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FERGUS FALLS, Minn., Aug. 5, 2013 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the quarter ended June 30, 2013.
Consolidated net income and diluted earnings per share from continuing operations totaled $7.5 million and $0.21, respectively, compared with $6.9 million and $0.19 for the second quarter of 2012.
Consolidated net income and diluted earnings per share from continuing and discontinued operations totaled $7.7 million and $0.21, respectively, compared with a net loss of $17.4 million and a diluted loss of $0.48 per share for the second quarter of 2012.
Net income from discontinued operations was $0.2 million compared with a net loss of $24.3 million for the second quarter of 2012, which included a $27.5 million net-of-tax asset impairment charge at the corporation's former wind tower business.
Consolidated revenues from continuing operations were $212.4 million compared with $211.4 million for the second quarter of 2012.
"Overall, our 2013 second quarter results met our expectation for improved earnings over 2012," said Otter Tail Corporation President and CEO Jim McIntyre. "The successful realignment of our portfolio has better positioned us for stronger execution within our remaining companies. The year-to-date results from continuing operations of $22.7 million in net income and $0.61 in diluted earnings per share compared to $17.1 million and $0.46 for 2012, a 33% improvement, further indicate progress toward a successful 2013.
"Our success in significantly reducing risk and stabilizing earnings has also been reflected in a recent upgrade of our corporate credit ratings by Standard and Poor's for both Otter Tail Corporation and Otter Tail Power Company. In addition, Fitch Ratings recently announced a favorable outlook change from negative to stable for both Otter Tail Corporation and Otter Tail Power Company.
"Despite lower earnings in the Electric segment relative to the same quarter in 2012, we remain confident in the Utility's ability to deliver earnings within our guidance. Regarding Otter Tail Power Company's growth strategy, we are half-way through our build-out of our three initial CapX2020 transmission projects, and they are on pace to make their expected contribution to earnings.