OTTR Otter Tail Corporation

Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended September 30, 2023.

SUMMARY

Compared to the quarter ended September 30, 2022:

• Consolidated operating revenues decreased 7% to $358 million.
• Consolidated net income increased 9% to $92 million.
• Diluted earnings per share increased 9% to $2.19 per share.

CEO OVERVIEW

“Otter Tail Corporation, through the combined efforts of our employees and our diversified business model, delivered record setting quarterly earnings,” said President and CEO Chuck MacFarlane. Electric segment earnings were flat with the third quarter of 2022. Our Manufacturing segment produced earnings growth of 20 percent due to increased sales volumes and profit margins. Plastics segment earnings increased 6 percent primarily due to stronger operating margins as our sales price to resin spreads have improved compared to the third quarter of 2022.

“In August 2023, our 49 MW Hoot Lake Solar facility became fully operational. The project was completed and placed in service on time and on budget. Hoot Lake Solar was constructed on and near the retired Hoot Lake coal plant property in Fergus Falls, Minnesota and is the third largest operating solar site based on generation capacity in the state of Minnesota. With the completion of Hoot Lake Solar, we expect nearly 40 percent of Otter Tail Power’s owned and contracted energy generation will come from renewable resources.

“Otter Tail Power Company will file a request with the North Dakota Public Service Commission on November 2, 2023, for an increase in general rates in North Dakota. This request is largely driven by increases in our operating costs over the six years since our last rate case filing. We are proposing to increase net revenues by approximately $17 million, or 8.4 percent. Even with this increase, Otter Tail Power Company will continue to have some of the lowest rates in the country.

“We are increasing our 2023 diluted earnings per share guidance to a range of $6.76 to $6.96 from our previous range of $5.70 to $6.00. The increase in our guidance is primarily driven by stronger than expected Plastics segment earnings and revised expectations for the fourth quarter of the year.

“Our long-term focus remains unchanged - executing our strategy to grow our businesses and achieve operational, commercial and talent excellence to strengthen our position in the markets we serve. We believe our businesses are well-positioned to achieve these objectives and to deliver on our financial targets, including producing over the long-term a compounded annual growth rate in earnings per share of 5 to 7 percent based on an earnings mix of approximately 65 percent from our Electric segment and 35 percent from our Manufacturing and Plastics segments.”

QUARTERLY DIVIDEND

On October 30, 2023, the corporation’s Board of Directors declared a quarterly common stock dividend of $0.4375 per share. This dividend is payable December 8, 2023 to shareholders of record on November 15, 2023.

CASH FLOWS AND LIQUIDITY

Our consolidated cash provided by operating activities for the nine months ended September 30, 2023 was $318.5 million compared to $288.0 million for the nine months ended September 30, 2022. The increase was primarily due to the absence of a pension plan contribution in 2023 due to the plan's funded status, whereas a $20.0 million discretionary contribution was made in February 2022, and the timing of customer collections of forecasted fuel costs that will be adjusted in future periods. Increases to operating cash flows were partially offset by lower earnings. Investing activities for the nine months ended September 30, 2023 included capital expenditures of $229.8 million, primarily related to capital investments within our Electric segment including the purchase of the Ashtabula III wind farm for $50.6 million and investments in our Hoot Lake Solar facility and wind repowering projects. Financing activities for the nine months ended September 30, 2023 included net proceeds from short-term borrowings of $43.3 million at Otter Tail Power and dividend payments of $54.8 million.

As of September 30, 2023, we had $170.0 million and $108.9 million of available liquidity under our Otter Tail Corporation and Otter Tail Power Credit Agreements, respectively, along with $189.2 million of available cash and cash equivalents, for total available liquidity of $468.1 million.

SEGMENT PERFORMANCE

Electric Segment

 

Three Months Ended September 30,

 

 

 

 

($ in thousands)

 

2023

 

 

2022

 

Change

 

% Change

Operating Revenues

$

130,326

 

$

142,747

 

$

(12,421

)

 

(8.7

)%

Net Income

 

24,565

 

 

24,847

 

 

(282

)

 

(1.1

)

 

 

 

 

 

 

 

 

Retail MWh Sales

 

1,300,324

 

 

1,275,051

 

 

25,273

 

 

2.0

%

Heating Degree Days

 

3

 

 

22

 

 

(19

)

 

(86.4

)

Cooling Degree Days

 

317

 

 

376

 

 

(59

)

 

(15.7

)

The following table shows heating degree days (HDDs) and cooling degree days (CDDs) as a percent of normal.

