Thanks, and everyone. morning, Chuck, good
and Let overview I first quarter. an results, Slide as our refer XX me to the discuss start please with quarter of
XXXX. provision million case recorded refund net million due were Dakota heating decrease impacted South by $X Our to Jobs in retail the of earnings days. the quarters, evidenced compared decrease a electric eliminated to part $X.X of Dakota this by refund XXXX the reversal The $X.XX weather rate requirement. decrease revenues was Weather share retail related the of revenue to as a in negatively XXXX in of milder drivers in as Act. There the XX.X% earnings settlement first Key agreement in segment Cuts quarter quarter-over-quarter. South a a first between and a million Tax $X quarter degree XXXX decreased
electric Station revenues apart expenses related Wind Station from labor renewable Astoria projects. revenues income the and to associated expense. and in the and partially phase-in items offset recovery in by conjunction Merricourt of in increased Energy weather-related other from with rate employee North in retail the project, were and increased with costs tax from and kilowatt-hour increased decrease Center This sales, retail in revenues rider is were to cost decrease resource sales North the Merricourt rider generation increased customers. Dakota the revenues industrial The revenues increased Dakota retail kilowatt-hour from earnings XXXX higher depreciation in the O&M and benefit-related with South increased rider expense and increased segment conjunction construction Dakota additions Other related Astoria base impacting lower to Minnesota
revenues material balance quarter-over-quarter. passed the Key $XX.X decreased occurred million customer, to COVID-XX items related segment major volumes, sales the manufacturing markets. Of the lower half relates last is due decreased $X.X were sales decline to the for BTD, million end representing million sales the costs the in earnings in with flat impacting Net that volumes. million curtailments production a sales at on $X.X to attributable lower were March. of its to in part approximately the to decreased primarily $X.X results
revenues sales from decrease sales These due partially by revenues tooling an decrease in to passed material XX% were and scrap increase revenues. volumes scrap metal also Our a and of in parts XX% costs resulted in offset in decreases down prices a customers. on Lower goods cost were decreased lower scrap and sold scrap to volumes.
and and lower BTD's partially total, interest Our decreased costs This And a premiums healthcare earnings shutdowns, customers for issues quarter the BTD's offset $X.XX first gross reduced developed lost sales employees. operating that related to the COVID-XX protective earnings $XXX,XXX. half the to March were labor expense. equipment caused started decreased share. margins in productivity of estimate tax approximately impacted temporary last income We in of to payment invoke by personal plant furloughed by and which as relates
due additional resulted costs T.O. warehouse driven and revenues space. by rental sales. in increased proceeds production due favorably by increased quarter the cost $XXX,XXX of the collapse. increased of increased income Plastics receipt earnings. to of $XXX,XXX the roof to items in offset than revenues a during March settlement from higher impacted was The partial also the were insurance more increase horticultural These goods Operating increased XXXX sold, quarter-over-quarter T.O.'s from
pounds to Our plastic segment in offset $X.X decrease slight earnings sales prices. due a an increased sold, by of pipe in million pipe increase
XXXX our Our by volumes impacted poor first quarter were negatively sales weather territory. conditions across sales
A the cost increase prices, in of to sales goods resulting more due increased in of increased pound margins. gross lower sold offset million sold sales cost pipe Our X.X% pipe in per decrease $X.X the volumes. than X.X% an
were Our insurance impacted volatile company negatively and related with markets insurance losses associated investments due investments captive corporate by to at to the in March. held $X.XX, that life on were primarily equity costs our corporate-owned our
also metric of facilities we have impact also based the at credit minimum facility Otter Tail to liquidity current has Otter looking under until any credit an The terms and business. conditions. on due Company to December certain a risk XXXX, have $XXX a feature COVID-XX million XXXX. place continues terms We the on upsized modeling in facility. million Otter conditions. million, based is debt $XXX upsize to we credit how to of did Corporation of Corporation limit show in Tail and to don't liquidity line $XX the of credit expected can our This tolerance maturities our to to We our on of needs, Tail have In facility subject million our $XXX be October assumptions of upsize accordion and Power maintain certain to do liquidity facility current sufficient based
