Otter Tail Shareholders Re-Elect Directors and Approve Executive Compensation at 2025 Annual Meeting

Otter Tail Corporation announced the results of its 2025 Annual Shareholder Meeting, held virtually on April 14, 2025. Shareholders voted on three key proposals, all of which were approved.

Shareholders re-elected Steven L. Fritze, Dr. Kathryn O. Johnson, and Dr. Michael E. LeBeau to the company’s Board of Directors. Each will serve a three-year term expiring at the 2028 Annual Shareholder Meeting. All three received strong support, with vote totals exceeding 26.2 million in favor for each candidate.

In a non-binding advisory vote, shareholders approved the compensation packages for the company’s Named Executive Officers, with approximately 26.3 million votes in favor, 673,000 against, and 258,000 abstentions.

Additionally, Deloitte & Touche LLP was ratified as the company’s independent registered public accounting firm for 2025. The firm received over 33.5 million votes in support, with only minor opposition.

Of the 41.9 million shares entitled to vote, more than 34 million were represented at the meeting either virtually or by proxy. The results were disclosed in a Form 8-K filing signed by Jennifer O. Smestad, Otter Tail’s Senior Vice President, General Counsel, and Corporate Secretary.

Otter Tail Corporation Reports Record Earnings for 2024 and Raises Long-Term Growth Targets

February 17, 2025 – Otter Tail Corporation (Nasdaq: OTTR) has announced record financial results for the year ended December 31, 2024, with diluted earnings per share reaching $7.17. The company also raised its long-term earnings per share growth target to 6 to 8%, up from 5 to 7%, reflecting strong financial performance and strategic investments.

President and CEO Chuck MacFarlane credited the company’s success to effective execution and the dedication of its employees. The Electric segment saw earnings growth of 7.7%, supported by regulatory approvals and capital investments. The Manufacturing segment faced challenges due to weakened demand in key industries, while the Plastics segment delivered record earnings of $201 million, benefiting from strong sales volumes despite a decline in prices.

Otter Tail Power updated its five-year capital spending plan to $1.4 billion, aiming for a compounded annual growth rate of 9% in its rate base. For 2025, the company expects diluted earnings per share to range from $5.68 to $6.08, with continued growth in the Electric segment but a decline in Plastics and Manufacturing due to changing market conditions.

Cash flow from operations reached a record $452.7 million, driven by efficient working capital management and increased net income. Capital expenditures totaled $358.7 million, primarily focused on utility infrastructure and manufacturing expansions. The company also issued $120 million in long-term debt to support growth investments.

Looking ahead, Otter Tail plans to continue investing in renewable energy, system reliability, and manufacturing capacity to drive long-term value. A webcast discussing the financial results is scheduled for February 18, 2025.