 

Three Months Ended September 30,

 

2023

 

 

2022

 

HDDs

6.3

%

 

43.1

%

CDDs

92.2

%

 

108.4

%

The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2023 and 2022.

 

2023 vs Normal

 

2023 vs 2022

 

2022 vs Normal

Effect on Diluted Earnings Per Share

$

(0.01

)

 

$

(0.02

)

 

$

0.01

Operating Revenues decreased $12.4 million primarily due to a $13.2 million decrease in fuel recovery revenues, a decrease in wholesale revenues, and the impact of unfavorable weather, partially offset by increased renewable rider revenue and higher commercial and industrial sales in North Dakota. The decrease in fuel recovery revenues was primarily due to lower purchased power and fuel costs arising from decreased market energy costs and natural gas prices. Wholesale revenues decreased due to a decrease in wholesale electric prices driven by decreased fuel costs. Renewable rider revenue increases included recovery of costs related to the Ashtabula III wind farm and our Hoot Lake Solar project.

Net Income decreased $0.3 million primarily due to the impact of unfavorable weather, increased depreciation expense, and increased operating and maintenance expenses, driven by higher labor costs and strategic spending initiatives, partially offset by increased rider revenue, increased commercial and industrial sales, and lower pension costs.

Manufacturing Segment

 

Three Months Ended September 30,

 

 

 

 

(in thousands)

 

2023

 

 

2022

 

$ Change

 

% Change

Operating Revenues

$

100,678

 

$

98,767

 

$

1,911

 

1.9

%

Net Income

 

7,446

 

 

6,219

 

 

1,227

 

19.7

 

Operating Revenues increased $1.9 million primarily due to an 8% increase in sales volumes at BTD Manufacturing driven by end market demand in the construction, recreational vehicle and power generation segments and incremental volumes from additional work with existing customers. Operating revenues also benefited from sales price increases implemented in response to labor and non-steel material cost inflation. Sales price increases and sales volume growth were partially offset by decreased steel prices, resulting in a 4% decrease in material costs, which are passed through to customers. Operating revenues at T.O. Plastics decreased primarily due to decreased sales volumes of horticulture products, as order and delivery lead times have normalized, and customers are working to reduce their inventory levels and return to more normal seasonal fluctuations.

Net Income increased $1.2 million primarily due to increased sales volumes and profit margins, as well as an increase in research and development tax credits at BTD, partially offset by decreased sales volumes at T.O. Plastics.

Plastics Segment

 

Three Months Ended September 30,

 

 

 

 

(in thousands)

 

2023

 

 

2022

 

$ Change

 

% Change

Operating Revenues

$

127,052

 

$

142,342

 

$

(15,290

)

 

(10.7

)%

Net Income

 

59,162

 

 

55,982

 

 

3,180

 

 

5.7

 

Operating Revenues decreased $15.3 million primarily due to an 11% decrease in sales prices compared to the same period last year. Sales prices have continued to decrease in the current year; however, they continue to remain elevated compared to pre-2021 levels. Sales volumes in the third quarter of 2023 were consistent with sales volumes during the same period last year.

Net Income increased $3.2 million primarily due to increased profit margins as our sales price to resin spreads improved compared to the third quarter of 2022. Resin and sales prices continued to decrease in the current year; however, the magnitude of sales price decreases was less than resin price declines. PVC resin and other input material costs decreased 39% compared to the same period last year as supply conditions improved, causing resin prices to decline over the last twelve months.

Corporate

 

Three Months Ended September 30,

 

 

 

 

(in thousands)

 

2023

 

 

2022

 

 

$ Change

 

% Change

Net Income (Loss)

$

801

 

$

(2,809

)

 

$

3,610

 

n/m

Net Income (Loss) at our corporate cost center increased primarily due to decreased employee benefit expenses, including decreases in our employee health insurance claim costs and increased investment income earned on our short-term cash equivalent investments.

2023 BUSINESS OUTLOOK

We are increasing our 2023 diluted earnings per share range to $6.76 to $6.96. We expect our earnings mix in 2023, based on our updated guidance, to be approximately 30% from our Electric segment and 70% from our Manufacturing and Plastics segments, net of corporate costs. This anticipated mix deviates from our long-term expected earnings mix of approximately 65% Electric/35% non-electric as our Plastics segment continues to produce elevated earnings.

