Otter Tail Corporation reported first-quarter 2025 consolidated net income of $68.1 million, or $1.62 per diluted share, which was in line with management's expectations. Consolidated operating revenues for the quarter were $337.353 million, a slight decrease from $347.068 million in Q1 2024.
The Electric segment's net income increased to $24.708 million from $22.470 million in Q1 2024, driven by a 7.1% rise in retail revenues due to favorable weather and increased fuel recovery. In contrast, the Manufacturing segment's net income fell to $1.532 million from $5.261 million, primarily due to a 13% decrease in sales volumes, while the Plastics segment's net income decreased to $43.439 million from $46.740 million, impacted by an 11% decline in average sales prices.
The company affirmed its 2025 diluted earnings per share guidance range of $5.68 to $6.08. Otter Tail also completed the expansion of its BTD manufacturing facility in Georgia on time and on budget, and secured a service agreement for a new large customer near the Big Stone Plant, representing approximately 155 MW of load.
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