$OTTR
Otter Tail Corp

2023 Q3 Form 10-Q Financial Statement

#000146659323000148 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $358.1M $337.7M
YoY Change -6.72% -15.58%
Cost Of Revenue $129.2M $125.9M
YoY Change -35.1% -28.74%
Gross Profit $228.9M $211.8M
YoY Change 23.88% -5.18%
Gross Profit Margin 63.93% 62.73%
Selling, General & Admin $15.86M $16.87M
YoY Change
% of Gross Profit 6.93% 7.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.55M $24.23M
YoY Change 8.06% 2.83%
% of Gross Profit 10.72% 11.44%
Operating Expenses $107.7M $105.8M
YoY Change 56.88% 3.37%
Operating Profit $121.1M $106.1M
YoY Change 4.29% -12.4%
Interest Expense -$9.200M -$9.696M
YoY Change -0.64% 7.84%
% of Operating Profit -7.6% -9.14%
Other Income/Expense, Net $2.471M $5.674M
YoY Change -1520.11% -738.25%
Pretax Income $116.7M $102.0M
YoY Change 9.32% -8.85%
Income Tax $24.73M $20.06M
% Of Pretax Income 21.19% 19.66%
Net Earnings $91.97M $81.97M
YoY Change 9.18% -4.62%
Net Earnings / Revenue 25.69% 24.27%
Basic Earnings Per Share $2.21 $1.97
Diluted Earnings Per Share $2.19 $1.95
COMMON SHARES
Basic Shares Outstanding 41.71M shares 41.71M shares
Diluted Shares Outstanding 42.06M shares 42.05M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.2M $150.6M
YoY Change 159.22% 142.91%
Cash & Equivalents $189.2M $150.6M
Short-Term Investments
Other Short-Term Assets $15.31M $53.86M
YoY Change -12.05% 238.23%
Inventory $142.0M $144.4M
Prepaid Expenses
Receivables $169.8M $164.1M
Other Receivables $7.700M $11.18M
Total Short-Term Assets $556.8M $524.1M
YoY Change 20.9% 11.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.387B $2.316B
YoY Change 9.17% 7.74%
Goodwill $37.57M $37.57M
YoY Change 0.0% 0.0%
Intangibles $7.118M $7.393M
YoY Change -13.39% -12.95%
Long-Term Investments $59.30M $59.88M
YoY Change 11.96% 11.81%
Other Assets $49.96M $148.8M
YoY Change 41.04% 356.13%
Total Long-Term Assets $2.631B $2.570B
YoY Change 7.93% 6.89%
TOTAL ASSETS
Total Short-Term Assets $556.8M $524.1M
Total Long-Term Assets $2.631B $2.570B
Total Assets $3.187B $3.094B
YoY Change 9.99% 7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.1M $104.7M
YoY Change -15.47% -21.48%
Accrued Expenses $32.20M $26.03M
YoY Change -55.96% 4.94%
Deferred Revenue
YoY Change
Short-Term Debt $51.50M $50.20M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $310.0M $300.6M
YoY Change 28.19% 4.31%
LONG-TERM LIABILITIES
Long-Term Debt $824.0M $823.9M
YoY Change 0.03% 0.03%
Other Long-Term Liabilities $65.37M $393.6M
YoY Change 7.27% 524.81%
Total Long-Term Liabilities $650.5M $1.218B
YoY Change 0.35% 88.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.0M $300.6M
Total Long-Term Liabilities $650.5M $1.218B
Total Liabilities $960.5M $1.766B
YoY Change 7.91% 88.78%
SHAREHOLDERS EQUITY
Retained Earnings $766.8M $693.1M
YoY Change 36.84% 40.5%
Common Stock $634.9M $634.4M
YoY Change 0.68% 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.403B $1.328B
YoY Change
Total Liabilities & Shareholders Equity $3.187B $3.094B
YoY Change 9.99% 7.6%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $91.97M $81.97M
YoY Change 9.18% -4.62%
Depreciation, Depletion And Amortization $24.55M $24.23M
YoY Change 8.06% 2.83%
Cash From Operating Activities $134.0M $128.9M
YoY Change 19.28% -0.98%
INVESTING ACTIVITIES
Capital Expenditures $78.30M $53.41M
YoY Change -249.32% -226.93%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $169.0K
YoY Change -91.84% -146.3%
Cash From Investing Activities -$78.40M -$53.25M
YoY Change 46.1% 25.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.00M -29.20M
YoY Change -64.35% 7.55%
NET CHANGE
Cash From Operating Activities 134.0M 128.9M
Cash From Investing Activities -78.40M -53.25M
Cash From Financing Activities -17.00M -29.20M
Net Change In Cash 38.60M 46.50M
YoY Change 250.97% -23.29%
FREE CASH FLOW
Cash From Operating Activities $134.0M $128.9M
Capital Expenditures $78.30M $53.41M
Free Cash Flow $55.70M $75.53M
YoY Change -66.2% -56.16%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates based on the best information available in recording transactions and balances resulting from business operations. As better information becomes available or actual amounts are known, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain reclassifications of amounts previously reported have been made to the accompanying consolidated statements of cash flows to maintain consistency and comparability between periods presented. Other, net operating cash flows previously reported for the six months ended June 30, 2022, included $4.4 million of investment losses, which are presented separately in the current period, and excluded $0.6 million of allowance for equity funds used during construction, which were previously presented separately. The reclassifications had no impact on previously reported net cash provided by operating activities, net cash used in investing activities, net cash (used in) provided by financing activities, or cash and cash equivalents.</span></div>
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.007
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-1032000 usd
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.005
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20062000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33365000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.188
CY2023Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-62000 usd
CY2022Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-75000 usd
CY2023Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
26000 usd
CY2022Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-107000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-88000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
32000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
18000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-306000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
52000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
83000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-34000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-389000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6500000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5500000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41678000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41597000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41655000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41573000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
375000 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
347000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
380000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
334000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42053000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41944000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42035000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41907000 shares
CY2023Q2 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-1700000 usd
CY2022Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-7100000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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