Electric Segment Earnings Growth
Electric segment earnings increased 10% in Q1, driven by favorable weather conditions, increased sales volumes, and increased rider revenues from ongoing capital investments.
Successful Rate Case Completion
Otter Tail Power successfully completed its North Dakota rate case, implementing base rates in March, which was viewed as constructive and balanced.
BTD Georgia Facility Expansion
Completion of the BTD Georgia facility expansion positions Otter Tail for growth in the Southeast market, expected to increase production capacity up to $35 million in incremental annual sales.
Strong Balance Sheet
Otter Tail maintains a strong balance sheet with 62% consolidated equity layer and over $600 million in available liquidity. No external equity issuances are expected for at least the next five years.
Plastics Segment Volume Increase
Sales volumes in the Plastics segment increased 13% in Q1 due to strong distributor and end market demand and capacity expansion.