Otter Tail Corp shareholders approve board and pay

FERGUS FALLS, MN - Otter Tail Corporation (NASDAQ:OTTR), a company specializing in electric services with a market capitalization of $3.34 billion and a P/E ratio of 11.01, announced the results of its annual shareholder meeting held virtually on April 14, 2025. The company, which has maintained dividend payments for 55 consecutive years, gathered shareholders to vote on several key issues, including the election of board members and executive compensation. According to InvestingPro analysis, Otter Tail currently maintains a GREAT financial health score, with strong liquidity and moderate debt levels.

A total of 34,012,712 shares were represented at the meeting, out of 41,870,355 eligible shares. Shareholders re-elected three directors to the Board, with Steven L. Fritze, Dr. Kathryn O. Johnson, and Dr. Michael E. LeBeau securing their positions for another three-year term expiring in 2028. With annual revenue of $1.33 billion and a track record of raising dividends for 11 consecutive years, the company demonstrates strong corporate governance. For deeper insights into Otter Tail’s financial metrics and growth potential, investors can access comprehensive analysis through InvestingPro’s detailed research reports.

In addition, the non-binding advisory vote on executive compensation was approved, indicating shareholder support for the company’s executive pay structure as outlined in the proxy statement.

The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year 2025 was ratified with a significant majority.

The re-elected directors received the following votes: Steven L. Fritze with 26,293,618 for and 953,068 withheld; Dr. Kathryn O. Johnson with 26,229,474 for and 1,017,212 withheld; and Dr. Michael E. LeBeau with 26,289,152 for and 957,534 withheld. All three directors will continue their service on the board until the 2028 Annual Shareholder Meeting or until their successors are duly elected and qualified.

The advisory vote on executive compensation passed with 26,315,793 votes in favor, 673,258 against, and 257,635 abstained. The ratification of Deloitte & Touche LLP as the independent auditor was approved with 33,541,491 votes in favor, 367,017 against, and 104,204 abstained.

The company, headquartered at 215 South Cascade Street, Fergus Falls, MN, and incorporated in Minnesota, has its common shares traded on The Nasdaq Stock Market under the trading symbol OTTR. Investors should note that the company’s next earnings report is scheduled for May 5, 2025. This news is based on a press release statement from the company’s SEC filing.

In other recent news, Otter Tail Corporation reported a remarkable earnings performance for the fourth quarter of 2024, with earnings per share (EPS) of $7.17, significantly surpassing the forecasted $1.28. The company also exceeded revenue expectations, reporting $1.33 billion against a forecast of $314.75 million. Otter Tail Corporation announced a 12% increase in its dividend to $2.10 per share, reflecting its strong financial position. The company plans to invest $1.4 billion in capital spending over the next five years, focusing on long-term EPS growth of 6% to 8%.

Furthermore, Otter Tail Corporation’s subsidiary, Otter Tail Power Company, secured $100 million through the issuance of senior unsecured notes. The proceeds from this transaction are intended for capital expenditures, refinancing existing debt, and other general corporate purposes. The financial agreement includes business restrictions and financial covenants to ensure the company’s financial stability. Analysts have not provided any upgrades or downgrades recently, but the company’s strategic investments in renewable energy and manufacturing expansions have been highlighted. These developments indicate Otter Tail Corporation’s commitment to strengthening its financial position and supporting ongoing operations.

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