$OTTR
Otter Tail Corp

2024 Q2 Form 10-Q Financial Statement

#000146659324000113 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $342.4M $347.2M $314.3M
YoY Change 1.39% 2.41% 4.28%
Cost Of Revenue $126.0M $137.2M $123.2M
YoY Change 0.14% -10.99% -8.8%
Gross Profit $216.3M $209.8M $191.2M
YoY Change 2.1% 13.49% 14.9%
Gross Profit Margin 63.17% 60.43% 60.82%
Selling, General & Admin $18.15M $18.91M
YoY Change 7.61% 1.15%
% of Gross Profit 8.39% 9.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.63M $25.90M $25.35M
YoY Change 9.9% 8.56% 11.36%
% of Gross Profit 12.31% 12.34% 13.26%
Operating Expenses $18.15M $18.91M $121.1M
YoY Change -82.84% -81.85% 8.66%
Operating Profit $110.9M $94.98M $70.08M
YoY Change 4.58% 17.73% 27.56%
Interest Expense -$10.20M $9.850M -$9.392M
YoY Change 5.22% -204.62% 6.51%
% of Operating Profit -9.2% 10.37% -13.4%
Other Income/Expense, Net $4.490M $4.579M $8.284M
YoY Change -20.87% 116.19% 168.09%
Pretax Income $107.6M $92.15M $68.97M
YoY Change 5.45% 21.59% 40.15%
Income Tax $20.59M $17.81M $11.21M
% Of Pretax Income 19.14% 19.33% 16.25%
Net Earnings $87.00M $74.34M $57.77M
YoY Change 6.13% 18.98% 37.52%
Net Earnings / Revenue 25.41% 21.41% 18.38%
Basic Earnings Per Share $2.08 $1.78
Diluted Earnings Per Share $2.07 $1.77 $1.37
COMMON SHARES
Basic Shares Outstanding 41.81M shares 41.71M shares 41.71M shares
Diluted Shares Outstanding 42.07M shares 42.03M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.7M $238.6M $230.4M
YoY Change 53.89% 129.27% 93.6%
Cash & Equivalents $230.7M $238.2M $230.4M
Short-Term Investments $1.059M $467.0K $0.00
Other Short-Term Assets $21.55M $16.74M $16.83M
YoY Change -59.98% 23.92% -8.61%
Inventory $161.8M $148.2M $149.7M
Prepaid Expenses
Receivables $191.9M $163.7M $126.7M
Other Receivables $0.00 $8.909M $9.084M
Total Short-Term Assets $614.1M $607.9M $570.2M
YoY Change 17.17% 33.8% 25.93%
LONG-TERM ASSETS
Property, Plant & Equipment $2.539B $2.459B $2.418B
YoY Change 9.61% 7.41% 9.29%
Goodwill $37.57M $37.57M $37.57M
YoY Change 0.0% 0.0% 0.0%
Intangibles $6.293M $6.568M $6.843M
YoY Change -14.88% -14.35% -13.85%
Long-Term Investments $117.1M $66.11M $62.52M
YoY Change 95.49% 13.87% 13.99%
Other Assets $51.28M $51.97M $51.38M
YoY Change -65.53% 20.64% 24.77%
Total Long-Term Assets $2.847B $2.718B $2.672B
YoY Change 10.77% 7.31% 9.13%
TOTAL ASSETS
Total Short-Term Assets $614.1M $607.9M $570.2M
Total Long-Term Assets $2.847B $2.718B $2.672B
Total Assets $3.461B $3.326B $3.243B
YoY Change 11.86% 11.33% 11.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.9M $92.17M $94.43M
YoY Change 21.27% -1.47% -9.55%
Accrued Expenses $25.97M $21.92M $43.89M
YoY Change -0.22% 8.8% 35.77%
Deferred Revenue
YoY Change
Short-Term Debt $12.81M $0.00 $81.42M
YoY Change -74.48% -100.0% 892.47%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $271.0M $208.5M $309.8M
YoY Change -9.85% -20.57% 30.35%
LONG-TERM LIABILITIES
Long-Term Debt $943.6M $943.5M $824.1M
YoY Change 14.52% 14.52% 0.03%
Other Long-Term Liabilities $80.69M $77.51M $75.98M
YoY Change -79.5% 18.45% 24.58%
Total Long-Term Liabilities $680.6M $676.6M $665.7M
YoY Change -44.1% 6.16% 6.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $271.0M $208.5M $309.8M
Total Long-Term Liabilities $680.6M $676.6M $665.7M
Total Liabilities $951.5M $885.0M $975.5M
YoY Change -46.11% -1.64% 13.36%
SHAREHOLDERS EQUITY
Retained Earnings $928.6M $861.1M $806.3M
YoY Change 33.96% 36.81% 37.79%
Common Stock $636.3M $635.3M $635.5M
YoY Change 0.3% 0.3% 0.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.566B $1.497B $1.443B
YoY Change
Total Liabilities & Shareholders Equity $3.461B $3.326B $3.243B
YoY Change 11.86% 11.33% 11.75%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $87.00M $74.34M $57.77M
YoY Change 6.13% 18.98% 37.52%
Depreciation, Depletion And Amortization $26.63M $25.90M $25.35M
YoY Change 9.9% 8.56% 11.36%
Cash From Operating Activities $151.5M $71.91M $86.00M
YoY Change 17.53% 29.45% -15.13%
INVESTING ACTIVITIES
Capital Expenditures $101.5M $74.04M $57.33M
YoY Change 89.99% -24.52% 19.68%
Acquisitions
YoY Change
Other Investing Activities -$50.71M -$1.832M $47.00K
YoY Change -30102.96% -19.58% -88.01%
Cash From Investing Activities -$152.2M -$75.88M -$57.29M
YoY Change 185.82% -24.41% 20.57%
FINANCING ACTIVITIES
Cash Dividend Paid $19.55M
YoY Change 7.1%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.845M $11.75M 12.47M
YoY Change -76.56% -60.72% -259.56%
NET CHANGE
Cash From Operating Activities 151.5M $71.91M 86.00M
Cash From Investing Activities -152.2M -$75.88M -57.29M
Cash From Financing Activities -6.845M $11.75M 12.47M
Net Change In Cash -7.486M $7.785M 41.18M
YoY Change -116.1% -152.19% -10.5%
FREE CASH FLOW
Cash From Operating Activities $151.5M $71.91M $86.00M
Capital Expenditures $101.5M $74.04M $57.33M
Free Cash Flow $50.06M -$2.131M $28.67M
YoY Change -33.72% -94.99% -46.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2023Q1 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Number Of Reportable Segments
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CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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:10pt;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>
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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:10pt;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 three months ended March 31, 2023, included $1.8 million of investment gains, which are presented separately in the current period, and excluded $0.2 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 financing activities, or cash and cash equivalents.</span></div>
CY2023Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
1800000 usd
CY2023Q1 us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
IncreaseDecreaseInAllowanceForEquityFundsUsedDuringConstruction
200000 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
347068000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
339081000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
74338000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
62481000 usd
CY2024Q1 us-gaap Assets
Assets
3326032000 usd
CY2023Q4 us-gaap Assets
Assets
3242568000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
347068000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
339081000 usd
CY2024Q1 us-gaap Revenues
Revenues
347241000 usd
CY2023Q1 us-gaap Revenues
Revenues
340291000 usd
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
165717000 usd
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
