Otter Tail Corporation (NASDAQ:OTTR) Q1 2022 Results Conference Call May 3, 2022 11:00 AM ET

Company Participants

Tyler Akerman - Investor Relations

Charles MacFarlane - President and CEO

Kevin Moug - Senior Vice President and Chief Financial Officer

Conference Call Participants

Christopher Ellinghaus - Siebert Williams Shank

Timothy Winter - The Gabelli Utilities Fund

Sophie Karp - KeyBanc Capital Markets

Brian Russo - Sidoti & Company

Operator

Good morning and welcome to the Otter Tail Corporation Quarter One 2022 Earnings Conference Call. Today's call is being recorded and we will hold a question-and-answer session after the prepared remarks.

I will now turn the call over to the Company for their opening comments.

Tyler Akerman

Good morning, everyone, and welcome to our call. My name is Tyler Akerman, I'm the manager of Investor Relations at Otter Tail. Last night, we announced our first quarter 2022 earnings results. Our complete earnings release and slides accompanying this call are available on our website at ottertail.com. A recording of the call will be available on our website later today.

With me on the call today are Chuck MacFarlane, Otter Tail Corporation's President and CEO; and Kevin Moug, Otter Tail Corporation's Senior Vice President and Chief Financial Officer.

Before we begin, I want to remind you that we will be making Forward-Looking Statements during this call. As noted on Slide 2, these statements represent our current views and expectations of future events. They are subject to risks and uncertainties, which may cause actual results to differ from those presented today.

So please be advised about placing undue reliance on any of these statements. Our forward-looking statements are described in more detail in our filings with the Securities and Exchange Commission which we encourage you to review. Otter Tail Corporation disclaims any duty to update or revise our forward-looking statements, due to new information, future events, developments, or otherwise.

For opening remarks, I will now turn the call over to Otter Tail Corporation's President and CEO, Mr. Chuck MacFarlane.

Charles MacFarlane

Thank you, Tyler. Good morning and welcome to our first quarter 2022 earnings call. Thanks to the efforts of our employees, Otter Tail Corporation has record financial results in the first quarter of 2022. Please refer to Slide 4 as I begin my comments on our results.

We achieved earnings per share of $1.72, which is an increase of 136% over the first quarter of 2021. The increase was led by our plastic segment, which had another outstanding quarter. Kevin will provide more detailed discussion of our Q1 financial performance in his comments, but here is an overview.