OTTR - Earnings call transcript Q4 2019

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Operator

Good morning and welcome to the Otter Tail Corporation's 2019 Earnings Conference Call. Today's call is being recorded and we will hold a question-and-answer session after the prepared remarks.

I will now turn the call over to the Company for opening comments.

Loren Hanson

Good morning, everyone and welcome to our call. My name is Loren Hanson and I manage Otter Tail's Investor Relations area. our guidance results range. announced earnings our we share per Friday, XXXX and earnings XXXX Last

A call Our this website on ottertail.com. call earnings later are of complete release available our and today. website on be available will slides accompanying replay our the at

President Corporation's With on Senior and Financial Officer. Corporation's Vice today and Kevin MacFarlane, Otter are President me CEO; Chuck Moug, call Tail the and Otter Tail Chief

the be I begin, you to making forward-looking want during will we Before that statements remind call. we

on the are noted that of risks our to these current judgment represent As results uncertainties Slide statements future differ X, or and materially. may actual opinion subject what cause They holds. to

undue So of on any please placing these be advised reliance about statements.

filings you Securities we to events, to statements forward-looking otherwise. Commission which new review. Exchange to update with forward-looking future the disclaims described statements or in Our are any encourage and due information, Tail in Otter Corporation more our duty or revise our developments detail

I For call Mr. will President over Chuck MacFarlane. opening CEO, Corporation's Tail now and remarks, Otter to the turn

Charles MacFarlane

midpoint $X.XX XXXX Thank revenues, is good increased to net comments. everyone. our earnings morning, share Earnings Welcome diluted begin to per earnings share Operating as Please year-end all earnings year-over-year. refer per guidance were XXXX of and call. Slide the my updated you, above X to of $X.XX. Loren our I which $X.XX income and

resource rider Dakota well segment Electric as rate to earnings transmission Our recovery increased renewable primarily final and in case. rate costs as increases South due

flat, improved revenue. by we in performance saw of Manufacturing driven While growth earnings were BTD parts relatively segment

prices earnings lower segment were to Plastics pipe As and margin. lower operating due anticipated lower

projects Merricourt self-fund XXXX Center, Power's Energy Dakota Station, began Tail Otter transmission construction. Transmission Astoria Wind Reliability of include, South accomplishments the and all Some

I'll into projected this base. approximately investments $X.X few projects. represents of context, this million. totals put billion in our rate briefly of $XXX these touch on current Our XX% approximately To a projects those

and Minnesota has time advanced rider power prudence foundations than enough of XX,XXX remains approval, Merricourt project anticipate Energy Dakota Rider is two-thirds and and the Resource the project On XXXX. Tail project we than Slide this on Wind all Dakota received fourth budget. in civil Renewable approximately in homes. Center of will to the energy on South estimate The phase-in recovery. Power $XXX will XX, tower history complete. generate of determination North work more largest and More operation This million beginning We capital are cost quarter Otter commercial and

and budget. On general Slide XX, time on Astoria the We work on contract awarded last Station remains quarter. construction also

highly reliable complement efficient emissions. will have will when gas combustion Astoria by be a flexible turbine. and XXX backstop providing generation wind low a blowing isn't and will wind megawatt options the natural COX it operating our It

will in this in online of two-phase year $XXX million to invest near to live expect southern and who transmission anticipate the our We first XXXX. of end the approximately improve be a it for part project customers reliability We service the area. project completed

the to XX-mile to a a Phase the XX% XX-mile engineering began substation South new is South XXX In transmission we was substation Dakota. XXX new a August that KV of line expanded Lake KV phase new phase in connects X first Dakota. complete. transmission Hedland Lake project, this second Northern Norden line of The in construction Astoria

total and structures. we set attained miles the XX have We XX% easements XX of approximately of of project

line energize in the expect We to mid-XXXX.

upgrades new generator the we base interconnection associated approximately slide as As of interconnection opportunity million the shown on $XX MISO XX, generator by proposed with to process. add rate have

interconnection Power, new facility customers agreements, fund network approved FSAs, to Power. To transmission upgrades or eight Self-fund case, in service this an with initial election associated Tail has date by in owner, interconnections. between Tail generator the FERC and the Otter Otter

