Otter Tail (OTTR) FY2023 results: revenue $1.4 billion, down 7.9% on the year
Otter Tail Corp. (OTTR) reported revenue of $1.4 billion for fiscal 2023, the year ended 31 December 2023, down 7.9% on the year before. Net income was $294 million, up 3.5%, and diluted earnings per share $7.00. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.
Revenue
$1.4 billion
-7.9% on the year
FY2016FY2023
Operating margin
27.9%
26.6% a year earlier
FY2016FY2023
Net income
$294 million
+3.5% on the year
FY2016FY2023
Diluted EPS
$7.00
+3.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
404
389
231
+3.9%
Capital expenditure
287
171
172
+67.8%
Free cash flow
117
218
59.4
-46.2%
Free cash flow margin
8.7%
14.8%
5.0%
Cash from investing
-289
-175
-172
Cash from financing
-3.8
-96.8
-59.4
Depreciation and amortisation
98.0
92.6
91.4
+5.8%
Share-based compensation
7.8
6.8
6.9
+13.8%
Dividends paid
73.1
68.8
64.9
+6.3%
Dividend per share
$1.75
$1.65
$1.56
+6.1%
Diluted shares, weighted
42m
42m
42m
+0.3%
Shares outstanding at period end
42m
42m
42m
+0.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,443
1,217
991
+18.5%
Debt
905
832
855
+8.8%
Operating lease liabilities
11.3
13.9
15.3
-18.9%
Other liabilities
883
838
894
+5.3%
Total liabilities and equity
3,243
2,902
2,755
+11.7%
Fixed assets
142
2,213
2,125
-93.6%
Goodwill
37.6
37.6
37.6
0.0%
Intangible assets
6.8
7.9
9.0
-13.8%
Investments
62.5
54.8
56.7
+14.0%
Cash and equivalents
230
119
1.5
+93.6%
Inventory
150
146
148
+2.6%
Other assets
2,613
324
377
+707.4%
Total assets
3,243
2,902
2,755
+11.7%
10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.