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Otter Tail Corporation (OTTR+0.49%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing operating revenues of $338 million, a decrease from $358 million in the same quarter the previous year. The decrease is attributed to reduced sales volumes in the Manufacturing segment.
Operating expenses for the quarter were $230 million, down from $237 million in the previous year, primarily due to lower sales volumes in the Manufacturing segment and reduced fuel costs in the Electric segment.
Net income for the quarter was $85 million, compared to $92 million in the previous year. The decrease is largely due to increased interest expenses and lower operating income.
The Electric segment reported operating revenues of $130 million, consistent with the previous year. Retail revenues increased slightly due to interim rate increases and favorable weather impacts, offset by decreased fuel recovery revenues.
The Manufacturing segment experienced a decline in operating revenues to $80 million from $101 million, driven by a 13% decrease in sales volumes across several end markets.
The Plastics segment reported operating revenues of $128 million, a slight increase from the previous year, with higher sales volumes offsetting declining sales prices.
Corporate expenses increased significantly due to higher insurance and employee benefit costs.
Net cash provided by operating activities was $323 million for the nine months ended September 30, 2024, an increase from $318 million in the previous year, primarily due to higher earnings from the Plastics segment.
Net cash used in investing activities increased to $312 million, driven by investments in U.S. treasuries and increased capital expenditures.
Net cash provided by financing activities was $39 million, compared to net cash used of $16 million in the previous year, reflecting the issuance of long-term debt.
Otter Tail Corporation's liquidity remains strong, with available cash and equivalents of $280 million and total available liquidity of $544 million as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Otter Tail Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.