Otter Tail Corporation Announces Record Annual Earnings, Increases Quarterly Dividend, and Announces 2024 Earnings Guidance
2023 SUMMARY |
|||||||||||
(in millions, except per share amounts) |
Q4 2023 |
|
Q4 2022 |
|
2023 |
|
2022 |
||||
Operating Revenues |
$ |
314.3 |
|
$ |
301.4 |
|
$ |
1,349.2 |
|
$ |
1,460.2 |
Net Income |
$ |
57.8 |
|
$ |
42.0 |
|
$ |
294.2 |
|
$ |
284.2 |
Diluted Earnings Per Share |
$ |
1.37 |
|
$ |
1.00 |
|
$ |
7.00 |
|
$ |
6.78 |
Compared to the year ended
-
Consolidated operating revenues decreased 8% to
$1.3 billion . -
Consolidated net income increased 4% to
$294.2 million . -
Diluted earnings per share increased 3% to
$7.00 per share. - The corporation achieved a consolidated return on equity of 22.1% on an equity ratio of 61.4%.
The corporation’s board of directors increased the quarterly common stock dividend to
CEO OVERVIEW
“Otter Tail Corporation, through the efforts of our employees and the strength of our diversified business model, produced record earnings in 2023, beating the record set last year,” said President and CEO
“We continue to identify opportunities to reinvest in our businesses. In 2023,
“We updated our Electric segment’s 5 year capital expenditure plan to
“We ended 2023 in a position of financial strength, with a strong balance sheet and ample liquidity. We expect to fund our capital expenditures and fuel our earnings growth over the next five years without the need for additional equity financing.
“Our long-term focus remains unchanged - executing our strategy to grow our business and achieve operational, commercial and talent excellence to strengthen our position in the markets we serve. We believe our businesses are well-positioned to achieve our objectives and to deliver on our financial targets, including producing a compounded annual growth rate in consolidated earnings per share of 5 to 7 percent over the long-term based on an earnings mix of approximately 65 percent from our Electric segment and 35 percent from our Manufacturing and Plastics segments.
“We are initiating our 2024 diluted earnings per share guidance range of
CASH FLOWS AND LIQUIDITY
Our consolidated cash provided by operating activities was a record
As of
ANNUAL SEGMENT OPERATING RESULTS |
||||||||||||
Electric Segment |
||||||||||||
($ in thousands) |
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||
Operating Revenues |
$ |
528,359 |
|
$ |
549,699 |
|
$ |
(21,340 |
) |
|
(3.9 |
) % |
Net Income |
|
84,424 |
|
|
79,974 |
|
|
4,450 |
|
|
5.6 |
|
|
|
|
|
|
|
|
|
|||||
Retail MWh Sales |
|
5,772,215 |
|
|
5,592,368 |
|
|
179,847 |
|
|
3.2 |
% |
Heating Degree Days |
|
6,259 |
|
|
7,122 |
|
|
(863 |
) |
|
(12.1 |
) |
Cooling Degree Days |
|
590 |
|
|
531 |
|
|
59 |
|
|
11.1 |
|
The following table shows heating and cooling degree days as a percent of normal.
|
2023 |
|
2022 |
||
Heating Degree Days |
98.4 |
% |
|
112.5 |
% |
Cooling Degree Days |
127.2 |
% |
|
113.5 |
% |
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 in 2023 and 2022.
|
2023 vs Normal |
|
2023 vs 2022 |
|
2022 vs Normal |
||||
Effect on Diluted Earnings Per Share |
$ |
0.02 |
|
$ |
(0.09 |
) |
|
$ |
0.11 |
Operating Revenues decreased
Net Income increased
Manufacturing Segment |
|||||||||||
(in thousands) |
2023 |
|
2022 |
|
$ Change |
|
% Change |
||||
Operating Revenues |
$ |
402,781 |
|
$ |
397,983 |
|
$ |
4,798 |
|
1.2 |
% |
Net Income |
|
21,454 |
|
|
20,950 |
|
|
504 |
|
2.4 |
|
Operating Revenues increased
Net Income increased
Plastics Segment |
||||||||||||
(in thousands) |
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||
Operating Revenues |
$ |
418,026 |
|
$ |
512,527 |
|
$ |
(94,501 |
) |
|
(18.4 |
)% |
Net Income |
|
187,748 |
|
|
195,374 |
|
|
(7,626 |
) |
|
(3.9 |
) |
Operating Revenues decreased
Net Income decreased
Corporate |
||||||||||||
(in thousands) |
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||
Net Income (Loss) |
$ |
565 |
|
$ |
(12,114 |
) |
|
$ |
12,679 |
|
104.7 |
% |
Net Income at our corporate cost center increased
FOURTH QUARTER OPERATING RESULTS |
||||||||||||
Consolidated Results |
||||||||||||
(in thousands, except per share amounts) |
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||
Operating Revenues |
$ |
314,313 |
|
$ |
301,409 |
|
$ |
12,904 |
|
|
4.3 |
% |
Operating Expenses |
|
244,233 |
|
|
246,468 |
|
|
(2,235 |
) |
|
(0.9 |
) |
Operating Income |
|
70,080 |
|
|
54,941 |
|
|
15,139 |
|
|
27.6 |
|
Other Expense |
|
1,109 |
|
|
5,728 |
|
|
(4,619 |
) |
|
(80.6 |
) |
Income Before Income Taxes |
|
68,971 |
|
|
49,213 |
|
|
19,758 |
|
|
40.1 |
|
Income Tax Expense |
|
11,205 |
|
|
7,208 |
|
|
3,997 |
|
|
55.5 |
|
Net Income |
$ |
57,766 |
|
$ |
42,005 |
|
$ |
15,761 |
|
|
37.5 |
|
Diluted Earnings Per Share |
$ |
1.37 |
|
$ |
1.00 |
|
$ |
0.37 |
|
|
37.0 |
% |
Electric Segment
Electric segment net income was
Manufacturing Segment
Manufacturing segment net income was
Plastics Segment
Plastics segment net income was
Corporate
Corporate net income was
2024 BUSINESS OUTLOOK
We anticipate 2024 diluted earnings per share to be in the range of
The segment components of our 2024 diluted earnings per share guidance compared with actual earnings for 2023 are as follows:
|
|
|
2023 EPS
|
|
2024 EPS Guidance |
||||||||
|
|
|
Low |
|
High |
||||||||
Electric |
|
|
$ |
2.01 |
|
|
$ |
2.13 |
|
|
$ |
2.17 |
|
Manufacturing |
|
|
|
0.51 |
|
|
|
0.51 |
|
|
|
0.55 |
|
Plastics |
|
|
|
4.47 |
|
|
|
2.62 |
|
|
|
2.81 |
|
Corporate |
|
|
|
0.01 |
|
|
|
(0.13 |
) |
|
|
(0.10 |
) |
Total |
|
|
$ |
7.00 |
|
|
$ |
5.13 |
|
|
$ |
5.43 |
|
Return on Equity |
|
|
|
22.1 |
% |
|
|
14.3 |
% |
|
|
15.1 |
% |
The following items contribute to our 2024 earnings guidance:
Electric Segment - We expect segment earnings to increase 7% over 2023 based on the following key assumptions:
- Normal weather conditions in 2024.
- Returns generated from an increase in average rate base of 8.5% in 2024, compared to 2023.
-
Interim revenue increase, which commenced
January 1, 2024 , resulting from the general rate case filed inNorth Dakota . - Lower operating and maintenance expenses driven by lower anticipated employee benefit cost and discretionary spending.
- Increased depreciation expense resulting from our capital expenditures.
- Increased interest expense from increased borrowings to fund our capital investments.
Manufacturing Segment - We expect segment earnings in 2024 to increase 4% over 2023 based on the following key assumptions:
- Higher sales volumes and favorable product mix, improved productivity and lower incentive costs at BTD, partially offset by continued cost pressures in the business.
