Latest news with #OtterTailPower
Business Wire
5 days ago
- Business
- Business Wire
Otter Tail Corporation Announces Second Quarter Earnings and Increases Annual Earnings Guidance
FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended June 30, 2025. SUMMARY Produced diluted earnings per share of $1.85 in the second quarter of 2025. Increased midpoint of 2025 earnings per share guidance by $0.38 to $6.26 per share. Return on equity of 17% over the trailing twelve months. CEO OVERVIEW 'We are pleased with our second quarter financial results,' said President and CEO Chuck MacFarlane. 'Across our businesses, our team members remain committed to our mission - delivering value through building strong electric and manufacturing platforms - amidst dynamic market conditions. "During the second quarter, severe weather moved through Otter Tail Power's service territory, resulting in significant property and infrastructure damage, as well as tree loss. Approximately 30 percent of our customers experienced an interruption in electric service due to the storms. Our employees worked tirelessly to restore power to our customers as quickly and safely as possible. 'Beyond our storm response, Otter Tail Power continues to perform well, executing on our significant capital investment plan and regulatory priorities. We secured approval to directly assign and recover the capital investment for our two solar development projects from the Minnesota and South Dakota Commissions. We look forward to adding 345 MW of cost-effective solar generation to our portfolio to better serve our customers. Additionally, for the first time since 2018, we filed a request with the South Dakota Public Utilities Commission for permission to increase our electric rates by approximately $5.7 million. 'Our Manufacturing segment continues to navigate soft end market demand but remains well positioned to respond when market conditions improve. Our recently completed BTD Georgia facility is ramping up to full production capability and we look forward to being able to better serve our growing customers in the southeast. 'Plastics segment results outpaced our expectations for the second quarter. We continue to benefit from strong product demand and higher sales volumes as the sales prices of PVC pipe continue to recede. 'We are uplifting our 2025 diluted earnings per share guidance for the Plastics segment, increasing our consolidated guidance to a range of $6.06 to $6.46 from our previous range of $5.68 to $6.08. 'Our strategic diversification continues to serve us and our stakeholders well even as we return to more normalized levels of Plastics segment earnings, generating incremental cash for us to reinvest into our significant utility rate base growth plan. We remain confident in our ability to deliver on our investment targets, producing an earnings per share growth of 6 to 8 percent.' QUARTERLY DIVIDEND On August 4, 2025, the corporation's Board of Directors declared a quarterly common stock dividend of $0.525 per share. This dividend is payable September 10, 2025 to shareholders of record on August 15, 2025. CASH FLOWS AND LIQUIDITY Our consolidated cash provided by operating activities for the six months ended June 30, 2025 was $159.4 million compared to $223.5 million for the six months ended June 30, 2024, with the decrease primarily due to the timing of fuel cost and rider recoveries from our utility customers and the timing of payments for operating costs, as well as a decrease in earnings. Investing activities for the six months ended June 30, 2025 included capital expenditures of $124.2 million. Capital expenditures during the period were largely within our Electric segment, including investments in wind repowering, advanced metering infrastructure, and transmission line projects. Financing activities for the six months ended June 30, 2025 included the issuance of $100.0 million of long-term debt at Otter Tail Power; the proceeds of which were used to repay short-term borrowings, fund capital investments, and support operating activities. Financing activities for the six months ended June 30, 2025 also included net repayments of short-term borrowings totaling $69.6 million and dividend payments of $44.0 million. As of June 30, 2025, we had $170.0 million and $211.0 million of available liquidity under our Otter Tail Corporation and Otter Tail Power credit facilities, respectively, along with $307.2 million of available cash and cash equivalents, for total available liquidity of $688.2 million. Electric Segment The following table shows heating and cooling degree days as a percent of normal. Three Months Ended June 30, 2025 2024 Heating Degree Days 86.5% 68.8% Cooling Degree Days 114.2% 48.8% Expand The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions for the three months ended June 30, 2025 and 2024. Operating Revenues increased $15.9 million