This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Otter Tail Corporation Announces Second Quarter Earnings And Narrows 2013 Earnings Guidance; Board Of Directors Declares Quarterly Dividend

Stocks in this article: OTTR

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.

CEO Overview

"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.

1 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs