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FERGUS FALLS, Minn., May 6, 2013 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the quarter ended March 31, 2013.
Consolidated net income and diluted earnings from continuing operations totaled $15.2 million and $0.41 per share, respectively, compared with $10.2 million and $0.28 per share for the first quarter of 2012.
Consolidated net income and diluted earnings from continuing and discontinued operations totaled $15.4 million and $0.41 per share, respectively, compared with $7.2 million and $0.20 per share for the first quarter of 2012.
Consolidated revenues from continuing operations were $218.0 million compared with $219.9 million for the first quarter of 2012.
"We are pleased with our 2013 first quarter results," said Otter Tail Corporation President and CEO Jim McIntyre. "We have continued the execution of our strategy to reduce the number of platforms and operating companies. Our initiatives to drive operational excellence and improved financial performance within this much tighter and stronger portfolio of companies are beginning to pay off.
"Earnings from our Electric segment met our expectations as a result of more seasonally normal weather in the first quarter of 2013 compared with the unusually mild winter of 2012. Net income for the Electric segment was up 8.3% over 2012 as a result of the impact of the weather on sales and increased revenues from returns on investments in CapX2020 and Midwest Transmission System Operator (MISO) Multi-Value Projects (MVPs).
"Our Plastics segment, which includes PVC pipe manufacturers Northern Pipe Products and Vinyltech, had a very strong quarter, experiencing higher-than-expected sales volumes and net income, with slightly improved margins. Sales volume from our Vinyltech plant in Arizona increased 11.1% as housing markets began to show improvement in South Central and Southwest regions of the United States. Sales volume from Northern Pipe Products in Fargo increased 2.0%, despite the harsh winter in the region.