The segment components of our 2023 diluted earnings per share guidance compared with actual earnings for 2022 are as follows:

 

 

 

2022 EPS by Segment

 

2023 EPS Guidance July 31, 2023

 

2023 EPS Guidance October 30, 2023

 

 

 

Low

 

High

 

Low

 

High

Electric

 

 

$

1.91

 

 

$

2.00

 

 

$

2.04

 

 

$

2.01

 

 

$

2.04

 

Manufacturing

 

 

 

0.50

 

 

 

0.47

 

 

 

0.51

 

 

 

0.49

 

 

 

0.52

 

Plastics

 

 

 

4.66

 

 

 

3.40

 

 

 

3.59

 

 

 

4.34

 

 

 

4.45

 

Corporate

 

 

 

(0.29

)

 

 

(0.17

)

 

 

(0.14

)

 

 

(0.08

)

 

 

(0.05

)

Total

 

 

$

6.78

 

 

$

5.70

 

 

$

6.00

 

 

$

6.76

 

 

$

6.96

 

Return on Equity

 

 

 

25.6

%

 

 

18.4

%

 

 

19.2

%

 

 

21.4

%

 

 

21.9

%

The following items contributed to our revised 2023 earnings guidance:

Electric Segment - We are tightening our range of expected earnings from our July 31, 2023 guidance and continue to expect our Electric segment to produce earnings growth of 6% over 2022.

Manufacturing Segment - We are increasing our Manufacturing segment guidance based on:

• The strength of third quarter earnings as sales volumes, margin improvement and tax credits drove earnings growth at BTD.
• Backlog for the manufacturing companies as of September 30, 2023 was approximately $107 million, compared with $141 million one year ago.

Plastics Segment - We are increasing our Plastics segment guidance based on:

• Continued strength in our product sales prices and related margins. While sales prices and margins have begun to recede from historic highs, the rate of decline continues to be slower than our previous expectations.
• Increased sales volume expectations as distributor inventory destocking is generally complete and demand has rebounded in advance of the seasonal decline anticipated in the latter part of the fourth quarter.

Corporate Costs - We are decreasing our Corporate cost guidance based on the following:

• The results in the third quarter of 2023 were better than expected due to higher balances of invested cash, higher yields on our cash investments and lower employee healthcare costs.
• Increased earnings on our cash balance investments over the remainder of the year due to a higher balance of invested funds and a higher yield.

CONFERENCE CALL AND WEBCAST

The corporation will host a live webcast on Tuesday, October 31, 2023, at 10:00 a.m. CDT to discuss its financial and operating performance.

The presentation will be posted on our website before the webcast. To access the live webcast, go to www.ottertail.com/presentations and select “Webcast.” Please allow time prior to the call to visit the site and download any software needed to listen in. An archived copy of the webcast will be available on our website shortly after the call.

If you are interested in asking a question during the live webcast, visit and follow the link provided in the press release announcing the upcoming conference call.

FORWARD-LOOKING STATEMENTS

Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “projected,” “should,” “target,” “will,” “would” and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward-looking statements made herein, which may include statements regarding 2023 earnings and earnings per share, long-term earnings, earnings per share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supply constraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company’s risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures, rate base levels and rate base growth, risks associated with energy markets, the availability and pricing of resource materials, inflationary cost pressures, attracting and maintaining a qualified and stable workforce, changing macroeconomic and industry conditions, long-term investment risk, seasonal weather patterns and extreme weather events, counterparty credit risk, future business volumes with key customers, reductions in our credit ratings, our ability to access capital markets on favorable terms, assumptions and costs relating to funding our employee benefit plans, our subsidiaries’ ability to make dividend payments, cyber security threats or data breaches, the impact of government legislation and regulation including foreign trade policy and environmental, health and safety laws and regulations, the impact of climate change including compliance with legislative and regulatory changes to address climate change, expectations regarding regulatory proceedings, and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.

Category: Earnings

About the Corporation: Otter Tail Corporation, a member of the S&P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are in Fergus Falls, Minnesota, and Fargo, North Dakota.

