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FERGUS FALLS, Minn., Nov. 4, 2013 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the quarter ended September 30, 2013.
Consolidated revenues from continuing operations were $229.8 million compared with $215.3 million for the third quarter of 2012.
Consolidated net income and diluted earnings per share from continuing operations totaled $14.8 million and $0.41, respectively, compared with $4.8 million and $0.13 for the third quarter of 2012.
Consolidated net income for the third quarter of 2012 includes a $7.9 million ($0.22 diluted earnings per share) after-tax charge related to the July 13, 2012 early retirement of the corporation's then outstanding $50 million, 8.89% Senior Unsecured Note due November 30, 2017.
Consolidated net income and diluted earnings per share from continuing and discontinued operations totaled $15.1 million and $0.42, respectively, compared with $1.9 million and $0.05 per share for the third quarter of 2012.
The corporation is narrowing its earnings guidance range to $1.38 to $1.50 per diluted share from its previously issued guidance of $1.30 to $1.50 per diluted share.
"Strong third quarter results from our Manufacturing and Infrastructure businesses under Varistar continue to reflect execution of our strategic direction," said Otter Tail Corporation President and CEO Jim McIntyre. "These businesses are seeing the benefits of a more "hands-on" approach to improving operational excellence, and a committed focus on execution.
"Sales and net income in our Electric segment were lower in this year's third quarter, impacted by weather and higher general and administrative expenses. These anomalies do not reflect the growing earnings power of our utility as it continues to successfully execute its rate base growth strategy. The utility's significant environmental upgrades and transmission projects continue on schedule and within budget.
"In our Construction segment, Foley, our mechanical and prime contractor on industrial projects, continues to improve profitability, generating positive net income compared to a significant loss in the same quarter last year. Aevenia, our electrical contractor, reported positive net income in the third quarter of 2013, after being hampered by delays resulting from adverse weather throughout the Midwest in the first half of 2013.