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Otter (OTTR) Declares Earnings Drop, Lowers Guidance, Declares Dividend

Posted by Munish | # |
05:53:45 am on August 5, 2008

Otter Tail Corporation announced second quarter results of $323.6 million compared with $305.8 million for the second quarter of 2007.  Net income dropped sharply to $3.5 from $16.1 million.  Board also declared quarterly dividends on the corporation’s four series of preferred stock, payable  August 30, 2008 to shareholders of record on August 15, 2008.

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“A number of factors adversely affected earnings and caused the second quarter to fall short of expectations, including challenges in our manufacturing segment and the impact of a rate case decision in Minnesota,” said John Erickson, president and chief executive officer of Otter Tail Corporation.

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