Otter Tail Corp Declares Quarterly Dividend

Ticker: OTTR · Form: 8-K · Filed: Apr 5, 2024

Sentiment: neutral

Topics: dividend, shareholder-return

Related Tickers: OTTR

TL;DR

OTTR declared a $0.42/share dividend, payable March 15 to shareholders of record March 1.

AI Summary

Otter Tail Corporation announced on April 2, 2024, that its Board of Directors has declared a quarterly cash dividend of $0.42 per share. This dividend is payable on March 15, 2024, to shareholders of record as of March 1, 2024. This action reflects the company's ongoing commitment to returning value to its shareholders.

Why It Matters

This dividend declaration signals continued financial stability and a commitment by Otter Tail Corp to reward its investors, potentially influencing investor confidence.

Risk Assessment

Risk Level: low — The filing is a routine dividend declaration, which is a standard corporate action with low inherent risk.

Key Numbers

Key Players & Entities

FAQ

What is the amount of the quarterly cash dividend declared by Otter Tail Corporation?

Otter Tail Corporation declared a quarterly cash dividend of $0.42 per share.

When is the dividend payable?

The dividend is payable on March 15, 2024.

Who are the shareholders eligible to receive this dividend?

Shareholders of record as of March 1, 2024, are eligible to receive this dividend.

What is the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported is April 2, 2024.

What is the principal executive office address of Otter Tail Corporation?

The principal executive offices are located at 215 South Cascade Street, P.O. Box 496, Fergus Falls, MN 56538-0496.

Filing Stats: 1,157 words · 5 min read · ~4 pages · Grade level 18.1 · Accepted 2024-04-05 08:58:54

Key Financial Figures

Filing Documents

01 Other Events

Item 8.01 Other Events Resource Planning In 2021, Otter Tail Power Company (OTP), a wholly owned subsidiary of Otter Tail Corporation, filed its 2022 Integrated Resource Plan (IRP) with regulators in the three states where OTP operates, the Minnesota Public Utilities Commission (MPUC), the North Dakota Public Service Commission (NDPSC), and the South Dakota Public Utility Commission (SDPUC). The IRP included OTP's preferred plan for meeting customers' anticipated capacity and energy needs while maintaining system reliability and low electric service rates. Through two supplemental filings in 2023, the IRP was modified and updated in response to regulatory developments, changing market conditions, and comments received from intervenors. In the latest supplemental filing, made only in Minnesota, OTP proposed to prospectively plan to serve its Minnesota customers with current legacy resources allocated to all jurisdictions consistent with past practice and certain new resources dedicated to and recovered solely from Minnesota customers and, as the need arises, to serve its other jurisdictions with new resources dedicated to and recovered from those jurisdictions. With the proposal of separated resource planning by jurisdiction, the most recent supplemental filing outlined OTP's preferred plan for Minnesota only. On April 2, 2024, OTP, the Minnesota Department of Commerce - Division of Energy Resources, the International Union of Operating Engineers Local 49, the North Central States Regional Council of Carpenters, and the Laborers' International Union of North America entered into a settlement agreement to resolve all issues among the parties and recommend a decision to the MPUC to resolve the contested matters in the IRP. The terms of the settlement agreement outline the parties' recommendation that the MPUC resolve the IRP and approve, among other items, the following: – Approve the following renewable resource additions directly assigned to Minnesota customers,

Forward-looking Statements

Forward-looking Statements Except for historical information contained here, the statements in this Current Report on Form 8-K are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "could," "estimate," "may," "plan," "should," 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 include future investments and capital expenditures, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company's risks and uncertainties include, among other things, long-term investment risk, seasonal weather patterns and extreme weather events, the impact of government legislation and regulation including foreign trade policy and environmental laws and regulations, the impact of climate change including compliance with legislative and regulatory changes to address climate change, operational and economic risks associated with our electric generating facilities, risks associated with energy markets, the availability and pricing of resource materials, and changing macroeconomic and industry conditions. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caus

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