OTTR - Earnings call 3 2023 | Otter Tail Corporation

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Operator

Good morning, and welcome to Otter Tail Corporation's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded.

We will hold a question-and-answer session after the prepared remarks. I will now turn the call over to the company for their opening comments.

Beth Osman

Good morning, everyone, and welcome to our Third Quarter 2023 Earnings Conference Call. Osman, Otter Beth of Corporate is Relations. Investor name and Tail I'm Manager My announced quarter our we night, Last third financial results.

Finance Our Vice this Tail and Otter call the call at and Corporation's website later slides President on on are President me be release Corporation's and of Tail website on With will recording ottertail.com. CFO. complete our Moug, A Charles our CEO; call available today of Kevin today. are Senior earnings available this accompanying MacFarlane, Otter

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

As differ future represent events. statements those from noted cause and our of subject are and may to presented risks here. expectations X, on They Slide uncertainties, to current results these which views actual

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

forward-looking filings our new revise we Tail events, details or update duty I are CEO, with Commission, otherwise. Tail information, developments described you and to the the Corporation MacFarlane. to Our in which Mr. more turn Corporation's due to Exchange to Otter forward-looking statements Otter now over review. any President encourage and Charles in call future statements disclaims our will Securities or

Chuck MacFarlane

to flat model, the Based and quarter Through the morning, our combined diluted earnings costs, our financial welcome Good discussion third remainder than XXXX year-to-date for my driven and expectations rate for earnings the a plastic efforts of the our without per delivered to our our earnings segments. detailed is X% updated but our expected the XXXX impact begin $X.XX, our Plastics and Slide in expectations and Beth. segment Along the of compounded per $X.XX earnings driven Slide growth increasing provide results Kevin quarter our to year-to-date quarterly corporate based you, we Thank share X previously more I on earnings basis. X record-setting quarter midpoint are year in from of generated the are from the results. revised we a This stronger $X.XX earnings year. up call. third per through increased of moment, segment range to to In by $X.XX of a the quarterly segment last a XXXX and of on expected. to on of our with X-year primarily strong share results our with Manufacturing remain our year, were and largely $X. guidance increase and share of will remainder Please third our earnings Electric reduction end continuing as to earnings. our range performance, business by annual of diversified in of refer the comments Plastics quarter We guidance. employees shows on previous

time credit investment produce in to cash XX% our for this period additional per strength and expect already rate provides a XXXX companies. of compounded The capital exclusive in metrics, flows We our segment. us earnings annual Plastics allow segment XXXX our of share earnings and by liquidity through structure our Plastics through generated additional capital and from strong operating over growth

future a cleaner from energy to energy transition resources. contracted sources while represents we and exciting reliability This XX% of Lake Power's expect Tail X, owned will working Power's we cleaner Solar this and nearly as to Hoot future. we energy we a affordability of serve. maintaining the to Turning With still operational Otter year, Tail becoming Otter Slide illustrate efforts in renewable for milestone an communities continue August toward in come

from commissions. In initial informal interveners Otter with in North update to provides X the to initial Turning comments overview in each year. of and our expect we supplemental hearing later yesterday. a filed state we from on comments Slide XX. March, with Power resource and XXXX, integrated and capital plan Minnesota We the Tail September an Slide projects. reply hearing utility comments In received its anticipate filed anticipate status Utilities Dakota an early this sometime our and Public Public investment XX Commission receive significant next Service week Commission Minnesota,

of tranche allowing Stone Otter towards Minnesota, step Slide another and future. On summarizes are Big the to became time opportunity is facility and on project solar XXX retired KV time operational and marks XX-megawatt Oaks plant will cost Solar Lake long-range constructed assets. us completion will the a The details Hana the was plans, an now utilize to to Tail unique state Lake lease the secure transmission South our energy transmission Tail Falls, Alexandria several The co-own investments provide budget Hoot Slide in its I and a rights, provided. and under Tail continues projects, project Power Jamestown fully Power's August. team X in X Fergus third to Our is the of execute coal existing overview Otter Lake on on on land completed Hoot Otter of budget. and largest Ellendale tranche property plan. on effectively MISO's was operating working and construction projects projects. few XX site completed substation cleaner transmission on the Power's projects. Hoot XX, solar and in the facility near that Big

occur our our In recovery development Otter projects coordinating focused rates with MISO estimate capital team these the impact Tail's approval is be capital limited million XXXX. progress These project Midwest have of construction we investments FERC Both customer co-owners. and have the Our with will allocated very they projects these for total, the to timely in XX% complex before investment. approximately ensuring our footprint. projects work on of recovery, $XXX capital on retail in are investment across investment as

will projects.MISO transmission potential X projects is Our at tranche currently team XXXX. tranche MISO developments indicating X monitor in continues approved to regarding be

