Otter Tail (OTTR) Q4 FY2023 earnings: revenue $319 million, up 2.6% on the year

Otter Tail Corp. (OTTR) reported revenue of $319 million for Q4 FY2023, the quarter ended 31 December 2023, up 2.6% on the same quarter a year earlier. Net income was $58 million, up 37.5% on the year, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$319 millionup 2.6%

Net income$58 millionup 37.5%

Diluted EPS$1.37

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	319	359	n/a	n/a
Cost of revenue	103	118	n/a	n/a
Gross profit	216	240	n/a	n/a
Gross margin	67.7%	67.0%	n/a
Selling, general and administrative	21.2	15.9	n/a	n/a
Operating income	70.1	121	n/a	n/a
Operating margin	22.0%	33.8%	n/a
Interest expense	9.4	9.2	n/a	n/a
Pre-tax income	n/a	117	n/a	n/a
Income tax	11.2	24.7	n/a	n/a
Effective tax rate	n/a	21.2%	n/a
Net income	57.8	92.0	n/a	n/a
Net margin	18.1%	25.6%	n/a
Diluted EPS	$1.37	$2.19	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	86.0	134	n/a	n/a
Capital expenditure	57.3	78.3	n/a	n/a
Free cash flow	28.7	55.7	n/a	n/a
Free cash flow margin	9.0%	15.5%	n/a
Cash from investing	-57.3	-78.4	n/a	n/a
Cash from financing	12.4	-17.0	n/a	n/a
Depreciation and amortisation	25.3	24.5	n/a	n/a
Share-based compensation	0.8	0.5	n/a	n/a
Dividends paid	18.3	18.3	n/a	n/a
Dividend per share	n/a	$0.44	n/a	n/a
Diluted shares, weighted	42m	42m	n/a	n/a
Shares outstanding at period end	42m	42m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,443	1,403	n/a	n/a
Short-term borrowings	n/a	51.5	n/a	n/a
Debt	905	827	n/a	n/a
Operating lease liabilities	11.3	n/a	n/a	n/a
Other liabilities	883	906	n/a	n/a
Total liabilities and equity	3,243	3,187	n/a	n/a
Fixed assets	2,418	2,387	n/a	n/a
Goodwill	37.6	37.6	n/a	n/a
Intangible assets	6.8	7.1	n/a	n/a
Investments	62.5	59.3	n/a	n/a
Cash and equivalents	230	189	n/a	n/a
Inventory	150	142	n/a	n/a
Other assets	337	365	n/a	n/a
Total assets	3,243	3,187	n/a	n/a

Questions

What was Otter Tail's revenue in Q4 FY2023?

Otter Tail (OTTR) reported revenue of $319 million for Q4 FY2023, the quarter ended 31 December 2023, up 2.6% on the same quarter a year earlier.

How much did Otter Tail earn in Q4 FY2023?

Net income for Q4 FY2023 was $58 million, up 37.5% on the year, and diluted earnings per share $1.37.

When did Otter Tail report Q4 FY2023 results?

Otter Tail filed its 10-K for the year that ended with the quarter on 14 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	359	319	347	342	337	303	337	332	326	304	343	335
Cost of revenue	118	103	115	117	111	91.6	104	106	101	91.1	108	118
Gross profit	240	216	233	226	226	211	233	226	225	213	235	216
Gross margin	67%	68%	67%	66%	67%	70%	69%	68%	69%	70%	69%	65%
SG&A	15.9	21.2	18.9	18.2	18.8	24.2	21.3	17.4	17.8	26.1	21.8	22.2
Operating income	121	70.1	95.0	111	108	66.8	84.0	97.5	96.6	67.6	85.2	-24.2
Operating margin	34%	22%	27%	32%	32%	22%	25%	29%	30%	22%	25%	-7%
Interest expense	9.2	9.4	9.8	10.2	11.2	10.6	11.6	11.7	11.8	12.2	12.6	12.9
Pre-tax income	117	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	21%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	92.0	57.8	74.3	87.0	85.5	54.9	68.1	77.7	78.3	51.8	72.6	-7.6
Net margin	26%	18%	21%	25%	25%	18%	20%	23%	24%	17%	21%	-2%
Diluted EPS	$2.19	$1.37	$1.77	$2.07	$2.03	$1.30	$1.62	$1.85	$1.86	$1.23	$1.73	-$0.18
Operating cash flow	134	86.0	71.9	152	99.3	130	39.5	120	130	97.0	70.6	112
Capital expenditure	78.3	57.3	74.0	101	84.2	98.9	58.0	66.2	89.1	74.7	185	139
Free cash flow	55.7	28.7	-2.1	50.1	15.1	31.1	-18.5	53.7	40.5	22.3	-115	-27.4
Dividends paid	18.3	18.3	19.6	19.6	19.6	19.6	22.0	22.0	22.0	22.0	24.3	24.3
Shares outstanding	42m	42m	42m	42m	42m	42m	42m	42m	42m	42m	42m	42m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001466593-24-000039: the filing on EDGAR. All of Otter Tail Corp.'s filings: EDGAR company page.

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