Otter Tail Corporation Reports a 5.3 Percent Increase in 2019 Diluted Earnings per Share to $2.17, Increases Quarterly Dividend 5.7 Percent, Announces 2020 Earnings Guidance of $2.22 to $2.37 per Share

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[{"type":"text","content":" FERGUS FALLS, Minn.--(BUSINESS WIRE)--\nOtter Tail Corporation (NASDAQ: OTTR) today announced financial results for the year ended December 31, 2019.\n\n\n2019 Summary:\n\n\n\n\n \n\n\n \n\n4Q19\n\n\n \n\n4Q18\n\n\n \n\n2019\n\n\n \n\n2018\n\n\n\n\n\nOperating Revenues (in millions)\n\n\n \n\n$\n\n\n\n215.7\n\n\n \n\n$\n\n\n\n221.2\n\n\n \n\n$\n\n\n\n919.5\n\n\n \n\n$\n\n\n\n916.4\n\n\n\n\n\nNet Income (in millions)\n\n\n \n\n$\n\n\n\n20.4\n\n\n \n\n$\n\n\n\n14.2\n\n\n \n\n$\n\n\n\n86.8\n\n\n \n\n$\n\n\n\n82.3\n\n\n\n\n\nDiluted Earnings Per Share\n\n\n \n\n$\n\n\n\n0.51\n\n\n \n\n$\n\n\n\n0.35\n\n\n \n\n$\n\n\n\n2.17\n\n\n \n\n$\n\n\n\n2.06\n\n\n\n\n\n2019 Highlights\n\n\n\nConsolidated operating revenues increased to $919.5 million in 2019 compared to $916.4 million in 2018.\n\n\nConsolidated net income increased 5.5% to $86.8 million.\n\n\nDiluted earnings per share increased $0.11 or 5.3%.\n\n\nThe corporation’s board of directors increased the quarterly common stock dividend to $0.37 per share, an indicated annual dividend rate of $1.48 per share and a 5.7% increase from $1.40 per share in 2019. The dividend is payable on March 10, 2020 to shareholders of record on February 14, 2020.\n\n\nThe corporation expects 2020 diluted earnings per share to be in a range of $2.22 to $2.37.\n\n\n\nCEO Overview\n“Our team of employees once again achieved strong financial results in 2019, increasing diluted earnings per share to $2.17,” said President and CEO Chuck MacFarlane. “Our Electric segment led our increase in net income, which improved year-over-year earnings by $4.6 million. Manufacturing segment earnings were flat year over year and our Plastics segment experienced a $3.2 million decline in earnings due to lower volumes and lower operating margins. Corporate costs improved by $3.1 million.\n\n\n“Construction of Otter Tail Power Company’s $258 million, 150-megawatt Merricourt Wind Energy Center in southeastern North Dakota began in August with completion anticipated in October 2020. The project is on budget and continues to have excellent safety performance with no recordable incidents. We project our customers will receive approximately 30 percent of their energy from renewable resources we own or secure through power-purchase agreements by 2021. Construction of our $158 million 245-megawatt Astoria Station natural gas-fired ...

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