Otter Tail Corporation (NASDAQ:OTTR) Q3 2023 Earnings Call Transcript

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Brian Russo: Okay. Yeah, understood.

Kevin Moug: Also included in that backlog, part of the reduction would certainly be not a big piece, but it would be in there, is just we’ve seen a decline in the horticultural end market backlog between this year, and at the same time, a year ago.

Brian Russo: Okay. Great. Appreciate it. Well, thank you very much. And Kevin, all the best and good luck in the future.

Kevin Moug: Thank you, Brian. Appreciate it.

Operator: Thank you. With no other questions, I will now turn the call back over to Chuck for his closing remarks.

Charles MacFarlane: Thank you for joining our call and your interest in Otter Tail Corporation. Based on our third quarter and year-to-date results as well as our continued strength within our Plastic segment, we are raising our ’23 earnings per share guidance to the range of $6.76 to $6.96, an increase of approximately 17% from our previous guidance range of $5.70 to $6. Over the long term, I believe we are well positioned with our utility growth strategy and predictable earnings stream, complemented by our strategic Manufacturing and Plastic businesses to achieve our financial targets. We expect to produce long-term compounded growth in earnings per share of 5% to 7% and to increase our dividend in the range of 5% to 7% annually. Thank you again for joining our call, and we look forward to speaking with you next quarter.

Operator: Thank you for participating. This concludes today’s program, and you may now disconnect.

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