Otter Tail Corporation (NASDAQ:OTTR) Q4 2023 Earnings Conference Call February 13, 2024 11:00 AM ET
Company Participants
Chuck MacFarlane - President, Chief Executive Officer
Todd Wahlund - Vice President, Chief Financial Officer
Beth Eiken - Manager of Investor Relations
Conference Call Participants
Chris Ellinghaus - Siebert Williams Shank & Company, LLC
Brian Russo - Sidoti
Sophie Karp - KeyBanc
Operator
Good morning, and welcome to Otter Tail Corporation's 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 opening comments.
Beth Eiken
Good morning, everyone, and welcome to our 2023 earnings conference call. My name is Beth Eiken, and I'm Otter Tail Corporation's Manager of Investor Relations. Last night, we announced our 2023 fourth quarter and annual 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; and Todd Wahlund, Otter Tail Corporation’s, Vice President 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 two, 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.
Chuck MacFarlane
Thank you, Beth. Good morning and welcome to our 2023 year-end earnings call. Please refer to slide four as I begin my comments on our annual results.
Otter Tail Corporation delivered record-setting earnings in 2023, driven by strong financial performance across all of our segments, as well as a significant corporate cost savings. We generated diluted earnings per share of $7, beating the record of $6.78 set last year, and significantly exceeding our original expectations for the year.