exposure to extremely high electricity prices seen across the central United States.\n\n“Astoria Station, our $152.5 million 245-megawatt (MW) natural gas-fired combustion turbine generation facility, was made available to the MISO market on April 30, 2021. This facility complements our wind generation with more dispatchable capacity than our soon-to-be retired 140 MW Hoot Lake Plant—with projected carbon emissions 85% less compared to Hoot Lake Plant’s 2005 emission levels.\n\n“Progress continues on Otter Tail Power’s announced $60 million Hoot Lake Solar project, a planned 49.9 MW solar farm to be constructed on and near Hoot Lake Plant property in Fergus Falls, Minnesota. The Minnesota Public Utilities Commission (MPUC) approved the project in March with 100% allocation of costs and benefits to Minnesota customers and eligibility for recovery through the Minnesota renewable rider. The project will include up to 150,000 solar panels and generate enough energy to power approximately 10,0...