FERC with capital next preparing upgrades Otter filed September filing FSAs and of a an costs will additional an the over on and these seven and another resource of Commission Utilities approved Minnesota for period of return until Tail earn Xst extension XX-year of plan. XXXX have XX. MISO return customers. the interconnection Public network fund is We from our

allow Two consistent required key that the [indiscernible] including federal Regional [indiscernible]. the is impact regulations the emission to be and on measures, our Company Coyote to environmental undertake Haze who are required source Energy to record marked of to the OSHA record likely subject like informed better put proposed Rule. sources Power to understand Rule rate and will the more XXXX and plan. with to -- special Haze of a Affordable those Clean our Delaying I will control Tail Station may resource recognition Company's reasonably continue with of Otter Rule Generation Regional planning safety give first. develop would us direction environmental employees regulations Company best

levels process. XX% our inventory of of outputs sites metal protection significantly some grew oil employee BTD, on-time at by profitability plant, The contract delivery. by in reduced continues its Washington, oil Minnesota operation delivery Illinois soft lowest our part last impacted ensure They and IN sales, sales year, sales has the fabricator, OSHA X% as year. excellent its and parts fracking income gas counts which had this XX%. improved its reporting while increasing Company and impacts and Detroit the on-time continue achieved this The the in gas nearly year inventory on production highest planning and Lakes, of Illinois The and to record net to SIOP as be rate facility industry, continued an and Georgia XXXX. to used or environment. balance Company

buying manage Marketing for as more strategic Mitzel announced most President of Company Products has and President, continues were Pipe of Mitzel process resin executive Director In Plastics and segment, employed our preceded Products role Sourcing. the Northern as segment. the In roles Mitzel Vice team Terry by his of Pipe Sales succession as the recent oversees President. leadership to Northern part than our His plan, years. Plastics with XX been for

We achievement service, will to continued talent enhance of his and a Northern are skills excellence companies confident customer and and capacity. that are coupled to in efficiency and continuous projects Pipe team development. implementing improvement lead outstanding existing strong experience with momentum Both Products operational

On mix. balanced enhance final our note, continue generation we to

to rates we levels will back their anticipate by nearly coal threshold. Corporation's XX% on will renewable of Slide revenues percentage Tail shown that of below resources, keeping growing below below XX% of XXXX Otter that more about concern it's generating is at With all As XX% Otter well investor average. average from thermal coal, XXXX X, companies national the know energy emissions least Tail XX% that Power assuring our from customers assets revenue carbon while than residential receive from be

from our assets shown Slide is the XXXX was projected of consolidated percentage As and in XX, decline to to XXXX. coal it revenues XX.X% XX% on by

now to the financial I'll perspective. it for Kevin over turn

Kevin Moug

following increase covered dividend liquidity and I'll cover the in our year primarily which investments continued corporate increase and base. our us our release, growing rate, results, financially. represents XXXX our balance results capital our for our XXXX This our was morning supported by five-year was indicated good earnings earned share, in in rate strong the in driven Electric thanks, full over Well year XXXX. expenditure a position, the credit everyone. our We a strength financial of annual our $X.XX outlook. Chuck on sheet, items, details part XXXX X.X% quarter XXXX are by segment fourth increase another ratings, business plan large

record XX%. earnings of by decline disappointing as And segment of earnings Plastics earnings in BTD's year Manufacturing XX% our year-over-year Our but were flat T.O. grew were segment Plastics from earnings XXXX. approximately our year-over-year. were down offset expected

on equity XX.X%. Our was ratio return XXXX on XX.X% equity an of

Our layer compared holding returns equity peers. on company two-platform a strategy higher higher deliver continues equity to to when on

rate construction final recovery Astoria of generation Minnesota establishment the increased Dakota now Minnesota, the XXXX slides overview resource and increased of rider transmission earnings of revenues XX. increased million. impact. from as the weather North shown Key earnings revenues in $X.X due an in our South conjunction Station, South Electric me drivers segment favorable provide of revenues settlement, cost recovery in Let to increased in Dakota Dakota revenues, segment, year-over-year case the with slightly a increased XX renewable outcome cost rider retail SIP and net by on include XXXX

impacting were MISO and Other ruling the expenses service expense income associated the return MISO related segment in the to in used tax revenues transmission earnings with negatively ruling and reduction million, higher revenues into explained the impact of by on XXXX decrease expense. in Electric O&M segment as items rate tariff in lower transmission the a in methodology November release $X.X base determine rate depreciation FERC key tax This additions increased property tariff. and a earnings to Electric the earnings the component under equity of impacted

end revenues were at the parts due for net for major its to on passed its higher decreased the flat $XX.X energy to million changes impacting sales these with the earnings in relates Net Manufacturing Key markets the material of increase costs increase increased volumes $X.X segment markets. year-over-year. a to representing except basically were, to million items to sales end higher balance $XX.X million sales BTD customer.