standpoint liquidity in for execution a February of from XXXX our capital debt Company. private million with spend. completed XXXX 'XX, and given our increased In of $XXX placement plan, financing early the we a well ourselves will of fund funded positioned end $XXX $XX million also the of was funded in at XXXX. October of in XXXX August Tail million $XX million Otter Power of remaining We
markets of quarter of XX% approximately or the before COVID-XX XXXX $XX capital the credit have to on million support extent We while through million facilities $XX would liquidity needs To to equity $XX take plans. ample of balance additional to XXXX. our expect of equity raised have to our the equity issue we the the a We the first recover, for in of impact million markets. our
on now our around XX, impacts expected on companies and outlook business the Slide to guidance. Let's from and move review updated our our I'll assumptions COVID-XX operating the
third our to return and safely while maintaining are work run then gradual demands work impacted. be practices. infection anticipate recovery We and are higher of of on based quarter employees customers' to in to country fourth to result our We will at levels safe negatively Our current then flattening assumptions the our across capacity see the expectations able as and the plants expect efforts the a for to rate can quarters. curve, in products second increase
based Health health University Metrics Our Evaluation, is Institute population assumptions research the the by which are for published independent center of at Washington. on and an information
New IHME have measures some from analyses aspects implemented. state-by-state in distancing relax COVID-XX found are early containment U.S. May states robust strategies social if the some of could
third on quarter GDP, are in significant the for by followed significant Our and that also based increases call economists' a assumptions year-over-year quarters. second fourth view drop in
COVID-XX, COVID-XX economic The they and are the assumptions prove will assumptions related experience they outlook we inaccurate. from precedent. accordingly. are Therefore, be are impact be If our and while impacts which to prolonged a our need revised we our and on reasonable are reports correct reliable, without to are not based may believe pandemic
and our or All taken for all have in metal business manufacturing -- these expenses, in of pay resulted wage contract to actions actions of to these planned resulted delaying the reduce workforce, corporation officers and have through including general reducing items and and across employees, mostly reduce administrative increases. directors furloughs
review actions may to if the be throughout additional We continue corporation. appropriate
earnings a widening put our anticipated measures per the range, of and XXXX due As the are revising outbreak guidance COVID-XX result diluted the the to of abovementioned items, mainly we share effects and to slow We diluted to to our range to $X.XX guidance place in our previously earnings $X.XX the to spread. announced $X.XX in share be per its XXXX compared of now $X.XX. expect
program employee Otter construction fund earnings remains per is to with also dividend and common diluted purchase Company. at-the-market reinvestment guidance important that includes to plans our plastic associated unchanged. XXXX of Power Our share note equity of it largely planned $X.XX in the issuance dilution under stock our at electric Tail help And and offering guidance projects segments
by segment. Our COVID-XX driven revisions guidance manufacturing the to impacts on are our
contribute The guidance following items our revised earnings to for XXXX.
maintaining the COVID-XX. segment, the our to the electric for range risks to end are related of original added reflect widening upper guidance the of We impacts but
through South three has rider North base project and earns includes in and respectively. all capital jurisdictions. state to plan, spending related our has increased of a and self-funded approved planned plant in are million and in costs be there for generator anticipated $X.X revenues integrated rate case Plant XXXX. in totaled projects in AFUDC Astoria project million the in has guidance Astoria and Merricourt The agreements, mechanisms XXXX recovered resource spending Our $XXX and is of interconnection already on Station for Minnesota The no $XX rate Merricourt million, $XX recovery Minnesota to project expected generation been recovery outage outages The XXXX. million Station mechanisms rider Dakota.
