OTTR - Otter Tail beats Q1 top and bottom line estimates; raises FY23 outlook

2023-05-02 05:39:21 ET

• Otter Tail press release ( NASDAQ: OTTR ): Q1 GAAP EPS of $1.49 beats by $0.45 .
• Revenue of $339M (-9.6% Y/Y) beats by $26.93M .
• Outlook: " We are increasing our 2023 diluted earnings per share range to $4.55 to $4.85 from initial guidance of $3.76 to $4.06 vs. consensus of $3.94. We expect our earnings mix in 2023, based on our updated guidance, to be approximately 43% from our Electric segment and 57% from our Manufacturing and Plastics segments, net of corporate costs. This anticipated mix deviates from our long-term expected earnings mix of approximately 65%/35% as we expect Plastics segment earnings in 2023 to remain elevated relative to our expectations of ongoing, normalized earnings of this segment."

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