- Product pricing pressures and increased manufacturing cost at T.O. Plastics driving a decline in earnings in 2024.
Plastics Segment - We expect segment earnings to decline in 2024 based on the following key assumptions:
- Anticipated margin compression resulting from a continued downward trend in product prices over the course of 2024.
- Increased sales volumes as distributor purchasing normalizes in 2024 after destocking and inventory management in 2023.
Corporate Costs - We anticipate corporate costs will increase in 2024 primarily due to the following:
- Lower anticipated market-based gains on our corporate investments.
- Expected increase in claims in our self-insured health plan.
- Lower incentive compensation cost.
- Higher earnings on cash equivalent investments from an anticipated increase in our average investment balance.
CAPITAL EXPENDITURES
The following provides a summary of actual capital expenditures for the year ended
(in millions) |
|
|
|
2023 |
|
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
Total
|
|||||||||||||
Electric Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Renewables |
|
|
|
|
|
|
$ |
118 |
|
|
$ |
93 |
|
|
$ |
33 |
|
|
$ |
113 |
|
|
$ |
129 |
|
|
$ |
486 |
||
Transmission |
|
|
|
|
|
|
|
51 |
|
|
|
85 |
|
|
|
111 |
|
|
|
98 |
|
|
|
100 |
|
|
|
445 |
||
Distribution |
|
|
|
|
|
|
|
38 |
|
|
|
39 |
|
|
|
36 |
|
|
|
38 |
|
|
|
39 |
|
|
|
190 |
||
Other |
|
|
|
|
|
|
|
67 |
|
|
|
37 |
|
|
|
30 |
|
|
|
27 |
|
|
|
25 |
|
|
|
186 |
||
Total Electric Segment |
|
|
|
$ |
241 |
|
|
|
$ |
274 |
|
|
$ |
254 |
|
|
$ |
210 |
|
|
$ |
276 |
|
|
$ |
293 |
|
|
$ |
1,307 |
Manufacturing and Plastics Segments |
|
|
|
|
46 |
|
|
|
|
79 |
|
|
|
35 |
|
|
|
27 |
|
|
|
25 |
|
|
|
26 |
|
|
|
192 |
Total Capital Expenditures |
|
|
|
$ |
287 |
|
|
|
$ |
353 |
|
|
$ |
289 |
|
|
$ |
237 |
|
|
$ |
301 |
|
|
$ |
319 |
|
|
$ |
1,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Electric Utility Average Rate Base |
|
|
|
$ |
1,742 |
|
|
|
$ |
1,890 |
|
|
$ |
2,080 |
|
|
$ |
2,200 |
|
|
$ |
2,350 |
|
|
$ |
2,520 |
|
|
|
|
Annual Rate Base Growth |
|
|
|
|
7.3 |
% |
|
|
|
8.5 |
% |
|
|
10.1 |
% |
|
|
5.8 |
% |
|
|
6.8 |
% |
|
|
7.2 |
% |
|
|
|
Our updated capital expenditure plan for the next five years (2024-2028) includes Electric segment investments in wind and solar resources, transmission and distribution assets, and investments in system reliability and technology. Our Electric segment capital expenditure plan produces a compounded annual growth rate on average rate base of 7.7% over the next five years and will serve as a key driver in increasing Electric segment earnings over this timeframe. Our previous five year capital expenditure plan (2023-2027) had a compounded annual growth rate on average rate base of 6.5%. Our capital expenditure plan in our Manufacturing and Plastics segments includes investments to bring additional capacity to our operations, which will provide an opportunity for organic growth within these segments.