primarily due to increases in fuel recovery and rider revenues, and the impact of favorable weather compared to the same period last year. Increased fuel recovery revenue was primarily driven by an increase in the price of natural gas and the cost of market energy. Increased rider revenue was largely from the recovery of our investments in our wind repowering projects. Net Income increased $0.7 million primarily due to the increase in revenues, as described above, partially offset by increased operating and maintenance expenses, including planned outage costs at Coyote Station, and increased depreciation and interest expense associated with our rate base investments. Manufacturing Segment Operating Revenues decreased $18.0 million primarily due to a 9% decrease in sales volumes, with declines experienced across several end markets, including agriculture, recreational vehicles, lawn and garden, and construction. Sales volumes were down at our metal fabrication business due to soft end market demand and inventory management efforts by manufacturers and dealers. A 7% decrease in steel costs, which are passed through to customers, also contributed to the decrease in operating revenues. Net Income decreased $3.4 million primarily due to lower sales volumes and enhanced profit margins in the second quarter of 2024, which benefited from the positive impact of the timing of pass-through steel cost fluctuations and the selling of lower cost inventory. The impacts of decreased operating revenues and profit margins were partially offset by a decrease in general and administrative costs. Plastics Segment Operating Revenues decreased $7.2 million primarily due to a 15% decrease in sales prices compared to the same period last year, continuing the steady decline in product pricing from peak market conditions in late 2022. The impact of decreased sales prices was partially offset by an 11% increase in sales volumes, driven by strong distributor and end-market demand for our products, coupled with increased production capacity following the completion of our expansion project at Vinyltech in late 2024. Active infrastructure investment and construction activity across our sales territories continue to contribute to strong demand for our products. Net Income decreased $7.5 million primarily due to decreased sales prices, as described above, partially offset by the 11% increase in sales volumes and a 15% decrease in PVC resin cost driven by global supply and demand dynamics which continues to result in elevated supply. Corporate Net Income increased $0.9 million primarily due to increased market-based gains on our corporate-owned life insurance policy investments. 2025 OUTLOOK We are increasing our 2025 diluted earnings per share guidance to a range of $6.06 to $6.46. We expect our earnings mix in 2025 to be approximately 37% from our Electric segment and 63% from our Manufacturing and Plastics segments, net of corporate costs. Our anticipated earnings mix in 2025 deviates from our long-term expected earnings mix of 65% Electric / 35% Non-Electric as we expect Plastics segment earnings to remain elevated in 2025 compared to our long-term view of normal earnings for this segment. The segment components of our 2025 diluted earnings per share guidance compared with actual earnings for 2024 are as follows: We are maintaining our earnings guidance for our Electric and Manufacturing segments and maintaining our Corporate cost outlook. We are increasing our Plastics segment earnings guidance based on: Better than expected financial results in the second quarter of 2025, Lower material costs anticipated for the remainder of the year, as the forecasted price of PVC resin has declined, and Revised expectations for PVC pipe pricing for the second half of the year. CONFERENCE CALL AND WEBCAST The corporation will host a live webcast on Tuesday, August 5, 2025, at 10:00 a.m. CT to discuss its financial and operating performance. The presentation will be posted on our website before the webcast. To access the live webcast, go to and select 'Webcast.' Please allow time prior to the call to visit the site and download any software needed to listen in. An archived copy of the webcast will be available on our website shortly after the call. If you are interested in asking a question during the live webcast, visit and follow the link provided in the press release announcing the upcoming conference call. FORWARD-LOOKING STATEMENTS Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words 'anticipate,' 'believe,' 'can,' 'could,' 'estimate,' 'expect,' 'future,' 'goal,' 'intend,' 'likely,' 'may,' 'opportunity,' 'outlook,' 'plan,' 'possible,' 'potential,' 'predict,' 'probable,' 'projected,' 'should,' 'target,' 'will,' 'would' and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward-looking statements made herein, which may include statements regarding 2025 