Otter Tail Corporation announced its financial results for the third quarter ended September 30, 2024, reporting consolidated operating revenues of $338.0 million. Consolidated net income for the quarter was $85.5 million, or $2.03 per diluted share.
The Electric segment's net income increased by 16%, or $4 million, driven by interim rates in North Dakota and a Federal Energy Regulatory Commission ruling on transmission owner returns on equity. Conversely, the Plastics segment's earnings decreased by 8%, or $5 million, due to declining PVC pipe sales prices, while the Manufacturing segment saw a 71% decrease in earnings, or $5 million, from lower sales volumes.
The company increased and tightened its 2024 diluted earnings per share guidance to a range of $6.97 to $7.17, up from the previous range of $6.77 to $7.07. This revised outlook anticipates approximately 7% earnings growth from the Electric segment over 2023, with adjustments to Manufacturing and Plastics segment expectations.
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