gross by a lower million operating year-over-year revenues of partially million revenues were costs decrease parts higher partially material a sold goods increased recovery by prices. from Higher increased were in offset in And scrap $X.X BTD's tooling from scrap The and of resulting increase by part in cost were offset in the earnings. $X.X offset costs expense metal customers. margins

were T.O. in sales and in-house. bringing change These science to lower sales in a by increased life more partially and and due sales their Plastics' horticultural $XXX,XXX scrap revenues offset customer materials. declined due industrial to production mix

decrease lower due unfavorable to goods of in in million costs, expenses margins $X.X to increased cost operating a Higher year-over-year resulted mix and increased earnings. sales the the sold due labor operating

Our states West sales demand we Plastics The pipes X.X% prices. a and volume the sales in segment combined lower across of sold resulted X.X% that to Midwest decrease earnings weather conditions in territory for year-over-year and year million decrease products last pounds serve. from due both lower poor with Coast our pipe decreased in a $X.X

million in to decrease in sold. sales decreases X.X% of of the a margins. Cost the pound gross pipe costs decreased decrease resulted cost sold goods $X.X and prices of decrease decrease net in due in The the X.X% per in pipe volumes a in

insurance XXXX. We decreased net to post-retirement benefits, to Corporate benefit allocated primarily million offset Corporation's benefit were there costs earnings experienced due from the corporate-owned increases lower expense. operating cost foundation by employee higher our value part Tail and tax $X.X items in year-over-year in contributions interest insurance These were life no in made increased our to of companies, Otter of corporate costs captive higher costs. company and

savings corporate tax had million of operating positions, state tax uncertain increase in loss adjustments. $X.X also changes and in We income to an other net allowances tax due valuation

liquidity. and Moving XX, to condition let review Slide me financial our

consists of activity financing of the Tail Power shows XX Company. $XXX XXXX placement associated million for Our Slide placement. private tranches Otter with debt private

remaining of first for XXXX August. XXXX. in issued was be delayed tranche million million in $XXX issued in February $XX million of and in proceeds The will $XX through The draws October

also issued the We million year. of last commissions $XX.X net fourth new during equity, in quarter

issue from growth being equity to and dividend employee programs. in equity expect debt the additional issued rate Both base in utility. purchase the connection XXXX are We at-the-market, projects stock at and our reinvestment our with

facilities, two levels agreements support these cash the And XXXX, October our businesses. appropriate XX expected in to Our from liquidity of place credit XXXX we generated operating credit flow are until activities. between of in have

This share returns. indicated XXXX to on a generation strong sheet, shown from our increased shareholder Company's outlook, increase Directors $X.XX commitment of reflects profile X.X% our rate to our Board Slide solid XXXX performance, and the the balance our annualized enhancing cash liquidity, As $X.XX share. XX, per dividend

earnings XXst targeted a dividend our stock. growth have We paid rate to XX%. XX% while of this year expect dividend line or consecutive to payout maintaining on quarters future be a the And XXX with be increases will ratio we common in

highlights for our through the expenditure plans capital XXXX XXXX time XX Slide frame.

capital $XXX expenditure capital recovered be riders. will million calls Merricourt expect expenditures for expenditures be projects, for $XX $XX approximately project five-year for the for for our XX% and in million approximately include Plastics million Wind for and natural $XXX We the XX% year of billion earmarked $XXX Manufacturing which Astoria which Electric plan XXXX of plan also to Station for The Planned gas-fired plant. utility segments. this is million includes The segment. through

growth Slide to on reflects share. XXXX rate $X.XX is our the our diluted X% per to earnings on business share. share The earnings XXXX Moving of diluted guidance $X.XX per midpoint guidance a outlook off a XX,

an of estimated this return XX% XX%. guidance dilution XX.X% on the to range plan ratio additional range reflects of Our $X.XX also based equity associated of with equity equates year. for equity And cap on to to guidance a total

