$OTTR

Otter Tail Corp

CIK:0001466593|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Total Operating Revenues	$ 334,383	$ 333,043	$ 681,409	$ 670,396
Operating Expenses
Electric Production Fuel	10,613	16,292	31,385	30,613
Electric Purchased Power	13,270	15,497	40,282	46,367
Electric Operating and Maintenance Expenses	54,692	46,804	104,948	95,685
Cost of Products Sold (excluding depreciation)	118,409	105,966	225,947	210,353
Nonelectric Selling, General, and Administrative Expenses	22,169	17,352	43,940	38,644
Depreciation and Amortization	30,811	29,447	60,789	58,822
Electric Property Taxes	5,121	4,227	9,583	8,455
Legal Settlement Expenses	103,500	0	103,500	0
Total Operating Expenses	358,585	235,585	620,374	488,939
Operating Income (Loss)	(24,202)	97,458	61,035	181,457
Other Income and (Expense)
Interest Expense	(12,890)	(11,720)	(25,526)	(23,273)
Nonservice Components of Postretirement Benefits	1,050	854	1,494	2,136
Other Income (Expense), net	7,278	4,788	11,720	9,244
Income (Loss) Before Income Taxes	(28,764)	91,380	48,723	169,564
Income Tax (Benefit) Expense	(21,157)	13,652	(16,280)	23,737
Net Income (Loss)	$ (7,607)	$ 77,728	$ 65,003	$ 145,827
Weighted-Average Common Shares Outstanding:
Basic (in shares)	41,955	41,874	41,929	41,850
Diluted (in shares)	41,955	42,118	42,100	42,090
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ (0.18)	$ 1.86	$ 1.55	$ 3.48
Diluted (in dollars per share)	$ (0.18)	$ 1.85	$ 1.54	$ 3.46
Electric
Operating Revenues
Total Operating Revenues	$ 121,320	$ 128,731	$ 287,188	$ 278,451
Product Sales
Operating Revenues
Total Operating Revenues	$ 213,063	$ 204,312	$ 394,221	$ 391,945

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income	$ 65,003	$ 145,827
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	60,789	58,822
Deferred Tax Credits	(166)	(285)
Deferred Income Taxes	(18,519)	6,149
Investment Losses	(2,878)	(2,741)
Stock Compensation Expense	8,526	7,396
Legal Settlement Expenses	103,500	0
Other, Net	(4,810)	(1,745)
Changes in Operating Assets and Liabilities:
Receivables	(53,538)	(34,859)
Inventories	(10,590)	(131)
Regulatory Assets	(4,837)	(643)
Other Assets	(2,771)	4,756
Accounts Payable	32,200	(6,477)
Accrued and Other Liabilities	(8,402)	(13,447)
Regulatory Liabilities	20,749	198
Pension and Other Postretirement Benefits	(1,545)	(3,441)
Net Cash Provided by Operating Activities	182,711	159,379
Investing Activities
Capital Expenditures	(324,755)	(124,239)
Proceeds from Disposal of Noncurrent Assets	5,165	2,792
Purchases of Investments and Other Assets	(7,015)	(5,579)
Net Cash Used in Investing Activities	(326,605)	(127,026)
Financing Activities
Net Repayments of Short-Term Debt	(6,395)	(69,615)
Proceeds from Issuance of Long-Term Debt	170,000	100,000
Dividends Paid	(48,524)	(44,023)
Payments for Shares Withheld for Employee Tax Obligations	(3,974)	(3,134)
Other, net	(1,523)	(2,991)
Net Cash Provided by (Used in) Financing Activities	109,584	(19,763)
Net Change in Cash, Cash Equivalents and Restricted Cash	(34,310)	12,590
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	386,193	294,651
Cash, Cash Equivalents and Restricted Cash at End of Period	351,883	307,241
Supplemental Disclosure of Noncash Investing Activities
Accrued Property, Plant and Equipment Additions	$ 31,838	$ 13,576

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and Cash Equivalents	$ 278,383	$ 386,193
Restricted Cash	73,500	0
Receivables, net of allowance for credit losses	199,034	145,496
Inventories	169,980	158,598
Investments	55,320	54,311
Regulatory Assets	19,917	20,437
Other Current Assets	41,219	34,690
Total Current Assets	837,353	799,725
Noncurrent Assets
Investments	82,666	78,823
Property, Plant and Equipment, net of accumulated depreciation	3,138,430	2,876,685
Regulatory Assets	91,843	86,062
Intangible Assets, net of accumulated amortization	4,108	4,642
Goodwill	37,572	37,572
Other Noncurrent Assets	101,633	80,770
Total Noncurrent Assets	3,456,252	3,164,554
Total Assets	4,293,605	3,964,279
Current Liabilities
Short-Term Debt	53,847	60,242
Current Maturities of Long-Term Debt	79,977	79,951
Accounts Payable	131,054	93,606
Accrued Salaries and Wages	32,197	35,666
Accrued Taxes	14,236	18,460
Regulatory Liabilities	28,830	16,600
Other Current Liabilities	150,427	46,433
Total Current Liabilities	490,568	350,958
Noncurrent Liabilities
Pension Benefit Liability	32,001	32,376
Other Postretirement Benefits Liability	32,341	31,813
Regulatory Liabilities	300,720	297,398
Deferred Income Taxes	289,697	305,931
Deferred Tax Credits	14,155	14,321
Other Noncurrent Liabilities	124,363	106,156
Total Noncurrent Liabilities	793,277	787,995
Commitments and Contingencies (Note 10)
Capitalization
Long-Term Debt	1,132,889	963,566
Shareholders' Equity
Common Shares: 50,000,000 shares authorized, $5 par value; 41,985,580 and 41,905,520 outstanding at June 30, 2026 and December 31, 2025	209,928	209,528
Additional Paid-In Capital	432,754	434,195
Retained Earnings	1,234,046	1,217,567
Accumulated Other Comprehensive Income	143	470
Total Shareholders' Equity	1,876,871	1,861,760
Total Capitalization	3,009,760	2,825,326
Total Liabilities and Shareholders' Equity	$ 4,293,605	$ 3,964,279