129257000 usd
CY2024Q1 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
8909000 usd
CY2023Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
9084000 usd
CY2024Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
23066000 usd
CY2023Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
21324000 usd
CY2024Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
197692000 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
159665000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2018000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2522000 usd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
195674000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2522000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1648000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
272000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
737000 usd
CY2024Q1 ottr Accounts Receivable Allowance For Credit Loss Writeoff After Recovery
AccountsReceivableAllowanceForCreditLossWriteoffAfterRecovery
776000 usd
CY2023Q1 ottr Accounts Receivable Allowance For Credit Loss Writeoff After Recovery
AccountsReceivableAllowanceForCreditLossWriteoffAfterRecovery
194000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2018000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2191000 usd
CY2024Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
75058000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
75733000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
28621000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
26354000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
44515000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
47614000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
148194000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
149701000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
467000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0 usd
CY2024Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
43980000 usd
CY2023Q4 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
42287000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
9035000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
9303000 usd
CY2024Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
3337000 usd
CY2023Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
3125000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
9728000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
7771000 usd
CY2024Q1 us-gaap Other Investments
OtherInvestments
30000 usd
CY2023Q4 us-gaap Other Investments
OtherInvestments
30000 usd
CY2024Q1 us-gaap Long Term Investments
LongTermInvestments
66110000 usd
CY2023Q4 us-gaap Long Term Investments
LongTermInvestments
62516000 usd
CY2024Q1 us-gaap Investments
Investments
66577000 usd
CY2023Q4 us-gaap Investments
Investments
62516000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2459189000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2418375000 usd
CY2024Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
9175000 usd
CY2024Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
96682000 usd
CY2023Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
16127000 usd
CY2023Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
95715000 usd
CY2024Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
33513000 usd
CY2024Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
277056000 usd
CY2023Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
25408000 usd
CY2023Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
276547000 usd
CY2024Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
340000000 usd
CY2024Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
0 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
9132000 usd
CY2024Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
330868000 usd
CY2023Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
249446000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
947000000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
827000000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3464000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2941000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
943536000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
824059000 usd
CY2024Q1 us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
0.10
CY2024Q1 us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
1
CY2024Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-1650000 usd
CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-1724000 usd
CY2024Q1 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Deferred
DefinedBenefitPlanNetPeriodicBenefitCostCreditDeferred
-303000 usd
CY2023Q1 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Deferred
DefinedBenefitPlanNetPeriodicBenefitCostCreditDeferred
-408000 usd
CY2024Q1 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Net Of Deferrals
DefinedBenefitPlanNetPeriodicBenefitCostCreditNetOfDeferrals
-1347000 usd
CY2023Q1 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Net Of Deferrals
DefinedBenefitPlanNetPeriodicBenefitCostCreditNetOfDeferrals
-1316000 usd
CY2024Q1 us-gaap Pension Contributions
PensionContributions
0 usd
CY2023Q1 us-gaap Pension Contributions
PensionContributions
0 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.176
CY2024Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-24000 usd
CY2023Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
80000 usd
CY2024Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
63000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
26000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-87000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
54000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5500000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5300000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41724000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41632000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
309000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
345000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42033000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41977000 shares
CY2024Q1 us-gaap Derivative Nonmonetary Notional Amount Energy Measure
DerivativeNonmonetaryNotionalAmountEnergyMeasure
54000 mwh
CY2024Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
200000 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4200000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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