Otter for capital opportunity investment, X-year tranche these estimates X some Power from of for our rising does investments projects, expect Tail future projects. plan include any not we While

million Commerce projects. The and JTIQ Department are behalf SPP, which connect. of DOE of to MISO through of grid Pool or to opportunities JTIQ long-range improving of codevelop available and Department partnered addition transmission expecting develop Minnesota focused Power planning, Xcel the transmission where to the U.S. the portfolio support awarded we MISO MISO's or of reliability queue the X of to on X with Energy to these funding the Southwest investment the projects, Energy. projects In interconnection the SPP recently transmission for one on The $XXX the targeted joint applied to regional organizations

the While through FERC, tranche approval we the and projects go about still to opportunity. yet process need eventual investment outcome these not have with included projects, Similar capital optimistic project to the we potential forecast. in this X-year X MISO the our are

for of in We to the investment highlight we that with $XXX wind our We base through in tax of Act after for XXXX. recovered is credits results renewed rates inflation and project outlined overview farms XXXX XX. intend important to relating will investment well Slide X be an anticipated passage existing studies, and have of of approximately the approximately with It production period XX file determined legacy Reduction investments renewable repower of our XX% Otter to and Turning XXXX it as million. on our case Each XXXX, qualifies Based prudent over an lower to to next IRP capital Slide outer Dakota. the is transmission in plan. an anticipate time to projects. a plan provides this rate rate riders. regulatory provides Slide spending customer rate X.X% North customer Power's produces opportunities and key MISO of affordability. XX Tail bills, the Tranche additional focus general $X.X as matters and cost-of-service investment X-year and Power's or potential The X capital growth Hill capital annual billion of frame. a incremental opportunities we includes continued overview as our commitment to over JTIQ of compound investment demonstrating

our we rate equity our last provides have an since increase operating rate The a revenues X.X% requested X filing country. rate the XX.X%. ROE on the filing summary case years be of million a this XX.X% of on Public Power of in of some the layer in a The is be continue on case the to of of costs will will will in November XXXX. X, our net or filing driven North our case North in with lowest ago. state Slide increase, based increases was Commission We $XX case in planned approximately by over Otter Tail rates Even which Service proposing XX Dakota with which Dakota,

from customers existing XX. our to market resulting Slide manufacturing winning Turning with value, to mixed, incremental customers. our in to existing add us additional End is on demand volumes work but look segment to continue

and being discretionary garden markets, Within spending and inflation the recreational end and vehicle is impacted interest rising rates. by lawn

inventory within shift vehicle as market seem last for strong high levels these build. buildup power a of market has end be a levels low few market be agricultural to us continues better is still inventory specifically, fleet pressures. as we higher-end Construction generation have years. the from stabilizing for a as end to to needs However, insulated over models to replacement seen us remains experiencing of with end recreational the buyers the low. are of models The remains market as economic inventory And started end and healthy demand distributors

underway. expected expansion million approximately to currently George $XX cost is BTD Our

the Slide this in times Sales of overview time The last We customers have same early other At do continues has in year, a materials This XX capacity PVC the XXXX. the over work sales inventory through Plastics the an compared resulting and to distributor QX to were lower historic so. pipe destocking purchased segment. revenues volumes resin quarter to at relatively the inventory reduction and from volumes and costs in our to same as XXXX. due historic slower last flat Slide resin segment concerns, The complete. year. to pricing. price market end time operating normalized resin have operating sales pipe margins is of Plastics the expect as in QX early cost compared in as frame. PVC additional same we stronger provides spreads decline third in quarter T.O. compared our decreased online believe pace and to of produced lead receded bring XX to continue of the Plastics, horticulture time price and to sales generally highlights than highs improved scarcity is

pounds capacity well the The we by expansion Vinyltech approximately PVC expectations or and additional now guidance year margins for increase over XXXX. related our are updated expect the the to We that million XX and underway, XXXX million. pricing it to Kevin new primary XXXX expand upgrade provide results half bring for currently increased as plant drivers a commentary capacity cost the online for on. the in as X% earnings pipe of for remainder will at Our of this second expansion and outlook updated Kevin to anticipate I'll will the is segment. quarter third of our on $XX turn