earnings and earnings per share, long-term earnings, earnings per share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supply constraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company's risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures; rate base levels and rate base growth; risks associated with energy markets; the availability and pricing of resource materials; inflationary cost pressures; attracting and maintaining a qualified and stable workforce; changing macroeconomic and industry conditions that impact the demand for our products, pricing and margin; long-term investment risk; seasonal weather patterns and extreme weather events; future business volumes with key customers; reductions in our credit ratings; our ability to access capital markets on favorable terms; assumptions and costs relating to funding our employee benefit plans; our subsidiaries' ability to make dividend payments; cybersecurity threats or data breaches; the impact of government legislation and regulation including foreign trade policy and environmental; health and safety laws and regulations; changes in tax laws and regulations; the impact of climate change including compliance with legislative and regulatory changes to address climate change; expectations regarding regulatory proceedings, assigned service areas, the construction of major facilities, capital structure, and allowed customer rates; actual and threatened claims or litigation; and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. Category: Earnings About the Corporation: Otter Tail Corporation, a member of the S&P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at Corporate offices are in Fergus Falls, Minnesota, and Fargo, North Dakota. OTTER TAIL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) June 30, December 31, (in thousands) 2025 2024 Assets Current Assets Cash and Cash Equivalents $ 307,241 $ 294,651 Receivables, net of allowance for credit losses 180,823 145,964 Inventories 151,558 148,885 Regulatory Assets 8,946 9,962 Other Current Assets 25,842 30,579 Total Current Assets 674,410 630,041 Noncurrent Assets Investments 128,289 121,177 Property, Plant and Equipment, net of accumulated depreciation 2,754,068 2,692,460 Regulatory Assets 99,010 98,673 Intangible Assets, net of accumulated amortization 5,192 5,743 Goodwill 37,572 37,572 Other Noncurrent Assets 66,747 66,416 Total Noncurrent Assets 3,090,878 3,022,041 Total Assets $ 3,765,288 $ 3,652,082 Liabilities and Shareholders' Equity Current Liabilities Short-Term Debt $ — $ 69,615 Accounts Payable 98,234 113,574 Accrued Salaries and Wages 25,039 34,398 Accrued Taxes 16,465 17,314 Regulatory Liabilities 24,580 29,307 Other Current Liabilities 39,162 45,582 Total Current Liabilities 203,480 309,790 Noncurrent Liabilities and Deferred Credits Pension Benefit Liability 32,204 32,614 Other Postretirement Benefits Liability 26,494 27,385 Regulatory Liabilities 289,546 288,928 Deferred Income Taxes 278,091 267,745 Deferred Tax Credits 14,705 14,990 Other Noncurrent Liabilities 102,932 98,397 Total Noncurrent Liabilities and Deferred Credits 743,972 730,059 Commitments and Contingencies Capitalization Long-Term Debt 1,043,374 943,734 Shareholders' Equity Common Shares 209,522 209,140 Additional Paid-In Capital 432,664 429,089 Retained Earnings 1,131,542 1,029,738 Accumulated Other Comprehensive Income 734 532 Total Shareholders' Equity 1,774,462 1,668,499 Total Capitalization 2,817,836 2,612,233 Total Liabilities and Shareholders' Equity $ 3,765,288 $ 3,652,082 Expand OTTER TAIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, (in thousands) 2025 2024 Operating Activities Net Income $ 145,827 $ 161,333 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation and Amortization 58,822 52,528 Deferred Tax Credits (285 ) (372 ) Deferred Income Taxes 6,149 9,492 Investment Gains (2,741 ) (3,111 ) Stock Compensation Expense 7,396 6,824 Other, net (1,745 ) (1,251 ) Change in Operating Assets and Liabilities: Receivables (34,859 ) (34,803 ) Inventories (131 ) (11,551 ) Regulatory Assets (643 ) 7,361 Other Assets 4,756 (3,951 ) Accounts Payable (6,477 ) 41,239 Accrued and Other Liabilities (13,447 ) (19,312 ) Regulatory Liabilities 198 23,863 Pension and Other Postretirement Benefits (3,441 ) (4,828 ) Net Cash Provided by Operating Activities 159,379 223,461 Investing Activities Capital Expenditures (124,239 ) (175,528 ) Proceeds from Disposal of Noncurrent Assets 2,792 5,124 Purchases of Investments and Other Assets (5,579 ) (57,661 ) Net Cash Used in Investing Activities (127,026 ) (228,065 ) Financing Activities Net Repayments of Short-Term Debt (69,615 ) (68,612 ) Proceeds from Issuance of Long-Term Debt 100,000 120,000 Dividends Paid (44,023 ) (39,122 ) Payments for Shares Withheld for Employee Tax Obligations (3,134 ) (5,753 ) Other, net (2,991 ) (1,610 ) Net Cash (Used in) Provided by