CONFERENCE CALL AND WEBCAST
The corporation will host a live webcast on
The presentation will be posted on our website before the webcast. To access the live webcast, go to www.ottertail.com/presentations 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,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “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 2024 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
Category: Earnings
About the Corporation:
|
|||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(in thousands, except per-share amounts) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Operating Revenues |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
132,362 |
|
|
$ |
145,587 |
|
|
$ |
528,359 |
|
|
$ |
549,699 |
|
Product Sales |
|
181,951 |
|
|
|
155,822 |
|
|
|
820,807 |
|
|
|
910,510 |
|
Total Operating Revenues |
|
314,313 |
|
|
|
301,409 |
|
|
|
1,349,166 |
|
|
|
1,460,209 |
|
Operating Expenses |
|
|
|
|
|
|
|
||||||||
Electric Production Fuel |
|
14,410 |
|
|
|
10,572 |
|
|
|
60,339 |
|
|
|
65,110 |
|
|
|
20,360 |
|
|
|
35,677 |
|
|
|
78,292 |
|
|
|
100,281 |
|
Electric Operating and Maintenance Expense |
|
56,659 |
|
|
|
54,917 |
|
|
|
191,263 |
|
|
|
181,378 |
|
Cost of Products Sold (excluding depreciation) |
|
102,793 |
|
|
|
99,358 |
|
|
|
454,122 |
|
|
|
542,944 |
|
Nonelectric Selling, General, and Administrative Expenses |
|
21,230 |
|
|
|
18,738 |
|
|
|
72,663 |
|
|
|
69,718 |
|
Depreciation and Amortization |
|
25,319 |
|
|
|
22,768 |
|
|
|
97,954 |
|
|
|
92,597 |
|
Electric Property Taxes |
|
3,462 |
|
|
|
4,438 |
|
|
|
16,614 |
|
|
|
17,742 |
|
Total Operating Expenses |
|
244,233 |
|
|
|
246,468 |
|
|
|
971,247 |
|
|
|
1,069,770 |
|
Operating Income |
|
70,080 |
|
|
|
54,941 |
|
|
|
377,919 |
|
|
|
390,439 |
|
Other Income and (Expense) |
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
(9,392 |
) |
|
|
(8,818 |
) |
|
|
(37,677 |
) |
|
|
(36,016 |
) |
Nonservice Components of Postretirement Benefits |
|
3,475 |
|
|
|
250 |
|
|
|
10,597 |
|
|
|
1,075 |
|
Other Income (Expense), net |
|
4,808 |
|
|
|
2,840 |
|
|
|
12,650 |
|
|
|
2,037 |
|
Income Before Income Taxes |
|
68,971 |
|
|
|
49,213 |
|
|
|
363,489 |
|
|
|
357,535 |
|
Income Tax Expense |
|
11,205 |
|
|
|
7,208 |
|
|
|
69,298 |
|
|
|
73,351 |
|
Net Income |
$ |
57,766 |
|
|
$ |
42,005 |
|
|
$ |
294,191 |
|
|
$ |
284,184 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-Average Common Shares Outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
41,680 |
|
|
|
41,600 |
|
|
|
41,668 |
|
|
|
41,586 |
|
Diluted |
|
42,065 |
|
|
|
41,932 |
|
|
|
42,039 |
|
|
|
41,931 |
|
Earnings Per Share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.39 |
|
|
$ |
1.01 |
|
|
$ |
7.06 |
|
|
$ |
6.83 |
|
Diluted |
$ |
1.37 |
|
|
$ |
1.00 |
|
|
$ |
7.00 |
|
|
$ |
6.78 |
|
|
|||||
CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||
|
|
||||
(in thousands) |
2023 |
|
2022 |
||
