Otter Tail Corporation (NASDAQ:OTTR) Q4 2023 Earnings Call Transcript

Todd Wahlund: So our distribution spending is more upgrade or replacements. We’ve been increasing our capital spending on distribution assets significantly over the last few years, and that’s projected to continue over these five years. I believe, of the $1.3 billion, close to $350 million, $400 million is distribution.

Sophie Karp : And it’s mostly just upgrades to the existing infrastructure?

Todd Wahlund: Upgrades and replacements.

Sophie Karp : Got it. Well, thank you. That’s all I have.

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

Chuck MacFarlane: Thank you for joining our call in your interest in Otter Tail Corporation. Over the long term, I believe we are well positioned with our diversified business model which provides the opportunity for enhanced returns to achieve our financial targets. We expect to produce long-term compounded growth and diluted 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. If you have any questions, please reach out to Investor Relations, and we look forward to speaking with you next quarter.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.