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.