Diversified utilities company Otter Tail Corp. (OTTR) reported first-quarter net income of $7.2 million or $0.20 per share, compared to $5.7 million or $0.15 per share last year.
On average, four analysts polled by Thomson Reuters expected earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter rose to $277.59 million from $249.15 million in the comparable quarter last year.
Otter Tail said its Board declared a quarterly common stock dividend of $0.2975 per share, payable June 9, 2012 to shareholders as of May 15, 2012.
The Board also declared quarterly dividends on the corporation's four series of preferred stock, payable June 1, 2012 to shareholders of record on May 15, 2012.
Looking ahead to 2012, the company expects earnings from continuing operations to a range of $1.05 to $1.40 from its previously announced range of $1.00 to $1.40 per share.
Street analysts currently expect the company to earn $ 1.13 per share for the full year.
by RTT Staff Writer
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