This Day On The Street
Continue to site
ADVERTISEMENT
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

Otter Tail Corporation Reports Strong Fourth Quarter And 2013 Financial Results

FERGUS FALLS, Minn., Feb. 10, 2014 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the year ended December 31, 2013.

2013 Summary:

  • Consolidated net income from continuing operations increased to $50.2 million, or $1.37 per diluted share, from $39.0 million, or $1.05 per diluted share, in 2012.  
  • Diluted earnings per share (EPS) from continuing operations on a non-GAAP basis 1 were $1.54 compared with $1.31 for 2012, an 18% improvement year over year. Non-GAAP based earnings exclude net-of-tax costs of $6.2 million in 2013 and $9.3 million in 2012 related to early retirements of debt.  
  • Consolidated revenues increased 4% to $893.3 million compared with $859.2 million in 2012.  
  • Consolidated operating income increased 18% to $96.9 million compared with $82.0 million in 2012.  
  • Consolidated net income totaled $50.9 million, or $1.39 per diluted share, compared with a consolidated net loss of $5.3 million, or ($0.17) per diluted share for 2012.  
  • Fourth quarter diluted EPS from continuing operations were $0.35 compared with $0.47 for the fourth quarter of 2012.  
  • Fourth quarter diluted EPS from continuing operations were $0.52 on a non-GAAP basis compared with $0.47 for the fourth quarter of 2012. Non-GAAP results for the fourth quarter of 2013 exclude the effect of early debt retirement costs of $6.2 million.  
  • On February 3, 2014 the corporation's Board of Directors increased the quarterly common stock dividend to $0.3025 per share, an indicated annual dividend rate of $1.21 per share or $0.02 per share increase over the 2013 rate. The dividend is payable on March 10, 2014 to shareholders of record on February 14, 2014.  
  • The corporation expects 2014 EPS from continuing operations to be in a range of $1.55 to $1.75.

1 This release includes measures of financial performance and presentations of financial information that are not defined by generally accepted accounting principles (GAAP). Management believes that adjusting for certain one-time costs, such as debt prepayment premiums and presenting results on the basis of the expected future classification of continuing and discontinued operations will assist investors in making an evaluation of our performance against prior periods on a comparable basis. Management understands that there are material limitations on the use of non-GAAP measures. Non-GAAP measures are not substitutes for GAAP measures for the purpose of analyzing financial performance. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. This information should not be construed as an alternative to the reported results, which have been determined in accordance with GAAP.

CEO Overview

"Otter Tail Corporation posted strong financial results in the fourth quarter, with revenues up 10% and operating income up 19%. Moreover, this quarter coupled with our performance throughout 2013 resulted in a breakout year for Otter Tail Corporation. Disciplined execution of our strategy produced strong results both at Otter Tail Power Company and at the Varistar manufacturing and infrastructure companies and put us in a solid position for 2014," said Otter Tail Corporation President and CEO Jim McIntyre.

1 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs