Otter Tail Corporation Announces Record Annual Earnings, Increases Quarterly Dividend, and Announces 2024 Earnings Guidance

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[{"type":"text","content":" FERGUS FALLS, Minn.--(BUSINESS WIRE)--\nOtter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter and year ended December 31, 2023.\n\n\n\n \n\n\n\n2023 SUMMARY\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n(in millions, except per share amounts)\n\n\n\n\n\n\nQ4 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ4 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nOperating Revenues\n\n\n\n\n\n\n$\n\n\n\n\n\n\n314.3\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n301.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,349.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,460.2\n\n\n\n\n\n\n\n\nNet Income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n57.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n42.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n294.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n284.2\n\n\n\n\n\n\n\n\nDiluted Earnings Per Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1.37\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1.00\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n7.00\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n6.78\n\n\n\n\n\n\n\nCompared to the year ended December 31, 2022:\n\n\n\nConsolidated operating revenues decreased 8% to $1.3 billion.\n\n\n\nConsolidated net income increased 4% to $294.2 million.\n\n\n\nDiluted earnings per share increased 3% to $7.00 per share.\n\n\n\nThe corporation achieved a consolidated return on equity of 22.1% on an equity ratio of 61.4%.\n\n\n\nThe corporation’s board of directors increased the quarterly common stock dividend to $0.4675 per share, an indicated annual dividend rate of $1.87 per share in 2024, a 7% increase from $1.75 per share in 2023.\n\n\nCEO OVERVIEW\n\n\n“Otter Tail Corporation, through the efforts of our employees and the strength of our diversified business model, produced record earnings in 2023, beating the record set last year,” said President and CEO Chuck MacFarlane. \"Electric segment earnings grew 6 percent compared to 2022, driven by the recovery of rate base investments and increased commercial and industrial sales. Manufacturing segment earnings increased modestly from 2022. Plastics segment earnings fell 4 percent from 2022 primarily due to a decrease in sales volumes. While Plastics segment earnings declined slightly from the extraordinary results produced in 2022, this segment continues to capitalize on favorable industry conditions and produce strong...

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