Otter Tail Corporation (Nasdaq:OTTR) has announced financial results for the year ended December 31, 2014. Consolidated revenues increased 8% to $799.3 million compared with $743.4 million in 2013.
Consolidated net income from continuing operations increased to $56.9 million, or $1.55 per diluted share, from $48.6 million, or $1.33 per diluted share in 2013.
Otter Tail has signed letters of intent to sell its construction businesses.
Otter Tail Power also did well according to CEO Jim McIntyre. “Solid execution and related regulatory cost recovery of approved power plant environmental upgrades and transmission projects resulted in utility net income 14% higher than in 2013. Otter Tail Power Company will continue to grow during the next five years, with $665 million in anticipated capital expenditures between 2015 and 2019 resulting in a projected compounded annual growth rate of 8.6% in utility rate base from $728 million in 2013,” McIntyre said.