Financing Activities (19,763 ) 4,903 Net Change in Cash and Cash Equivalents 12,590 299 Cash and Cash Equivalents at Beginning of Period 294,651 230,373 Cash and Cash Equivalents at End of Period $ 307,241 $ 230,672 Expand OTTER TAIL CORPORATION Three Months Ended June 30, Six Months Ended June 30, Operating Revenues Electric $ 128,731 $ 112,828 $ 278,451 $ 254,317 Manufacturing 78,726 96,684 160,412 196,065 Plastics 125,586 132,824 231,533 239,022 Total Operating Revenues $ 333,043 $ 342,336 $ 670,396 $ 689,404 Operating Income (Loss) Electric $ 23,633 $ 22,597 $ 52,676 $ 51,639 Manufacturing 5,065 9,600 7,492 17,014 Plastics 72,034 82,089 130,909 145,392 Corporate (3,274 ) (3,375 ) (9,620 ) (8,159 ) Total Operating Income $ 97,458 $ 110,911 $ 181,457 $ 205,886 Net Income Electric $ 19,195 $ 18,485 $ 43,903 $ 40,956 Manufacturing 3,481 6,835 5,013 12,096 Plastics 53,104 60,612 96,543 107,350 Corporate 1,948 1,063 368 931 Total Net Income $ 77,728 $ 86,995 $ 145,827 $ 161,333 Expand
Yahoo
24-06-2025
- Business
- Yahoo
Otter Tail Power continues work to restore power in Stutsman County
Jun. 23—JAMESTOWN — About 1,800 Otter Tail Power Co. customers in Stutsman County are without power as of 6 p.m. Monday, June 23, according to the company's power outage map. Otter Tail Power restored power to its customers north of the railroad tracks in Jamestown at about 11:15 p.m. Sunday, June 22. Otter Tail Power said earlier Monday it was still experiencing nested outages in Jamestown and would continue to make repairs until power was restored to all customers. If power was restored but anybody is still without electricity, the company said the issues might be specific to a particular location. Visit for more information on what to do after power is restored to your area, the company said. Otter Tail Power says nested outages can be caused by localized damage, blown fuses or faulty equipment, service line issues, meter or panel problems or manual isolation. Two storms moved through Jamestown Friday evening and early Saturday. The storms caused power outages to more than 20,000 Otter Tail Power customers in its service area in Minnesota and North Dakota. The company said multiple tornadoes, damaging winds and large hail occurred in large portions of its service area and wind gusts of up to 94 mph contributed to "significant damage." Power was restored Monday at Bordulac, Eldridge, Kensal, Luverne and Medina, Otter Tail Power reported at 6 p.m. Monday. Power was estimated to be restored on Monday, June 23, in the following communities near Jamestown: Courtenay, Dazey, Erie, Leal, Rogers and Wimbledon. The company said Sunday its process is to identify damage and needed repairs, beginning with repairs to substations and transmission lines, which must be repaired before power can be restored to communities. It said in many locations, it has been able to move to fixing main distribution lines that serve many homes and businesses, which brings power to the largest number of customers as soon as possible. The company expects to be finalizing repairs, then move to smaller neighborhood lines and then individual homes or businesses that need service. Otter Tail will provide another update at about 10 a.m. Tuesday, June 24. The company's outage map and other information are available at . Customer outages can be reported by calling 800-257-4044 or 218-739-8877 or online at . The city of Jamestown lifted its restrictions for water and sewer on Monday, June 23, and residents could resume normal usage, according to the city engineer's office. Tyler Michel, public works director, said having no electricity for the pumps at lift stations can cause the wells inside to fill up with sanitary sewer. "Then they could overflow or cause backups in the home," he said. Michel said the lift stations currently are operable. "There's some things that they are working through to get them all fully restored, but they are operational enough where we can go back to normal usage," he said. The city has not yet determined if tree cleanup along streets and avenues will take place. A decision will be made in the near future, the city engineer's office said. "We spent all day Saturday getting the streets open, and we have not yet determined if we are going to pick up anything from the boulevards," Michel said. He said hours will continue to be extended at the city baler and landfill drop-off site where residents bring tree debris. "As long as there's people dropping off, we will probably keep them open," he said. "If things start to slow down, what we'll do is we'll close that inside gate to close the gate, and then they can drop off at the normal location outside the gate." Residents may view city licensed contractors on the city's website, Michel said some city vehicles received damage from hail. He also said the Jamestown Civic Center's roof received some damage as well.
