OTTR - Otter Tail beats Q2 top and bottom line estimates; raises FY23 outlook
2023-08-01 03:25:34 ET
- Otter Tail press release ( NASDAQ: OTTR ): Q2 GAAP EPS of $1.95 beats by $0.50 .
- Revenue of $338M (-15.5% Y/Y) beats by $12.77M .
- Outlook: “We are increasing our 2023 diluted earnings per share guidance to a range of $5.70 to $6.00 from our previous range of $4.55 to $4.85. The increase in earnings guidance is due to stronger than expected Plastics segment performance experienced in the second quarter of 2023, which is expected to continue through the remainder of the year."
- "We expect our earnings mix in 2023, based on our updated guidance, to be approximately 35% from our Electric segment and 65% from our Manufacturing and Plastics segments, net of corporate costs. This anticipated mix deviates from our long-term expected earnings mix of approximately 65% Electric/35% non-electric as we expect Plastics segment earnings in 2023 to remain elevated."
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Otter Tail beats Q2 top and bottom line estimates; raises FY23 outlook