$OTTR
Otter Tail Corp

2024 Q3 Form 10-Q Financial Statement

#000146659324000129 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $338.0M $342.4M $337.7M
YoY Change -5.59% 1.39% -15.58%
Cost Of Revenue $122.2M $126.0M $125.9M
YoY Change -5.43% 0.14% -28.74%
Gross Profit $215.9M $216.3M $211.8M
YoY Change -5.7% 2.1% -5.18%
Gross Profit Margin 63.86% 63.17% 62.73%
Selling, General & Admin $18.83M $18.15M $16.87M
YoY Change 18.7% 7.61%
% of Gross Profit 8.72% 8.39% 7.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.05M $26.63M $24.23M
YoY Change 10.2% 9.9% 2.83%
% of Gross Profit 12.53% 12.31% 11.44%
Operating Expenses $108.3M $18.15M $105.8M
YoY Change 0.57% -82.84% 3.37%
Operating Profit $107.5M $110.9M $106.1M
YoY Change -11.21% 4.58% -12.4%
Interest Expense -$11.17M -$10.20M -$9.696M
YoY Change 21.45% 5.22% 7.84%
% of Operating Profit -10.39% -9.2% -9.14%
Other Income/Expense, Net $7.788M $4.490M $5.674M
YoY Change 215.18% -20.87% -738.25%
Pretax Income $104.2M $107.6M $102.0M
YoY Change -10.75% 5.45% -8.85%
Income Tax $18.68M $20.59M $20.06M
% Of Pretax Income 17.93% 19.14% 19.66%
Net Earnings $85.48M $87.00M $81.97M
YoY Change -7.06% 6.13% -4.62%
Net Earnings / Revenue 25.29% 25.41% 24.27%
Basic Earnings Per Share $2.04 $2.08 $1.97
Diluted Earnings Per Share $2.03 $2.07 $1.95
COMMON SHARES
Basic Shares Outstanding 41.83M shares 41.81M shares 41.71M shares
Diluted Shares Outstanding 42.08M shares 42.07M shares 42.05M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $280.0M $231.7M $150.6M
YoY Change 48.0% 53.89% 142.91%
Cash & Equivalents $280.0M $230.7M $150.6M
Short-Term Investments $616.0K $1.059M
Other Short-Term Assets $30.79M $21.55M $53.86M
YoY Change 101.05% -59.98% 238.23%
Inventory $153.2M $161.8M $144.4M
Prepaid Expenses
Receivables $186.3M $191.9M $164.1M
Other Receivables $0.00 $0.00 $11.18M
Total Short-Term Assets $650.3M $614.1M $524.1M
YoY Change 16.81% 17.17% 11.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.605B $2.539B $2.316B
YoY Change 9.12% 9.61% 7.74%
Goodwill $37.57M $37.57M $37.57M
YoY Change 0.0% 0.0% 0.0%
Intangibles $6.018M $6.293M $7.393M
YoY Change -15.45% -14.88% -12.95%
Long-Term Investments $121.4M $117.1M $59.88M
YoY Change 104.76% 95.49% 11.81%
Other Assets $146.5M $51.28M $148.8M
YoY Change 193.35% -65.53% 356.13%
Total Long-Term Assets $2.916B $2.847B $2.570B
YoY Change 10.86% 10.77% 6.89%
TOTAL ASSETS
Total Short-Term Assets $650.3M $614.1M $524.1M
Total Long-Term Assets $2.916B $2.847B $2.570B
Total Assets $3.567B $3.461B $3.094B
YoY Change 11.9% 11.86% 7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.89M $126.9M $104.7M
YoY Change -13.8% 21.27% -21.48%
Accrued Expenses $31.32M $25.97M $26.03M
YoY Change -2.73% -0.22% 4.94%
Deferred Revenue
YoY Change
Short-Term Debt $67.40M $12.81M $50.20M
YoY Change 30.89% -74.48%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $299.6M $271.0M $300.6M
YoY Change -3.37% -9.85% 4.31%
LONG-TERM LIABILITIES
Long-Term Debt $943.7M $943.6M $823.9M
YoY Change 14.52% 14.52% 0.03%
Other Long-Term Liabilities $424.4M $80.69M $393.6M
YoY Change 549.27% -79.5% 524.81%
Total Long-Term Liabilities $1.368B $680.6M $1.218B
YoY Change 110.31% -44.1% 88.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $299.6M $271.0M $300.6M
Total Long-Term Liabilities $1.368B $680.6M $1.218B
Total Liabilities $1.933B $951.5M $1.766B
YoY Change 101.28% -46.11% 88.78%
SHAREHOLDERS EQUITY
Retained Earnings $994.5M $928.6M $693.1M
YoY Change 29.68% 33.96% 40.5%
Common Stock $636.9M $636.3M $634.4M
YoY Change 0.31% 0.3% 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.633B $1.566B $1.328B
YoY Change
Total Liabilities & Shareholders Equity $3.567B $3.461B $3.094B
YoY Change 11.9% 11.86% 7.6%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $85.48M $87.00M $81.97M
YoY Change -7.06% 6.13% -4.62%
Depreciation, Depletion And Amortization $27.05M $26.63M $24.23M
YoY Change 10.2% 9.9% 2.83%
Cash From Operating Activities $99.31M $151.5M $128.9M
YoY Change -25.89% 17.53% -0.98%
INVESTING ACTIVITIES
Capital Expenditures $84.22M $101.5M $53.41M
YoY Change 7.56% 89.99% -226.93%
Acquisitions
YoY Change
Other Investing Activities $121.0K -$50.71M $169.0K
YoY Change -221.0% -30102.96% -146.3%
Cash From Investing Activities -$84.10M -$152.2M -$53.25M
YoY Change 7.27% 185.82% 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 34.14M -6.845M -29.20M
YoY Change -300.79% -76.56% 7.55%
NET CHANGE
Cash From Operating Activities 99.31M 151.5M 128.9M
Cash From Investing Activities -84.10M -152.2M -53.25M
Cash From Financing Activities 34.14M -6.845M -29.20M
Net Change In Cash 49.35M -7.486M 46.50M
YoY Change 27.84% -116.1% -23.29%
FREE CASH FLOW
Cash From Operating Activities $99.31M $151.5M $128.9M
Capital Expenditures $84.22M $101.5M $53.41M
Free Cash Flow $15.09M $50.06M $75.53M
YoY Change -72.9% -33.72% -56.16%

