Otter Tail Corp. (OTTR) reported that its fourth-quarter net income was $2.96 million, compared to a loss of $44.14 million in the year ago quarter. Earnings per share for the latest-quarter were $0.08 compared to a loss of $1.23 for the fourth quarter of 2011.
Net income from continuing operations was $17.1 million compared with $6.0 million in the fourth quarter of 2011. Fourth quarter 2012 net income from continuing operations includes increases in net income in all of the corporation's operating segments. Earnings per share from continuing operations were $0.47 compared with $0.16 for the fourth quarter of 2011.
Net income from continuing and discontinued operations was $3.0 million compared with a net loss of $44.1 million in the fourth quarter of 2011. The fourth quarter 2011 net loss from continuing and discontinued operations mainly reflects a net loss from discontinued operations of $50.1 million, which included a $39.1 million net-of-tax asset impairment charge at DMS resulting from the write down of DMS to its fair value based on DMS's indicated sales price, and a $3.8 million after-tax loss on the sale of Wylie.
Operating revenues were $212.6 million compared with $207.3 million for the same quarter a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share on revenues of $213.85 million for the quarter. Analysts' estimates typically exclude special items.
The company anticipates 2013 earnings per share to be in the range of $1.30 to $1.55. Analysts expect the company to report earnings of $1.34 per share for fiscal 2013.
This guidance reflects the current mix of businesses owned by the corporation as it starts out 2013. It considers the cyclical nature of some of the corporation's businesses and reflects challenges presented by current economic conditions, as well as the corporation's plans and strategies for improving future operating results. The company's current consolidated capital expenditures expectation for 2013 is in the range of $200 million to $210 million.
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