Kevin Moug

you, of $X.XX. results thank morning, everyone. Well, delivered earnings quarterly with We financial record-setting share Chuck. diluted Good per

continued response they following: resulting and compared our driving by driven nearly higher the margins volumes Solar $X.X include inflation, successful XX The this costs. of segment pension September was increased the ago. quarter a has and in primarily increased pipe and PVC to due to in $X.X power same by This The look to XX on yields This as year. updated the Plastics the impact efforts short-term claim or quarter to an X% decreased vehicle updated the industrial TO customers rate insurance to and increased lower year slower higher as resin end to for for and as earnings as add due Please labor and elements plan the the sales time costs XXXX year to funds.Moving X% horticulture end quarter quarter provides compared the results third additional XXXX, to of layer at segment this strategic to is and higher the earnings. income expenses believe approximately overview with compared as were in improved increased the segment has existing of resin Sales last to third Slide due price to last investments, lower of and third year on spending the increase, compared driven investment invested partially XX, an buying in equity the XXXX. sales financial manufacturing last initiatives, to earnings quarter the in an in the million and time compared decline, costs return of commercial as same year. to offset of flat destocking TV declined compared XXXX. the profit this adjusting efforts. well same by Partially this of offsetting expense year, of and incremental earned approximately on earnings material cost through manufacturing in equivalents construction, this time more guidance. were resin higher the $XXX,XXX to Our sales third market operating Hoot compared third demand the winning the spread plastic in of a costs. are Corporate last Also, higher quarter million normal largely quarter, weather. continue third in was earnings cost to sales increase XX.X% same improvement work recovery items health prices declined and These in declined generally us or segment and rider as depreciation third primarily result employee value. increased XX to provide volumes for non-steel our labor costs time approximately increase the destocking maintenance from Key or market their resulted the BTD their million increased price the but $X.X Lake on third ended we segment increased on been of our of XXXX sales sales Electric markets earnings time improved in generation quarter last a patterns. X end months Astabula revenues XX%. than within unfavorable from quarter equity XXXX I volumes and return to sales price margins as Slide our to in outlook. recreational the trailing XX% our year. as volumes follow as to Manufacturing same compared Both time the from cash customers same profit customers volumes continue

of $X.XX, from to $X. increase increasing of are to $X.XX range our a our of earnings guidance guidance previous per We $X.XX range XX% share to a the midpoint

growth We utility expect are the range X% earnings tightening expected over for Electric our of segment and our to of produce XXXX. earnings

segment strength as earnings research increasing improvement margin higher and manufacturing are third drove development earnings earnings the at We guidance credits due quarter volumes; of and BTD. growth sales the to higher

margins for earnings continued pipe. the to sales due strength in of PVC increasing are and guidance We Plastics our related operating prices segment

anticipated. decline have margins historic we be from and to rate continues the prices sales slower than While begun recede of highs, to

margins. decline sales to expect resulting We fourth over prices a modestly operating in quarter, decline in the

sales advance volumes our we relates the yields costs. in an generally are a stronger investments. expected efforts finally, improving in cash funds increase level And destocking invested earnings the equivalents our corporate This on due third our those to increased the results of part with fourth in through their and quarter guidance decline of distributors demand higher short-term on now latter are in as anticipated Additionally, rebounding quarter. expect of we seasonal fourth quarter for to and

our continues through our We XX% to XX% Manufacturing Additionally, XX% now our our elevated costs. produce we the of and electric be mix and from expect and mix nonelectric mix care for This XXXX Electric segment long-term segments as year. segment remainder earnings of employee earnings corporate Plastics expect our expected XX% health approximately costs earnings. from approximately anticipated lower of to from Plastics net deviates the

consumer We such ensure monitor occurs. single our positioned continue housing across levels to as when well starts multifamily various and economic and indicators, rates to change portfolio we interest are confidence

has for over strengthen The and stakeholders enviable cash put flows level the Our years our earnings diversified financial results strong to balance of business to model and in sheet. an X last us generate our higher continues continues generated position.

