Business Wire·May 4, 2026, 6:00 PM ET

Otter Tail Corporation Announces First Quarter Earnings and Affirms 2026 EPS Guidance

OTTR

Otter Tail Corporation reported diluted earnings per share of $1.73 for the quarter ended March 31, 2026.
Return on equity was 15% over the trailing twelve months.
The company affirmed its 2026 diluted earnings per share guidance range of $5.22 to $5.62.
Otter Tail Power obtained approval for its South Dakota rate case \& implemented new base rates in April, while interim rates for Minnesota took effect earlier in the year.
A wind repowering project was completed on budget, \& solar panel procurement for two projects was secured to mitigate tariff risks.
The Manufacturing segment saw net income rise 179.6% to $4.3 million driven by higher sales volumes \& improved margins.
The Plastics segment experienced a 13.5% decline in operating revenues to $91.6 million due to lower average sales prices, though net income dropped 24.2% to $32.9 million.
Operating cash flow increased to $70.6 million from $39.5 million in the prior year period, driven by reduced working capital requirements.
Capital expenditures totaled $185.3 million, primarily for solar, wind repowering, \& other Electric segment projects.
Financing activities included issuing $100.0 million in long-term debt \& paying $24.3 million in dividends.
Total available liquidity as of March 31, 2026, was $658.9 million, including $348.4 million in cash \& cash equivalents.
The Board of Directors declared a quarterly dividend of $0.5775 per share, payable on June 10, 2026, to shareholders of record on May 15, 2026.
Net income for the Electric segment increased 42.7% to $35.3 million, supported by higher retail revenues \& fuel recovery.
The company targets a long-term earnings per share growth rate of 7% to 9% \& a total shareholder return of 10% to 12%.
A conference call \& webcast regarding these results is scheduled for May 5, 2026, at 10:00 a.m. CT.