earnings over and to XX% We based self-funded in and consolidated increased XXXX expense. revenues expect Weather weather. for segment by the on capital projects, our share Electric an from on interconnection revenues large anticipated XXXX.These income segment to expending Increased increased oil with based higher rate in Astoria our pension our favorably capital to Merricourt net XXXX increase in offset Station provide earnings were spending of generator items for per part normal by $X.XX plant agreements is compared outages part in to expense normal planned due impacted XXXX. related

increase in $XXX,XXX this Each about is X.XX% million. in X.XX% rate in expense expense. pension X.X% results results the discount Also compared year. to XX XX is compared approximately decline year. basis Each Our basis pension in point in the for return increase discount long-term X.X% for a decline XXXX rate by in point rate to last an last $X rate of XXXX

tax property and notes the interest unsecured to senior August notes $XX million large service, of on to an and million were interest and of in million expected due issued of expense senior on be transmission that of in unsecured February and the expense October XXXX put $XX XXXX. in Higher projects depreciation $XXX increased issued

in earnings markets the by prices between in and lower stemming earnings stay to to vehicle volumes expect while sales volumes recreational expected our from softness end from revenues be We flat Manufacturing scrap segment are served with in line years. XXXX sales metal scrap to lower continued due BTD

horticultural, due backlog backlog million is life million million T.O. the ago. $XXX price deflation in $XXX segment compared industrial and volume for expect to We mainly approximately increased by with to down markets. year $XX for sales this end science Plastics driven. million backlog The $XX is higher XXXX is and decrease remaining Material driving a

tax compared from be higher are offset to net costs. our lower last level, part sales tax higher expected costs, lower resulting Plastics' We XXXX borrowing prices corporate employee in health benefit higher costs income XXXX and to and short-term of due slightly the volumes stable to XXXX net be than prices year. in are which operating on And due to primarily at lower expect income lower margins to by resin care higher expense corporate

rate to earnings Our a excellence capital business our initiatives achieving share. for a the and achieve XXXX projects. annual compounded utility include strategic us of and operational in share drivers grow commercial per achieve X% to execution and X% XXXX's'$X.XX continued positions growth guidance our our to in Merricourt using Station Key Astoria

projected the Our rate frame. compounded is be XXXX X.X% through annual growth in over XXXX base rate time to

positioned to For BTD, all and across invested to in margins and capital. to dividends another And sales returns capital. existing cash flows Plastics operational further continued is strong and key of improvements drivers return will invested improve continues our on on capacity and segment utilization provide be on support our well to our locations earnings strong provide returns year

questions. take to ready now your are We

Operator

Q&A, the remarks. will few After closing Chuck a Instructions] [Operator return for

first Tate comes from Sullivan Group. question Maxim with Our

Tate Sullivan

XX that Good transmission just on morning. just your the the walk case? you Slide have approval, the are CapEx the -- is is in current self-fund thank that projects, included what guidance received can Hi, through you. FERC ones

Charles MacFarlane

interconnection each 'XX. and morning, Tate. in all One and anticipated have project we The is Chuck. is have interconnect FERC anticipate 'XX that that ones approved other included with that more Good goes than ones it. both This that thing include FERC ones are They are the FSA one ones. there to may

put the down we ramp for that the anticipating these of the end in wind. will that projects before PTC of largely service So be are are the

Tate Sullivan

increased previously please? this by guidance, And us for you from can you also spent timing can guidance. I it changed, slight previous on just mean amount related $XXX you the changes was CapEx lesser year, guided million comp, what -- Kevin you. I years. out the on $XXX thank million context some spending But to a and your on Okay, CapEx to, think just the then you give then you

Kevin Moug

expenditures Yes. it's terms -- thanks. through. one coming in a are it's that of amount mean of timing the I Tate, mean, fair I just

originally self-fund and on clarify have just show our what's that question, Slide we one then your first what's capital change. included is in So, plan the $XX is that we kind on And maybe further the XX. in Slide million to of expected actually driving we XX

Tate Sullivan

Okay. you Thank for I'll back line. that. in get

Operator

Our next question Williams comes from Chris [ph]. Ellinghaus from The

Unidentified Analyst

guys. Hey you How are today?

Charles MacFarlane

Good, Chris.

Kevin Moug

Chris. Good,

Unidentified Analyst

of market the Can how about elaborate your ATV specifically what and about you're sort performance you BTD also? for just a [ph] little might and that influence Georgia's thinking bit outlook

Kevin Moug

Yes, this Kevin. Chris, is

we're of from we're of into head some seeing market, demands terms from softening we coming starting that As see -- the vehicle and to customers recreational them. our some are in that what 'XX the in

And of BTD decline within to coming reflecting RV market manufacturing customers for or the so expect to is from in our the included XXXX end that we that which guidance see what be volumes market. is end specifically

Unidentified Analyst

Okay.

we with range, in be by can expecting from little infer be should to kind the seems Manufacturing a the guidance flat So TD expectations? we midpoint of the of the your -- offset generally weaker

Kevin Moug

[indiscernible] softening XXXX driven the of said, guidance that midpoint, that's slightly lower in BTD's than came terms that in terms and part end now is that of earnings of like in in the $XX $XX range really million part -- large I but that market. and RV million In where to the by of

Unidentified Analyst

saying Okay. but BTD of it being a at maybe I Yes, slack what you expecting T.O.? by [Technical about from was -- I'm improvement from mean Difficulty] range talked looks midpoint the up the kind bit like down that's picked inferring I is or was of flat little

Kevin Moug

That's correct.

Unidentified Analyst

than better point? to And what at about is your thought is XXXX -- T.O.'s outlook what this

Kevin Moug

we that the in of a that. related challenges new transition warehouse plant. to, the year a occurred March as some impact of and in side. hires a on while They education and They for number shipping shut were that with the had on out the kind XXXX. lots handful with in T.O. struggles of then course, the were productivity, challenge roof collapse efficiency started occurred manufacturing Sure. had and of has of and down training had and There a

should around head pretty and much that we into expectations our those was certainly So of and below as in when manufacturing say And productivity December we expect that productivity we efficiency efficiencies and 'XX inefficiencies, 'XX, saw process I the are into our behind us. 'XX. -- continue

so plants given some of better in productivity slowness And expect sales the pickup then of to occurred quarter the we [ph]. see to fourth head would coming a December, into XXXX. see that as And the expect out we we that in in from

Unidentified Analyst

outlook in Okay. of And also of bit? XXXX look impact demand you PVC's your XXXX sort what address the on can saw kind weather that of -- some you elaborate as the far what a like as in weakness little in and

Kevin Moug

saw in of us Yes, serve. weather of second I regions because to quarter. the expect XXXX, some we delays the our the do volumes the about talk in first heavy come -- in tail the rains that XXXX to of that end we think impact we caused we we're increased probably back that -- as see going second -- the occurred we in part that expect into the And of that by quarter, were

normal sorry, -- our weather this increase for will, to that driven So based back or a volume we construction in on, would that that talking pattern delays weather for by if weather 'XX in back regions. we're the am giving is that -- I see more expect about part you

Unidentified Analyst

influenced weather of that was Okay. And general you the as demand weakness that well? sort the by note,

Kevin Moug

In yes. certainly it was, part,

Unidentified Analyst

market is weakness what kind and for year better [Technical last year? that your outlook -- Difficulty] And of this in

Kevin Moug

service if we that some saw And of based We as Midwest part Coast in expect our we back to and saw, weakness around markets, and we territories, we in see in West parts in assumptions we certainly Midwest of in product our the a and -- as Coast of that Coast. West the in Midwest guidance. you on this, ended softening strengthening amount head a fair year Texas and have will, up West into 'XX. Well the in XXXX

Unidentified Analyst

XXXX, distance to they lower Difficulty] up are ending due [Technical margin Okay being for transportation? the

Kevin Moug

Yes.

Unidentified Analyst

Appreciate Thanks, color. the guys.

Kevin Moug

Thanks, Chris.

Operator

Our with next question comes from Sidoti. Brian Russo

Brian Russo

much to for The morning. million total Minnesota? cost good allocated Hi, how Astoria, is $XXX

Charles MacFarlane

Brian, Chuck. this is

by transmission All coincident our of allocation based driven [ph] on our and generation is peak. partly

the So, roughly project will to total XX% of allocated be Minnesota.

