Otter Tail Corp (OTTR) Tops Q2 EPS by 4c; Narrows FY EPS Range

Otter Tail Corp (NASDAQ: OTTR) reported Q2 EPS of $0.27, $0.04 better than the analyst estimate of $0.23. Revenue for the quarter came in at $234.6 million versus the consensus estimate of $221.2 million.

Otter Tail Corp sees FY2014 EPS of $1.65-$1.80, versus prior guidance of $1.60-$1.8 and the consensus of $1.73.

"Our strong 2014 first quarter performance has continued in the second quarter," said Otter Tail Corporation CEO Jim McIntyre. "This quarter's consolidated revenues are up more than 10% compared with second quarter last year and consolidated net income from continuing operations is up 33%."

"We continue to see earnings growth from our capital investments at the utility. Regulatory mechanisms in North Dakota, South Dakota, and Minnesota allow for a return on the funds we've invested in five large regional transmission projects and the environmental upgrade at Big Stone Plant. Those earnings were augmented this quarter by increased electricity sales to pipeline and commercial customers.

"We also continue to see positive results from our focus on operational excellence at our manufacturing and infrastructure companies. I'm especially pleased that profitability at both Foley and Aevenia continued to improve this quarter, thanks to better project management aligned with increased construction activity.

"On the strength of our year-to-date results, we are narrowing our overall guidance range for 2014 diluted earnings per share to $1.65 to $1.80 from our previously announced range of $1.60 to $1.80."

For earnings history and earnings-related data on Otter Tail Corp (OTTR) click here.

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