the decision XXXX transmission estimated decision earned ruling expected impact earnings FERC to an increase items share. recent earnings impact to incremental Otter positively Tail Power Minnesota on our related Supreme a of the favor lines. is to electric $X.XX XXXX of include the in The Court Company's jurisdiction this Additional by return
an a this of decision share. on Going forward, the impact basis $X.XX is annual positive
our transmission updating Commission cost the decision of Utilities rider new recovery original with reverse incorporating rates to are order the results filing Minnesota We order. the in Public Minnesota
We share have reduction the a also impact COVID-XX. of to of $X.XX mitigate implemented efforts cost
XXXX the quarter first favorably normal. The offset the of compared by the weather months share and a during $X.XX are of earnings year. above XXXX remaining by assumption our impact of normal to impacted the weather of Weather unfavorable items for the
part our that of rate assumptions. around were long-term the section sensitivity XX Slide return. Business expenses increased discount in plan rate caused for a a provide have Outlook our our rate and and in decrease We pension lower used large for by the further pension used
related tax depreciation large million in service demand to shut products the demands negative expense down that impacts to their XXXX, related property reduced given of and due to jurisdictions of customers or reductions industrial COVID-XX, was and and our October Higher commercial completed put had projects capital for and of completely the into in as interest curtail financing costs to some issuance either have services. operations, $XXX debt being increased in the
of The to debts, increased share. to incur ranges fee personal of items of the expect these also We revenue. protective $X.XX and late estimated impact loss a total bad costs equipment from $X.XX
a be the of updated expect This net guidance of segment reduction share guidance. is to from due an estimated from $X.XX now COVID-XX our to We in is our outbreak. This of and to manufacturing on response the income lower the earnings our manufacturing our based our XXXX midpoint midpoint than XXXX the and effects original lower guidance. original than to of segment
the million and the segment deflation million million $XXX for year is volume down with XXXX $XXX is of price manufacturing compares in backlog $X ago. a remaining approximately by driving Backlog decrease Raw for backlog $XX material million, driven.
could guidance prices second the be decline pressure operating impact downward plastic for expectations pipe, on prices resin resin range the This segment decreasing turn the maintaining sales in of of prices put spite which are quarter. could will our in We in over margins. PVC
planned of will a of result as infrastructure down projects. expect COVID-XX X% on be sold X% the XXXX pounds in could have concerns to XXXX also volume We
range on primarily life corporate net revising guidance and our investments for the related corporate-owned market insurance and and decline investment significant COVID-XX our we captive insurance original of costs due And impact company. are to the to in our tax, the at held stock
we costs, end the drop in While efforts expect we labor have value these recover corporate non-labor the our lower investments mitigation don't and to fully year. of to the of implemented before
environment, could storm. immune a uncertainty of weather to we There be won't activity long disruption will effects. the We economic we is in its how this challenging are last, to and business as and
our through position resilient is actions short-term take be challenges. to to focus Our to necessary the companies these
Our our and business operational commercial excellence. to initiatives remains achieve strategic executing long-term grow our and focus on
Power Tail grow its supportive technology an to rate the X years, overall and base electric X.X% and plans by in Otter environments renewable at over transmission utility Company projects. rate growth approximately time, earnings. investments will of our very in natural provide compounded generation, regulatory next infrastructure and Over annual gas XX% driven the
The our provide organic segments to components. also the term. long two be over we consists and This These of long segments earnings around able deliver of to time, expected plastic manufacturing growth X% the of provide over will over XX% XX% shareholder to total to expect X and are term. return
earnings a at to X% rate. And increase secondly, to dividend X% growth approximately First, per yield is our are expected share current X%. our
a of growth solid Looking XX% dividend along the grow on ratio expect X% forward, XX%. between compounded X% maintaining is payout dividend annual footings. per of earnings share company would rate growth to our to to And and we with
and our have we we strong sheet, businesses support investment-grade corporate liquidity We ratings. ample to have a credit have balance
now We're questions. ready your for