Assets |
|
|
|
||
Current Assets |
|
|
|
||
Cash and Cash Equivalents |
$ |
230,373 |
|
$ |
118,996 |
Receivables, net of allowance for credit losses |
|
157,143 |
|
|
144,393 |
Inventories |
|
149,701 |
|
|
145,952 |
Regulatory Assets |
|
16,127 |
|
|
24,999 |
Other Current Assets |
|
16,826 |
|
|
18,412 |
Total Current Assets |
|
570,170 |
|
|
452,752 |
Noncurrent Assets |
|
|
|
||
Investments |
|
62,516 |
|
|
54,845 |
Property, Plant and Equipment, net of accumulated depreciation |
|
2,418,375 |
|
|
2,212,717 |
Regulatory Assets |
|
95,715 |
|
|
94,655 |
Intangible Assets, net of accumulated amortization |
|
6,843 |
|
|
7,943 |
|
|
37,572 |
|
|
37,572 |
Other Noncurrent Assets |
|
51,377 |
|
|
41,177 |
Total Noncurrent Assets |
|
2,672,398 |
|
|
2,448,909 |
Total Assets |
$ |
3,242,568 |
|
$ |
2,901,661 |
|
|
|
|
||
Liabilities and Shareholders' Equity |
|
|
|
||
Current Liabilities |
|
|
|
||
Short-Term Debt |
$ |
81,422 |
|
$ |
8,204 |
Accounts Payable |
|
94,428 |
|
|
104,400 |
Accrued Salaries and Wages |
|
38,134 |
|
|
32,327 |
Accrued Taxes |
|
26,590 |
|
|
19,340 |
Regulatory Liabilities |
|
25,408 |
|
|
17,300 |
Other Current Liabilities |
|
43,775 |
|
|
56,065 |
Total Current Liabilities |
|
309,757 |
|
|
237,636 |
Noncurrent Liabilities and Deferred Credits |
|
|
|
||
Pensions Benefit Liability |
|
33,101 |
|
|
33,210 |
Other Postretirement Benefits Liability |
|
27,676 |
|
|
46,977 |
Regulatory Liabilities |
|
276,547 |
|
|
244,497 |
Deferred Income Taxes |
|
237,273 |
|
|
221,302 |
Deferred Tax Credits |
|
15,172 |
|
|
15,916 |
Other Noncurrent Liabilities |
|
75,977 |
|
|
60,985 |
Total Noncurrent Liabilities and Deferred Credits |
|
665,746 |
|
|
622,887 |
Commitments and Contingencies |
|
|
|
||
Capitalization |
|
|
|
||
Long-Term Debt |
|
824,059 |
|
|
823,821 |
Shareholders’ Equity |
|
|
|
||
Common Shares |
|
208,553 |
|
|
208,156 |
|
|
426,963 |
|
|
423,034 |
Retained Earnings |
|
806,342 |
|
|
585,212 |
Accumulated Other Comprehensive Income |
|
1,148 |
|
|
915 |
Total Shareholders' Equity |
|
1,443,006 |
|
|
1,217,317 |
Total Capitalization |
|
2,267,065 |
|
|
2,041,138 |
Total Liabilities and Shareholders' Equity |
$ |
3,242,568 |
|
$ |
2,901,661 |
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
|||||||
|
Twelve Months Ended |
||||||
(in thousands) |
2023 |
|
2022 |
||||
Operating Activities |
|
|
|
||||
Net Income |
$ |
294,191 |
|
|
$ |
284,184 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
||||
Depreciation and Amortization |
|
97,954 |
|
|
|
92,597 |
|
Deferred Tax Credits |
|
(744 |
) |
|
|
(745 |
) |
Deferred Income Taxes |
|
13,508 |
|
|
|
32,424 |
|
Discretionary Contribution to Pension Plan |
|
— |
|
|
|
(20,000 |
) |
Investment (Gains) Losses |
|
(7,222 |
) |
|
|
3,296 |
|
Stock Compensation Expense |
|
7,753 |
|
|
|
6,814 |
|
Other, net |
|
(423 |
) |
|
|
(1,473 |
) |
Change in Operating Assets and Liabilities: |
|
|
|
||||
Receivables |
