Otter Tail Corporation (NASDAQ:OTTR) Q3 2023 Earnings Conference Call October 31, 2023 11:00 AM ET
Company Participants
Beth Osman - Manager, IR
Charles MacFarlane - President & CEO
Kevin Moug - SVP & CFO
Todd Wahlund - VP of Financial Planning & Treasury
Conference Call Participants
Chris Ellinghaus - Siebert Williams Shank & Company
Brian Russo - Sidoti
Operator
Good morning, and welcome to Otter Tail Corporation's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded. 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.
Beth Osman
Good morning, everyone, and welcome to our third quarter 2023 earnings conference call. My name is Beth Osman, and I'm Otter Tail Corporation's Manager of Investor Relations. Last night, we announced our third quarter financial results. Our complete earnings release and slides accompanying this call are available on our website at ottertail.com. A recording of this 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; Kevin Moug, Otter Tail Corporation's Senior Vice President and CFO, and Todd Wahlund, Otter Tail Power Company's Vice President of Finance and CFO.
Before we begin, I want to remind you that we will be making forward-looking statements during the course of 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 here. 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.
I will now turn the call over to Otter Tail Corporation's President and CEO, Mr. Chuck MacFarlane.
Charles MacFarlane
Thank you, Beth. Good morning and welcome to our third quarter 2023 earnings call. Please refer to Slide 4, as I begin my comments on our third quarter results. Through the combined efforts of our employees and diversified business model, we delivered record-setting quarterly earnings. We generated earnings per share of $2.19, driven by increased earnings from our Manufacturing and Plastics segments, along with a reduction in corporate costs. Our Electric segment earnings in the quarter were largely flat to last year, but are up 7% on a year-to-date basis.