Yahoo
24-06-2025
- Climate
- Yahoo
UPDATED: Power restored to more customers in Jamestown later Sunday
Jun. 23—JAMESTOWN — Otter Tail Power Co. restored power to its customers north of the railroad tacks at about 11:15 p.m. Sunday, June 22, it said on its website at 10 a.m. Monday, June 23. Otter Tail Power said it is still experiencing nested outages and will continue to make repairs until power has been restored to all customers. If power was restored but anybody is still without electricity, the company said the issues might be specific to a particular location. Visit for more information on what to do after we've restored power to your area. Otter Tail Power says nested outages can be caused by localized damage, blown fuses or faulty equipment, service line issues, meter or panel problems or manual isolation. More than 400 customers in Stutsman County are without power as of about 11:30 a.m. Monday, according to the company's power outage map. Two storms moved through Jamestown Friday evening and early Saturday. The storms caused power outages to more than 20,000 Otter Tail Power customers in its service area in Minnesota and North Dakota. The company said multiple tornadoes, damaging winds and large hail occurred in large portions of its service area and wind gusts of up to 94 mph contributed to "significant damage. Power for the following towns is estimated to be restored on Monday, June 23, in the following communities near Jamestown: Ayr: 8 p.m.; Courtenay, 5 p.m.; Dazey, 10 p.m.; Eldridge, 8 p.m.; Erie, 8 p.m.; Kensal, 4 p.m.; Luverne, 5 p.m.; and Wimbledon, 5 p.m. Power for the following towns is estimated to be restored at 5 p.m. on Tuesday, June 24, at: * Clifford * Galesburg * Luverne * Melville * Page * Pillsbury * Rogers Otter Tail Power crews are checking the status in Bordulac and Medina. The company said Monday evening, June 22, its process is to identify damage and needed repairs, beginning with repairs to substations and transmission lines, which must be repaired before power can be restored to communities. It said in many locations, it has been able to move to fixing main distribution lines that serve many homes and businesses, which brings power to the largest number of customers as soon as possible. The company expects to be finalizing repairs, then move to smaller neighborhood lines and then individual homes or businesses that need service. Otter Tail will provide another update at about 6 p.m. Monday, June 23. The company's outage map and other information is available at . Customer outages can be reported by calling 800-257-4044 or 218-739-8877 or online at . The city of Jamestown lifted its restrictions for water and sewer and residents may resume normal usage, according to the city engineer's office. The cityhas not yet determined if tree cleanup along streets and avenues will take place. A decision will be made in the near future, the city engineer's office said. The city is focusing its efforts on fully restoring water, sanitary and storm sewer services. Residents may view city licensed contractors on the city's website,
Yahoo
11-06-2025
- Business
- Yahoo
Otter Tail Power wants to raise electricity rates
PIERRE, S.D. (KELO) — South Dakota customers of Otter Tail Power might want to get ready to start paying more for their electricity. The Fergus Falls, Minnesota-based utility wants to raise rates for the approximately 11,500 households, businesses and other entities in South Dakota who get their power from Otter Tail. State plans to decrease its payments to the needy The company has applied to the South Dakota Public Utilities Commission for approval. Otter Tail is seeking permission to increase net revenue $5,719,671, or 12.5 percent, from South Dakota customers. Stuart D. Tommerdahl is Otter Tail's manager for regulation and retail energy solutions. He says in a letter that the proposed change in rates will result in an average increase of $14 permonth for residential customers under the rate design proposed by the company. 'The increase in rates is needed for the Company to recover increases in operating costs incurred by the Company in providing electric service to its customers and on-goinginvestments in infrastructure. This increase is necessary to continue to serve customersas reliably, economically, and environmentally responsibly as possible,' the letter said. The PUC's three elected commissioners are scheduled to publicly begin considering the request at their next meeting scheduled for Tuesday, June 17. A rate chart shows Otter Tail's proposed increases. Here are some examples: A household using 932 kilowatt-hours per month currently pays $103.97 and would see a $14.39 increase. A farm using 1,857 kilowatt-hours per month currently pays $191.52 and would see a $26.12 increase. A general servicer customer using 2,751 kilowatt-hours per month currently pays $259.23 and would see a $34.77 increase. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Wire
