OTTR - Otter Tail reports Q2 earnings beat; raises FY22 EPS guidance

• Otter Tail press release ( NASDAQ: OTTR ): Q2 GAAP EPS of $2.05 beats by $0.54 .
• Revenue of $400M (+40.1% Y/Y) beats by $63.13M .
• The corporation is increasing its 2022 diluted earnings per share guidance range to $6.83 to $7.13 from its previous range of $5.15 to $5.45 vs. consensus of $5.46.
• "Our 2021 earnings mix was 59% from our manufacturing platform and is now expected to be 73% for 2022. This change from our long term goal of 70% electric and 30% manufacturing platform has been driven by the plastics pipe business and the unique market conditions in 2021 and 2022. We currently expect to see elevated earnings from our manufacturing platform into 2023 with our earnings mix returning to 65% from our electric segment and 35% from our manufacturing platform beginning in 2024."

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