Otter Tail Corp (NAS:OTTR)
$ 82.49 -3.03 (-3.54%) Market Cap: 3.45 Bil Enterprise Value: 4.31 Bil PE Ratio: 11.39 PB Ratio: 2.11 GF Score: 75/100
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Q2 2024 Otter Tail Corp Earnings Call Transcript

Aug 6, 2024 / 03:00 PM GMT
Release Date Price: $90.23 (-2.10%)

Key Points

Positve
  • Otter Tail Corp (OTTR) reported a 6% increase in diluted earnings per share to $2.07, driven by strong performance in the Plastics and Manufacturing segments.
  • Plastics segment earnings increased by 9% due to higher sales volumes and improved distributor and end market demand.
  • Manufacturing segment earnings rose by 15%, primarily due to higher margins at BTD Manufacturing.
  • The company increased its 2024 earnings guidance to a range of $6.77 to $7.07, reflecting confidence in continued strong performance.
  • Otter Tail Power's 5-year capital spending plan includes $1.3 billion in investments, expected to produce a 7.7% rate base growth.
Negative
  • Electric segment earnings decreased by 6% due to unfavorable weather and lower transmission revenue.
  • The Manufacturing segment faces end market demand-related headwinds, with conditions expected to soften further in the second half of 2024.
  • Sales volumes at BTD Manufacturing decreased, particularly in the lawn and garden, and agriculture end markets.
  • Gross profit margins in the Plastics segment declined due to lower PVC sales pipe prices.
  • The North Dakota Public Service Commission denied the advanced determination of prudence request for the on-site fuel storage project at Astoria Station, creating uncertainty about the project's future.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

OTTR.OQ - Otter Tail Corp
Q2 2024 Otter Tail Corp Earnings Call
Aug 06, 2024 / 03:00PM GMT

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Conference Call Participants
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* Beth Eiken
* Chuck MacFarlane
* Todd Wahlund

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Presentation
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Operator [1]
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Good morning, and welcome to the Otter Tail Corporation's Second Quarter 2024 Earnings Conference Call. Today's call is being recorded. We will hold a question-and-answer session after the prepared remarks. I will now turn the call over to the company for their opening comments.

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Beth Eiken, [2]
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Good morning, everyone, and welcome to our Second Quarter 2024 Earnings Conference Call. My name is Beth Eiken, and
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