Otter Tail Corp Files Q3 2024 10-Q

TL;DR

**OTTR Q3 2024 10-Q FILED** - Check financials for latest performance.

AI Summary

Otter Tail Corporation filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Specific financial figures and operational details are provided within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Otter Tail Corporation, crucial for understanding the company's current standing and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Otter Tail Corp (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-07 (date) — Filing date
• 270383995 (company) — IRS Number
• MN (company) — State of Incorporation

FAQ

Key Financial Figures

• $5.00 — ch registered Common Shares, par value $5.00 per share OTTR The Nasdaq Stock Market
• $5 — icable date: 41,827,967 Common Shares ($5 par value) as of October 31, 2024. Ta

Filing Documents

• ottr-20240930.htm (10-Q) — 1623KB
• a2024q310-qex311.htm (EX-31.1) — 9KB
• a2024q310-qex312.htm (EX-31.2) — 9KB
• a2024q310-qex321.htm (EX-32.1) — 4KB
• a2024q310-qex322.htm (EX-32.2) — 4KB
• 0001466593-24-000140.txt ( ) — 8068KB
• ottr-20240930.xsd (EX-101.SCH) — 50KB
• ottr-20240930_cal.xml (EX-101.CAL) — 85KB
• ottr-20240930_def.xml (EX-101.DEF) — 232KB
• ottr-20240930_lab.xml (EX-101.LAB) — 533KB
• ottr-20240930_pre.xml (EX-101.PRE) — 387KB
• ottr-20240930_htm.xml (XML) — 1458KB

Financial Statements

ITEM 1. Financial Statements: Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Shareholders' Equity 6 Consolidated Statements of Cash Flows 7 Condensed Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

ITEM 4. Controls and Procedures 35 PART II

Legal Proceedings

ITEM 1. Legal Proceedings 35

Risk Factors

ITEM 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Other Information

ITEM 5. Other Information 36

Exhibits

ITEM 6. Exhibits 37

Signatures

Signatures 38 1 Table of Contents DEFINITIONS The following abbreviations or acronyms are used in the text. ADP Advanced Determination of Prudence MPUC Minnesota Public Utilities Commission AME Available Maximum Emergency NDDEQ North Dakota Department of Environmental Quality ARO Asset Retirement Obligation NDPSC North Dakota Public Service Commission ARP Alternative Revenue Program NOx Nitrogen Oxides CCR Coal Combustion Residual OTC Otter Tail Corporation CO2 Carbon Dioxide OTP Otter Tail Power Company DOJ Department of Justice PIR Phase-In Rider ECO Energy Conservation and Optimization Rider PSLRA Private Securities Litigation Reform Act of 1995 EPA Environmental Protection Agency PTC Production Tax Credits ESSRP Executive Survivor and Supplemental Retirement Plan PVC Polyvinyl chloride EUIC Electric Utility Infrastructure Costs Rider RHR Regional Haze Rule FERC Federal Energy Regulatory Commission ROE Return on equity GHG Greenhouse Gas RRR Renewable Resource Rider IRP Integrated Resource Plan RTO Regional Transmission Organizations kwh kilowatt-hour SEC Securities and Exchange Commission MDT Meter and Distribution Technology SO2 Sulfur Dioxide Merricourt Merricourt Wind Energy Center TCR Transmission Cost Recovery Rider MISO Midcontinent Independent System Operator, Inc. FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). When used in this Form 10-Q and in future filings by Otter Tail Corporation (the "Company") with the Securities and Exchange Commission ("SEC"), in the Company's press releases and in oral statements, words such as "anticipate," "believe," "can," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "outlook," "plan," "possible," "potential," "predict," "probable," "projected," "should," "target," "will," "would" or similar expressions are int

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 2 Table of Contents OTTER TAIL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) September 30, 2024 December 31, 2023 Assets Current Assets Cash and Cash Equivalents $ 280,020 $ 230,373 Receivables, net of allowance for credit losses 186,273 157,143 Inventories 153,233 149,701 Regulatory Assets 7,860 16,127 Other Current Assets 22,927 16,826 Total Current Assets 650,313 570,170 Noncurrent Assets Investments 121,421 62,516 Property, Plant and Equipment, net of accumulated depreciation 2,604,869 2,418,375 Regulatory Assets 95,537 95,715 Intangible Assets, net of accumulated amortization 6,018 6,843 Goodwill 37,572 37,572 Other Noncurrent Assets 51,009 51,377 Total Noncurrent Assets 2,916,426 2,672,398 Total Assets $ 3,566,739 $ 3,242,568 Liabilities and Shareholders' Equity Current Liabilities Short-Term Debt $ 67,401 $ 81,422 Accounts Payable 88,885 94,428 Accrued Salaries and Wages 31,320 38,134 Accrued Taxes 29,150 26,590 Regulatory Liabilities 43,685 25,408 Other Current Liabilities 39,149 43,775 Total Current Liabilities 299,590 309,757 Noncurrent Liabilities Pension Benefit Liability 32,388 33,101 Other Postretirement Benefits Liability 28,074 27,676 Regulatory Liabilities 282,997 276,547 Deferred Income Taxes 251,105 237,273 Deferred Tax Credits 14,613 15,172 Other Noncurrent Liabilities 80,978 75,977 Total Noncurrent Liabilities 690,155 665,746 Commitments and Contingencies ( Note 10 ) Capitalization Long-Term Debt 943,663 824,059 Shareholders' Equity Common Shares: 50,000,000 shares authorized, $ 5 par value; 41,827,967 and 41,710,521 outstanding at September 30, 2024 and December 31, 2023 209,140 208,553 Additional Paid-In Capital 427,751 426,963 Retained Earnings 994,461 806,342 Accumulated Other Comprehensive Income 1,979 1,148 Total Shareholders' Equity 1,633,331 1,443,006 Total Capitalization 2,576,994 2,267,065 Total Liabilities an