OTTR - Why Otter Tail Stock Popped 14.8% Today
2023-10-31 15:54:23 ET
Shares of Otter Tail (NASDAQ: OTTR) jumped by as much as 14.8% in trading on Tuesday after the electric utility and manufacturing company reported its third-quarter financial results. Shares were still up 9.8% as of 3:00 p.m. ET.
Revenue was down 7% in the quarter to $358 million as plastics segment revenue dropped 10.7%. But net income jumped 9% to $92 million, or $2.19 per share, and even plastics net income was up 5.7%.
The better news was that management boosted its 2023 earnings guidance to a range of $6.76 per share to $6.96 per share, from a previous range of $5.70 per share to $6.00 per share.
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Why Otter Tail Stock Popped 14.8% Today