XX. Slide to Looking

September XX% the XX.X% XX, to Company and and Power strengthened maintained excess Tail investment Tail credit all compared XX, S&P Power layer in of to Otter at beyond. believe as equity and not December position XXXX. period, to metrics. it XXXX, Tail current the financial the September, opportunities was XX, our Fitch regulated consolidated for credit credit its Otter existing is Otter of in only rating Company. XXXX as XX.X% of of given upgraded We prudent as Company, our cash rating Corporation Otter both nearly Power December Our but X-year In retain Tail response as

position Additionally, the sizable equity we have strong financial sheet balance and CapEx differentiates time utility feel on on and track being despite our in our of base no With plans. to years plans. our over sector execute deliver record needs the rate our on growth to position in and cash budget, to others continue confident X ability our able us current our from next as we capital investments

Our We our any the fully capital drawn amounts considered projects. borrowings to on facility be increased continues don't the company guidance. primarily have parent low these is exposure facility updated utility of related in costs cost borrowing XXXX The risk. to to outstanding on and rising our borrowings

the and at outstanding to strong support utility serve sheet, targets. well, our Slide parent to our December liquidity continues we enviable company growth credit As corporate of collective rate ample businesses ratings. total million, in fund balance to September investment-grade the model to XX strong with business and debt is position note This and the the opportunities at reflects level. XX, financial remain performance debt this $XX base us XXXX, XXXX. And our a company only of X%. in debt platforms matures The of parent our parent is X.XX% our strategies

Chuck MacFarlane

years Kevin recognize Before of challenging for the our for company to of we retirement a has I'd employees service and moment success. Kevin helped who a integrity its customers. and Corporation, year. the announced to to Tail financial call us and questions, been and the pillar thank I of enviable end for want times open his Otter through has effective contributions at Kevin, shepherd his take to recently like

we the best congratulate all and gratitude, his in deepest wish retirement. the With him Kevin

Kevin Moug

memories, been privilege It to of has is Tail electric for alongside Thanks worked all kind and years wonderful has XX in manufacturing me across company a company, of most been the confidence also for work words, during have for honor The and value It the wonderful the the to relationships developed. employees provided you an My Chuck. The you, and Otter have with filled with accomplishments. working platforms. and challenges is I hands. support tenure my have is appreciated. we our

successor. And Financial January served has he Todd move prepared as football the is on He role will so my VP Wallan as hand well I X, as to into to the of Planning Tail corporate of platform at Finance Financial and as Power of for most for Planning and Treasury, Otter and our VP and Company. manufacturing level, the Finance recently Officer Chief VP

Chuck MacFarlane

Kevin. you and you, your Thank congratulations to retirement. wishes too, and extend my I, best

grateful Your outstanding to strategy. over to and and guidance has appreciate and solid your growth coaching legacy years. continue leadership I of excellence your execution I'm model follow, all been an the on a opportunity for the

your to ready take now are We questions.

Operator

the question comes & with from Williams Ellinghaus Siebert And our Christopher line Co. first Instructions] of [Operator Shank

Christopher Ellinghaus

are process? interveners the you hearing IRP from about What so Chuck, could far? you talk

Chuck MacFarlane

similar most the related We to reviewed have Well, modeling credits OAG energy environmental COX up is own some in the Minnesota proposed some the of substantial the Big And about of Energy their our the time. comments we and Organization, The clean timing on use from in The to comments front the and modeling Otter of by that. Clean XXXX. at EPA that Kyle there meet Department intervenors Tail's in Commerce. of regulations Attorney retirement and comments comments. not Minnesota Stone standard DOC There had yesterday, also to is by comments comments and filed on which of the renewable did filing, reply General very energy replied the issues Minnesota brought office have inputs then

Christopher Ellinghaus

got normal glide Kevin, you business? of And on sort can update have more to on a the talk time? Great. Okay. the sort your path plastics you any of thoughts about

Kevin Moug

just our Yes, as Chris, that in comments have than this path longer expected. we taking both we said is would life down

on we they municipal as downward as mentioned market quarter see we starting call, competitors end quarter. of expected when looking market, to the pick The softening, think second are market, prices pressure they're we softening our at territory up the residential to drop commercial I aren't guidance some levels second while in the to in in particularly share. water Pipe they were that the the the the Northern some declines we updated

today we look uplift the we clearly, in As the by year, in of quarter conditions middle strong are as evidenced another third the expected guidance into than the stronger XXXX. and for

to We today, expected. drop be an second as the anything in we XXXX certainly more there quarter of that into continue expect is XXXX. And that are, half those precipitous path give think those update that the should we guidance when monitor any aren't of We'll in -- last we on February, conditions head call some we in provide we of had the earnings any previously seeing catalyst type in conditions. a normal where than that said normalization we'll probably longer we view We kind of to but XXXX. what see says pricing the

longer and path as to think see to continue starts glide of 'XX but 'XX. back while in I come still think a that -- it I to glide normal. be back there, it today, last into longer the Chris, get to still is we a could there's it half

