Otter Tail reports Q3 EPS $2.19, consensus $1.62

Reports Q3 revenue $358M, consensus $335.73M. “Otter Tail Corporation, through the combined efforts of our employees and our diversified business model, delivered record setting quarterly earnings,” said President and CEO Chuck MacFarlane. Electric segment earnings were flat with the Q3 of 2022. Our Manufacturing segment produced earnings growth of 20% percent due to increased sales volumes and profit margins. Plastics segment earnings increased 6% primarily due to stronger operating margins as our sales price to resin spreads have improved compared to the Q3 of 2022. In August 2023, our 49 MW Hoot Lake Solar facility became fully operational. The project was completed and placed in service on time and on budget. Hoot Lake Solar was constructed on and near the retired Hoot Lake coal plant property in Fergus Falls, Minnesota and is the third largest operating solar site based on generation capacity in the state of Minnesota. With the completion of Hoot Lake Solar, we expect nearly 40 percent of Otter Tail Power’s owned and contracted energy generation will come from renewable resources.