Otter Tail releases financial figures

FERGUS FALLS, Minn. – Otter Tail Corporation, parent company of Otter Tail Power, and lead partner on the Big Stone Power Plant near Big Stone City, S.D., announced financial results for the quarter ended June 30, 2015 at the close of business Monday.

Highlights of the earnings release included:

• Consolidated operating revenues for continuing operations were $188.2 million as compared to $194.4 million in the second quarter 2014;

• Consolidated net income from continuing operations totaled $13.7 million or $0.36 per share, up from $7.9 million and $0.21 per share from a year ago;

• The company’s electric utility reported mild weather in the second quarter of 2015, evidence by heating days that were 35.5 percent lower than prior year, and 82.7 percent of a normal season for heating in the second quarter.

CEO Chuck MacFarlane commented “we are pleased to announce stronger earnings from continuing operations, bolstered by significant reductions in operating expenses and continued rate base cost recovery.” “At Otter Tail Power Company higher transmission tariff revenues from increased investments in transmission lines and reduced operating and maintenance expenses contributed to increased earnings in the Electric segment”

MacFarlane also noted “we are maintaining our overall guidance for 2015 diluted earnings per share of $1.50 to $1.65, but now expect to be in the middle to upper end of the range.” “We expect to achieve a return on equity in a range of 9.5 percent to 10.4 percent.”

Also Monday, the board of directors declared a quarterly common stock dividend of $0.3075 per share, payable September 10, 2015.