Christopher Ellinghaus

Chuck, review? of a you Dakota. still Is of statutory the North remind X-month Okay. it And just us sort procedural in can Great. schedule

Chuck MacFarlane

fully settlements approximately many Chris, that it but a there North cases months, Dakota, in case is, are litigated and occur window. before X-month in X Yes, has that

Christopher Ellinghaus

something in $XX XXXX? revenue the year we base can is case, rate the that in million, And presume is the And request? the is test Okay.

Chuck MacFarlane

process. $XX new -- the we're is the million The in net

net We rates, of And North have request the would roll forecast XXXX, the that a use into we test number is year. do riders has revenue but new base Dakota million. $XX

Christopher Ellinghaus

Great. luck retirement. to with Thanks you. the details, Good miss Okay. everybody. for going We're

Kevin Moug

Thanks, you see We'll Yes. Chris. EEI. at

Operator

Karp Instructions] KeyBanc comes Our [Operator you. Markets. next Thank Capital the with Sophie from question of line

Unknown Analyst

in actually was the Michael if I manufacturing Sophie. much on Seven is wondering you just us for This expansion on? Georgia the segment, project capacity remind how could were

Chuck MacFarlane

of In Mike? terms dollar size,

Unknown Analyst

total capacity Just addition.

Chuck MacFarlane

Yes.

$XX I think collectively adding it's million of around capacity.

Kevin Moug

estimate would between sort that we revenue million And capacity $XX of current in Yes. for and that be site would million. $XX

So an $XX million. an upgrade additional of

Unknown Analyst

how visibility you with a much have there same term? expecting in And you the those then And customers? do are there slowdown near

Chuck MacFarlane

In terms of Georgia?

Unknown Analyst

customers. manufacturing Just business about the the additional there, current talked segment in from you

Chuck MacFarlane

seen in we growth I Yes. and growth plants, did Southeast because Mike, to as that continue well. kind growth of mean the we of across our Deere the to we Polaris -- And there. John XXXX we've of healthy with then in continued acquisition footprint experience Dawsonville, really with in continue

Stanley We to growth like as Black well. Decker, & Caterpillar with continue see companies good

Unknown Analyst

Got the will North Any mechanisms exploring? it. case And filing. to then Is anything Dakota rate new specific stand that out? you'll turning be there back

Chuck MacFarlane

in Michael, to a bring not consider it customers may have We adjustment. -- have at implementing I Dakota. form Dakota large is some is a an decoupling North on sales adjust but we of one ability currently forward. in thing we'll we would something sales and basis have North decoupling, look don't

Operator

line comes next the Our with Sidoti. of Russo from Brian question

Brian Russo

transmission development your you but the this tranche of if MISO apologize earlier, tranche where missed are projects? in I -- X I

Chuck MacFarlane

Sure, it's Chuck. Brian,

things in North easements Down We then in the one X outside And goes the that second our that And options Minnesota, and substation in with existing been a by substation for then once the South, there's we would Alexandria, for to need are commission, Big types permit. Dakota ultimately one have goes -- this also a Twin facility. put need Cities. file that routing, of projects, jointly line line Dakota to just is in or process existing circuit because Minnesota Minnesota. process Excel And northwest a from on which easements owned to of have of corner the emanates James reviewed Stone our filed then in from and routing in of by is certificate those the we where securing Ellendale And MDU. you certificate a that of we has South

We round of do in have meetings round, with those another the window that routing potential narrows One public landholders. as processes. we'll

of because and a process, That a process followed route of a certificate where process. takes need X-step Minnesota. little you So certificate need kind North single it's permit in the than by Dakota, of of get a of sort first, in a longer generally routing

Brian Russo

Okay. Great. was normal And versus the in weather EPS then quarter? just also of the impact on utility, third what the

Chuck MacFarlane

It was $X.XX, I believe.