Brian Russo

for test as XXXX in file late as other year? XXXX that well any will rate with Okay. you accumulating base And recovery a

Kevin Moug

end need point, file the this We that which We're test in do Astoria case, that. will anticipated the that plan AFUDC -- I have gas the to to for we of think a resource rate plant in our next and file important we XXXX will will Minnesota in Minnesota, rightly because at it's is Dakotas have general in our we year, approval at for recovery collecting rider XXXX in we integrated need yes. of Station,

Brian Russo

Okay, us was great. remind of the in case Minnesota? finalized when And rate last

Kevin Moug

That's XXXX.

Charles MacFarlane

I but XXXX, month do regarding the final not have order. the

Kevin Moug

early Yes, in 'XX filed or 'XX. fourth third November the I in filed of final and -- order quarter was it quarter think of was the the we

Brian Russo

it. Got

Okay. I to is -- there and/or how reinvestment XXXX. mind equity said market on the And of at an dividend be think you needed? that you much absolute in quantifying plans just dilution basis Would might the $X.XX then

Kevin Moug

$XX of million issue expecting we're in Yes. another million XXXX. Brian, equity to $XX the

Brian Russo

levelized on over going due in helpful. the to is that What then expense, cost lower rate just XXXX just is forward? pension kind And great. of and information Okay, the the the was or interest new one-time incremental is that XXXX drag

Kevin Moug

the impact is new another [indiscernible] the $X and then change on the we rate long-term from rate return changes million is the so Yes, that $X million. for the drag rate have discount year-over-year on about approximately of to XXXX

rate set so of of the rates those the -- We is those our of the plan kind then discount assets model annually plan reset pension what had XXXX. will we returns actual December in we'll in impact use at current late for set our methodologies look asset rates. based long-term That then time impact the course -- in the rate. and year-over-year we change return two conditions that's upon million rates to the rate our affects matching of because is So December of place help interest collectively we XXXX. allocation for what about our XXXX, at $X amongst on And in using reset to

Brian Russo

that is pension in -- -- expense, that or the in somewhere is corporate updated fall that XXXX incremental that -- else? is included included costs the does for And Okay. or

Kevin Moug

That is predominantly, numbers. Brian, utilities the in

Brian Russo

Okay.

Kevin Moug

The utility in predominantly plan, that a Corporate where the at is sits. utility. few slight are pension impact a pension there from because has it's plan are corporate employees the that but

Brian Russo

I in? $X.XX was Okay, weather great. And you you that XXXX that versus occurred which impact mentioned quarter to think there in a Could positive down narrow normal.

Kevin Moug

-- a was is that where Brian, the fair the 'XX, healthy pretty the impact that about in first from. amount It quarter was a was in $X.XX, impact of of came

Brian Russo

given that mix, be then above earnings? And kind average if you the lastly, segment. should rate else roughly derived period? regulated well flat, I planning a of earnings Is you or the mix not through by appears to from great. Electric ideal profile earnings rather XX% segment unregulated electric on of increase just the So all percentage regulated basis lower be will the utility if Okay, think offset equal growth the is or XX%-XX% expect business, disclosed what XXXX, of in do

Charles MacFarlane

is XX% this Yes target is our manufacturing, XX% Brian, utility. Hi Chuck.

a we to take, long-term. target or want maintain that this and XX% to than our investment is XX%-XX% of But bit XXXX manufacturing give that vary project utility back because to will get in been from couple to have we that little and last higher over to little the target -- that's of had our the going is and We -- percentage get to a bit year-to-year. years

Brian Russo

Okay, great. Thank you very much.

Operator

further I'm any And time, the not to like questions showing for back turn at this MacFarlane call comments. closing Instructions] Chuck [Operator I'd to

Charles MacFarlane

your for Otter your and Tail you Corporation. support to questions Thank

continuing companies. profitability. projects our focus we will ability on deliver in XXXX confident BTD manufacturing performance emphasis remain shareholder In improve on our on in operational commercial and execution We to utility continued We growth value. to our and

We will XXXX further and to believe our Pipe, We guidance on continue Power's allow generation us for we a will strategy projects. Vinyltech $X.XX Tail and our share. long-term T.O. refine of on execute this transmission Northern Plastics to Otter major deliver to $X.XX will

joining we forward Thank your you for a Corporation in year. to We Tail interest look Otter call. appreciate our and successful

Operator

this Ladies presentation. and conclude does today's gentlemen,

You have day. disconnect may now and a wonderful

Otter Tail (OTTR) 18 Feb 202019 Q4 Earnings call transcript