Otter Tail (US:OTTR)2023-08-02 07:20Financial Performance & Outlook - Q2 2023 operating revenues were $337.7 million, compared to $400.0 million in Q2 2022[27] - Q2 2023 net income was $82.0 million, down from $85.9 million in Q2 2022[28] - Q2 2023 diluted EPS decreased by 5%[28] - The company anticipates diluted EPS for 2023 to be in the range of $5.70 to $6.00[167] - The company targets a long-term EPS growth rate of 5-7%[179] Segment Performance - The electric segment earnings increased by 4% year-to-date[28] - The manufacturing segment earnings decreased by 21% year-to-date[29] - The plastics segment earnings are expected to decline from record Q2 2022 levels, down 9% year-to-date[28] Capital Investments & Rate Base - The company plans $1.1 billion in capital spending for the electric segment from 2023 to 2027[70] - The company projects a rate base CAGR of 6.5% from 2022 to 2027[69] - Approximately 41% of the company's five-year capital expenditures are planned to be recovered through riders[76] ESG & Renewable Energy - The company targets a 50% reduction in carbon emissions from owned generation resources below 2005 levels by 2025[42] - The company aims for more than 50% of owned and contracted energy generation to be renewable by 2025[42]