OTTR - Otter Tail beats Q3 top and bottom line estimates; raises FY23 outlook

2023-10-31 01:01:26 ET

• Otter Tail press release ( NASDAQ: OTTR ): Q3 GAAP EPS of $2.19 beats by $0.57 .
• Revenue of $358.06M (-6.7% Y/Y) beats by $22.33M .
• Raises FY23 outlook: "We are increasing our 2023 diluted earnings per share range to $6.76 to $6.96 vs. the consensus of $5.87. We expect our earnings mix in 2023, based on our updated guidance, to be approximately 30% from our Electric segment and 70% from our Manufacturing and Plastics segments, net of corporate costs."
• Electric Segment - "We are tightening our range of expected earnings from our July 31, 2023 guidance and continue to expect our Electric segment to produce earnings growth of 6% over 2022.
• Manufacturing Segment - We are increasing our Manufacturing segment guidance.
• Plastics Segment - We are increasing our Plastics segment guidance.
• Corporate Costs - We are decreasing our Corporate cost guidance."

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