Otter Tail Corporation reported record diluted earnings per share of $7.17 for the full year ended December 31, 2024. Consolidated operating revenues for the fourth quarter were $303.1 million, with net income of $54.85 million, or $1.30 per diluted share.
The Electric segment's net income increased by $4.5 million in the fourth quarter, driven by the North Dakota interim rate increase and higher rider revenue. The Manufacturing segment experienced a net loss of $0.6 million due to a 25% decrease in sales volumes, while the Plastics segment's net income decreased by $0.6 million, impacted by an 11% decline in sales prices despite a 23% increase in sales volumes.
The company initiated its 2025 diluted EPS guidance range of $5.68 to $6.08, reflecting an anticipated decline in Plastics segment earnings due to continued price normalization. Otter Tail also updated its five-year capital spending plan for Otter Tail Power to $1.4 billion through 2029, projecting a 9% compounded annual growth rate in rate base.
Furthermore, the consolidated long-term earnings per share growth rate target was increased to 6% to 8% from the previous 5% to 7%. The first phase of the Vinyltech expansion project, adding large diameter PVC pipe production capability, was completed in the fourth quarter.
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