Facts In Submission

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<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>
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LifeInsuranceCorporateOrBankOwnedAmount
42287000 usd
CY2024Q2 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
2606000 usd
CY2023Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
3125000 usd
CY2024Q2 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
10121000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
7771000 usd
CY2024Q2 us-gaap Other Investments
OtherInvestments
27000 usd
CY2023Q4 us-gaap Other Investments
OtherInvestments
30000 usd
CY2024Q2 us-gaap Long Term Investments
LongTermInvestments
117062000 usd
CY2023Q4 us-gaap Long Term Investments
LongTermInvestments
62516000 usd
CY2024Q2 us-gaap Investments
Investments
118121000 usd
CY2023Q4 us-gaap Investments
Investments
62516000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2538841000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2418375000 usd
CY2024Q2 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
8172000 usd
CY2024Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
95605000 usd
CY2023Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
16127000 usd
CY2023Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
95715000 usd
CY2024Q2 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
45183000 usd
CY2024Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
275068000 usd
CY2023Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
25408000 usd
CY2023Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
276547000 usd
CY2024Q2 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
100000 usd
CY2023Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
100000 usd
CY2024Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
38400000 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
36400000 usd
CY2024Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
340000000 usd
CY2024Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
12809000 usd
CY2024Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
9132000 usd
CY2024Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
318059000 usd
CY2023Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
249446000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
947000000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
827000000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3408000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2941000 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
943592000 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
CY2024Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-1651000 usd
CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-1566000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-3301000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-3132000 usd
CY2024Q2 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Deferred
DefinedBenefitPlanNetPeriodicBenefitCostCreditDeferred
-356000 usd
CY2023Q2 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Deferred
DefinedBenefitPlanNetPeriodicBenefitCostCreditDeferred
-240000 usd
ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Deferred
DefinedBenefitPlanNetPeriodicBenefitCostCreditDeferred
-659000 usd
ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Deferred
DefinedBenefitPlanNetPeriodicBenefitCostCreditDeferred
-490000 usd
CY2024Q2 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Net Of Deferrals
DefinedBenefitPlanNetPeriodicBenefitCostCreditNetOfDeferrals
-1295000 usd
CY2023Q2 ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Net Of Deferrals
DefinedBenefitPlanNetPeriodicBenefitCostCreditNetOfDeferrals
-1326000 usd
ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Net Of Deferrals
DefinedBenefitPlanNetPeriodicBenefitCostCreditNetOfDeferrals
-2642000 usd
ottr Defined Benefit Plan Net Periodic Benefit Cost Credit Net Of Deferrals
DefinedBenefitPlanNetPeriodicBenefitCostCreditNetOfDeferrals
-2642000 usd
us-gaap Pension Contributions
PensionContributions
0 usd
us-gaap Pension Contributions
PensionContributions
0 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.192
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.192
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.188
CY2024Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-220000 usd
CY2023Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-62000 usd
CY2024Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
78000 usd
CY2023Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
26000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-298000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-88000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-244000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
18000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
141000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
52000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-385000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-34000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6500000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41784000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41678000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41754000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41655000 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
284000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
375000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
297000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
380000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42068000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42053000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42051000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42035000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Derivative Nonmonetary Notional Amount Energy Measure
DerivativeNonmonetaryNotionalAmountEnergyMeasure
221200 mwh
CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
2000000 usd
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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