04-06-2025
- Business
- Business Wire
Otter Tail Power Company Requests Rate Review in South Dakota
FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Power Company, a wholly owned subsidiary of Otter Tail Corporation (Nasdaq: OTTR), filed a request with the South Dakota Public Utilities Commission (PUC) for permission to increase its electric rates. This request is a result of rising costs to maintain a safe and reliable system while meeting customers' growing electricity demand as economically as possible. 'We understand rising electric costs can be challenging, and we remain focused on managing these increases through smart investments and streamlined operations that allow us to be one of the lowest-cost providers in the nation,' said Otter Tail Power President Tim Rogelstad. 'Our goal is to continue serving our customers with the safe, reliable, and cost-effective energy they depend on while navigating these challenges together.' The net effect of Otter Tail Power's request is an increase to rates of approximately $5.7 million. If the PUC approves the overall request as filed, the average net increase to customers would be approximately 12.5%. Otter Tail Power last requested a rate review in South Dakota in 2018. Proposed rates may take effect December 1 The filing starts a process often referred to as a rate case. During this time, the PUC reviews costs the company incurs to provide customers with energy and related services and then determines appropriate prices for customers using that energy. This independent, public process helps ensure transparent rate setting for all customers. The PUC will establish a schedule for making its decision on the company's request. If the PUC doesn't issue its decision within 180 days, Otter Tail Power can increase rates on an interim basis beginning December 1, 2025. If final rates are lower than interim rates, Otter Tail Power would refund customers the difference with interest. If final rates are higher than interim rates, the company would not collect the difference. Rate information, including example monthly bill impacts, and updates related to the company's request will be available online at Forward-Looking Statements Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words 'anticipate,' 'believe,' 'can,' 'could,' 'estimate,' 'expect,' 'future,' 'goal,' 'intend,' 'likely,' 'may,' 'opportunity,' 'outlook,' 'plan,' 'possible,' 'potential,' 'predict,' 'probable,' 'projected,' 'should,' 'target,' 'will,' 'would' and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward-looking statements made herein, which may include statements regarding 2025 earnings and earnings per share, long-term earnings, earnings per share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supply constraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company's risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures; rate base levels and rate base growth; risks associated with energy markets; the availability and pricing of resource materials; inflationary cost pressures; attracting and maintaining a qualified and stable workforce; changing macroeconomic and industry conditions that impact the demand for our products, pricing and margin; long-term investment risk; seasonal weather patterns and extreme weather events; future business volumes with key customers; reductions in our credit ratings; our ability to access capital markets on favorable terms; assumptions and costs relating to funding our employee benefit plans; our subsidiaries' ability to make dividend payments; cybersecurity threats or data breaches; the impact of government legislation and regulation including foreign trade policy and environmental; health and safety laws and regulations; changes in tax laws and regulations; the impact of climate change including compliance with legislative and regulatory changes to address climate change; expectations regarding regulatory proceedings, assigned service areas, the construction of major facilities, capital structure, and allowed customer rates; actual and threatened claims or litigation; and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. About the Corporation Otter Tail Corporation, a member of the S&P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at Corporate offices are in Fergus Falls, Minnesota, and Fargo, North Dakota.
