FERGUS FALLS, Minn., Nov. 1 /PRNewswire-FirstCall/ -- Otter Tail Corporation (Nasdaq: OTTR) announced financial results for the quarter ended September 30, 2007 with the following highlights:
-- Record third quarter revenues of $302.2 million.
-- Consolidated net income of $13.3 million for the third quarter of 2007
compared with $13.5 million for the third quarter of 2006.
-- Diluted earnings per share of $0.44 for the third quarter of 2007
compared with $0.45 for the third quarter of 2006.
-- On November 1, 2007 the Board of Directors declared a quarterly common
stock dividend of 29.25 cents per share, payable December 10. The Board
also declared quarterly dividends on the corporation's four series of
preferred stock, payable December 1. Dividends are payable to
shareholders of record as of November 15.
-- The corporation reaffirms its 2007 diluted earnings per share guidance
from continuing operations to be in the range of $1.60 to $1.80.
"Our third quarter financial results were in line with our expectations," said John Erickson, president and chief executive officer of Otter Tail Corporation. "Electric segment earnings were consistent with the same quarter a year ago, and increased profits from our manufacturing and food ingredient processing segments offset the anticipated reduction in earnings from our plastics segment. DMI Industries, our manufacturer of wind towers, produced excellent growth for the quarter. We reaffirm our 2007 earnings per share guidance to be within the range of $1.60 to $1.80."
For the nine months ended September 30, 2007 net income from continuing
|SOURCE Otter Tail Corporation|
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