Brian Russo

then Okay. just on lastly, fact... And the

Chuck MacFarlane

$X.XX was There's 'XX. It to $X.XX. a negative QX,

Brian Russo

which is midpoint you quarter suspect it exceeded Okay. BTD. expectations, also, performance? why the Great. And the third raised the segment's if you And of the then could just necessarily you it is on know million, are but manufacturing $XXX there side, your million. guidance? of talk I specifically I How then would that from characterize you just could just of backlog $XXX on which is trend? business, slowdown thought steel, just So indicate year-over-year price of elaborate that One right? about doesn't down components. I X

Chuck MacFarlane

Sure.

costs. to As offset the increasing to third both it relates nonmaterial-related we continue to quarter, other and price increases talked labor the get to about ability help

profitability that has the R&D recorded I BTD. at credits Brian, company other increased And We that referenced well saw well, excel helped in quarter, were in in in as my the stronger that release, quarter-over-quarter. drive item continued the able the indicated the -- the in amount the and happened to it's it mentioned, of press we do to guidance very third that. quarter So volumes as R&D comments is being

that product an it, competencies And for do once our, up then in credit million one more Were we the projects customers to for our things. credits what core So R&D and our our was during of year. an working materials, example, of driven nature us. the for it, primarily we in did a type that fair the in nature customers to of, expect then we heavier they R&D the the helps And I fully R&D anticipated. us, 'XX, they complex our keep were Was we say, quarter complex? R&D has And I with increased would one look it outside hadn't do credits projects at finished That's was call saw we we And they should call finish $X more up, about BTD steel that types estimate come did customers. they work those we and products, on. of nature? what and It be engage more amount uplift case, that third engaged of for in we that year. by this for of was work XXXX, firm that study the I'll we we

that. So Act, and that was inflation as law R&D we a Reduction to inflation us of additional and that above been amount in well as to credit were get the as method able that's to that under the R&D IRA. recognize additional what another recognize allowed then for for over method credits credits And that R&D of we new result estimating an had Act the allowed Reduction

a of million was $X.XX earnings revised 'XX listed part that was going it on walk a there impact so think the of based we that And be. estimate I as was new slide materials. call the our we've then got there provided where estimate it on $X also thought in in And we in pickup as And uplift. earnings to our that method

earnings our And of results so to QX are drivers that largely the uplift those the guidance. in contributed

Kevin Moug

had increase on indicated the XX% of quarters, And stabilized to second process, quarter we Brian, level. our trying X productivity to the we we had Maybe, recruit, quarter, in the employee we we when XX% call, levels prior the employee during BTD to more side, continue have was third the had amount. while

of we So saw there. workforce overall productivity improving the

Brian Russo

is then there And any backlog, on And trends you're Okay. Great. seeing there the year-over-year? the just read-throughs?

Chuck MacFarlane

Yes.

base, from our the customers, for services of there the Brian, work. of what's type that not the we're quality continue or is work backlog, other just primary is terms But providing to us in In terms of driving between steel their supplier the time they look seeing not because providing to provide pricing way the either in difference that. years, backlog is

to market that steel end-use need product BTD price between whether the of But backlog, So or ago. this to but on the in vehicle or not horticultural ag for it look basis but backlog only is deliver they a be be their at year to go-forward be would be not a we've certainly currently years. time recreational continue piece, they it the the the reduction seen in just would Also in end product, same a big a between difference would biggest in decline year the on and the that construction. there part

Brian Russo

And it. Appreciate Great. the in future. the Okay. Kevin, luck all and good best

Kevin Moug

it. Brian. you, Appreciate Thank

Operator

With now you. other back turn I no for Thank will Chuck questions, remarks. the over his to call closing

Chuck MacFarlane

strength call as XX% are within well and per you from Tail earnings joining an and approximately on our increase third XX guidance guidance to of range our $X.XX range raising Plastics of Otter to our $X.XX, of quarter continued Corporation. as we your $X. our year-to-date interest results to in share the our for Thank segment, $X.XX Based previous our

well believe our Over positioned to predictable long strategy by I with term, and plastic our targets. are earnings financial our and utility complemented we stream, strategic manufacturing the businesses growth achieve

expect call, forward and of compounded Thank in our share to in you and to per to produce joining the of annually. range dividend X% next to earnings growth with you increase X% we again our look X% X% to long-term speaking We quarter. for

Operator

program, participating. and today's Thank may you now disconnect. This you for concludes

Otter Tail (OTTR) 31 Oct 232023 Q3 Earnings call transcript