Otter Tail Corp. on Feb. 17 announced net income of $20.4 million, or 51 cents per share, in the 2019 fourth quarter, up from $14.2 million, or 35 cents per share, in the comparable quarter of 2018.
The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was also 51 cents, based on the polling of four analysts.
Operating revenues were $215.7 million, a decrease from $221.2 million in the fourth quarter of 2018. The company reported operating income for the quarter of $31.2 million, an increase from $23.4 million a year earlier.
For the full year, Otter Tail posted 2019 net income of $86.8 million, or $2.17 per share, improving from $82.3 million, or $2.06 per share, in 2018.
The S&P Global Market Intelligence consensus normalized EPS estimate for the year was $2.17, based on the polling of four analysts.
Looking ahead, the company is targeting 2020 earnings of $2.22 per share to $2.37 per share. It expects capital expenditures for 2020 to be $385 million, compared with actual cash used for capital expenditures of $207 million in 2019.
The company recently raised its quarterly dividend by 5.7% to 37 cents per share from 35 cents per share.