|
(12,750 |
) |
|
|
30,560 |
|
Inventories |
|
(2,450 |
) |
|
|
5,339 |
|
Regulatory Assets |
|
12,479 |
|
|
|
(2,464 |
) |
Other Assets |
|
2,817 |
|
|
|
(368 |
) |
Accounts Payable |
|
(9,988 |
) |
|
|
(29,763 |
) |
Accrued and Other Liabilities |
|
6 |
|
|
|
(5,490 |
) |
Regulatory Liabilities |
|
20,973 |
|
|
|
(6,846 |
) |
Pension and Other Postretirement Benefits |
|
(11,605 |
) |
|
|
1,244 |
|
Net Cash Provided by Operating Activities |
|
404,499 |
|
|
|
389,309 |
|
Investing Activities |
|
|
|
||||
Capital Expenditures |
|
(287,134 |
) |
|
|
(171,134 |
) |
Proceeds from Disposal of Noncurrent Assets |
|
6,225 |
|
|
|
4,346 |
|
Purchases of Investments and Other Assets |
|
(8,378 |
) |
|
|
(8,283 |
) |
|
|
(289,287 |
) |
|
|
(175,071 |
) |
Financing Activities |
|
|
|
||||
Net Borrowings (Repayments) on Short-Term Debt |
|
73,218 |
|
|
|
(82,959 |
) |
Proceeds from Issuance of Long-Term Debt |
|
— |
|
|
|
90,000 |
|
Payments for Retirement of Long-Term Debt |
|
— |
|
|
|
(30,000 |
) |
Dividends Paid |
|
(73,061 |
) |
|
|
(68,755 |
) |
Payments for Shares Withheld for Employee Tax Obligations |
|
(3,088 |
) |
|
|
(2,942 |
) |
Other, net |
|
(904 |
) |
|
|
(2,123 |
) |
|
|
(3,835 |
) |
|
|
(96,779 |
) |
Net Change in Cash and Cash Equivalents |
|
111,377 |
|
|
|
117,459 |
|
Cash and Cash Equivalents at Beginning of Period |
|
118,996 |
|
|
|
1,537 |
|
Cash and Cash Equivalents at End of Period |
$ |
230,373 |
|
|
$ |
118,996 |
|
|
|||||||||||||||
SEGMENT RESULTS (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Operating Revenues |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
132,362 |
|
|
$ |
145,587 |
|
|
$ |
528,359 |
|
|
$ |
549,699 |
|
Manufacturing |
|
92,846 |
|
|
|
91,062 |
|
|
|
402,781 |
|
|
|
397,983 |
|
Plastics |
|
89,105 |
|
|
|
64,760 |
|
|
|
418,026 |
|
|
|
512,527 |
|
Total Operating Revenues |
$ |
314,313 |
|
|
$ |
301,409 |
|
|
$ |
1,349,166 |
|
|
$ |
1,460,209 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
18,096 |
|
|
$ |
22,374 |
|
|
$ |
106,521 |
|
|
$ |
113,138 |
|
Manufacturing |
|
2,484 |
|
|
|
4,047 |
|
|
|
29,140 |
|
|
|
29,065 |
|
Plastics |
|
53,565 |
|
|
|
33,355 |
|
|
|
254,402 |
|
|
|
264,578 |
|
Corporate |
|
(4,065 |
) |
|
|
(4,835 |
) |
|
|
(12,144 |
) |
|
|
(16,342 |
) |
Total Operating Income |
$ |
70,080 |
|
|
$ |
54,941 |
|
|
$ |
377,919 |
|
|
$ |
390,439 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) |
|
|
|
|
|
|
|
||||||||
Electric |
$ |
17,005 |
|
|
$ |
17,036 |
|
|
$ |
84,424 |
|
|
$ |
79,974 |
|
Manufacturing |
|
1,177 |
|
|
|
3,092 |
|
|
|
21,454 |
|
|
|
20,950 |
|
Plastics |
|
39,508 |
|
|
|
24,586 |
|
|
|
187,748 |
|
|
|
195,374 |
|
Corporate |
|
76 |
|
|
|
(2,709 |
) |
|
|
565 |
|
|
|
(12,114 |
) |
Total Net Income |
$ |
57,766 |
|
|
$ |
42,005 |
|
|
$ |
294,191 |
|
|
$ |
284,184 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240212757074/en/
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