OTTER TAIL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(in thousands, except per-share amounts)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Operating Revenues

 

 

 

 

 

 

 

Electric

$

130,326

 

 

$

142,747

 

 

$

395,997

 

 

$

404,112

 

Product Sales

 

227,730

 

 

 

241,109

 

 

 

638,856

 

 

 

754,688

 

Total Operating Revenues

 

358,056

 

 

 

383,856

 

 

 

1,034,853

 

 

 

1,158,800

 

Operating Expenses

 

 

 

 

 

 

 

Electric Production Fuel

 

19,603

 

 

 

24,972

 

 

 

45,928

 

 

 

54,538

 

Electric Purchased Power

 

10,895

 

 

 

19,913

 

 

 

57,932

 

 

 

64,604

 

Electric Operating and Maintenance Expense

 

43,534

 

 

 

39,799

 

 

 

134,604

 

 

 

126,460

 

Cost of Products Sold (excluding depreciation)

 

118,303

 

 

 

139,361

 

 

 

351,330

 

 

 

443,586

 

Other Nonelectric Expenses

 

15,863

 

 

 

16,524

 

 

 

51,433

 

 

 

50,981

 

Depreciation and Amortization

 

24,548

 

 

 

22,716

 

 

 

72,636

 

 

 

69,829

 

Electric Property Taxes

 

4,194

 

 

 

4,438

 

 

 

13,151

 

 

 

13,304

 

Total Operating Expenses

 

236,940

 

 

 

267,723

 

 

 

727,014

 

 

 

823,302

 

Operating Income

 

121,116

 

 

 

116,133

 

 

 

307,839

 

 

 

335,498

 

Other Income and (Expense)

 

 

 

 

 

 

 

Interest Expense

 

(9,175

)

 

 

(9,259

)

 

 

(28,285

)

 

 

(27,198

)

Nonservice Components of Postretirement Benefits

 

2,289

 

 

 

52

 

 

 

7,122

 

 

 

824

 

Other Income (Expense), net

 

2,471

 

 

 

(174

)

 

 

7,841

 

 

 

(802

)

Income Before Income Taxes

 

116,701

 

 

 

106,752

 

 

 

294,517

 

 

 

308,322

 

Income Tax Expense

 

24,727

 

 

 

22,513

 

 

 

58,093

 

 

 

66,143

 

Net Income

$

91,974

 

 

$

84,239

 

 

$

236,424

 

 

$

242,179

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

Basic

 

41,680

 

 

 

41,600

 

 

 

41,663

 

 

 

41,582

 

Diluted

 

42,058

 

 

 

41,974

 

 

 

42,028

 

 

 

41,930

 

Earnings Per Share:

 

 

 

 

 

 

 

Basic

$

2.21

 

 

$

2.02

 

 

$

5.67

 

 

$

5.82

 

Diluted

$

2.19

 

 

$

2.01

 

 

$

5.63

 

 

$

5.78

 

OTTER TAIL CORPORATION

CONSOLIDATED BALANCE SHEETS (unaudited)

 

 

September 30,

 

December 31,

(in thousands)

 

2023

 

 

2022

Assets

 

 

 

Current Assets

 

 

 

Cash and Cash Equivalents

$

189,214

 

$

118,996

Receivables, net of allowance for credit losses

 

193,175

 

 

144,393

Inventories

 

142,007

 

 

145,952

Regulatory Assets

 

17,041

 

 

24,999

Other Current Assets

 

15,313

 

 

18,412

Total Current Assets

 

556,750

 

 

452,752

Noncurrent Assets

 

 

 

Investments

 

59,322

 

 

54,845

Property, Plant and Equipment, net of accumulated depreciation

 

2,387,260

 

 

2,212,717

Regulatory Assets

 

89,491

 

 

94,655

Intangible Assets, net of accumulated amortization

 

7,118

 

 

7,943

Goodwill

 

37,572

 

 

37,572

Other Noncurrent Assets

 

49,956

 

 

41,177

Total Noncurrent Assets

 

2,630,719

 

 

2,448,909

Total Assets

$

3,187,469

 

$

2,901,661

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

Current Liabilities

 

 

 

Short-Term Debt

$

51,495

 

$

8,204

Accounts Payable

 

103,118

 

 

104,400

Accrued Salaries and Wages

 

32,227

 

 

32,327

Accrued Taxes

 

50,495

 

 

19,340

Regulatory Liabilities

 

32,285

 

 

17,300

Other Current Liabilities

 

40,413

 

 

56,065

Total Current Liabilities

 

310,033

 

 

237,636

Noncurrent Liabilities and Deferred Credits

 

 

 

Pensions Benefit Liability

 

33,083

 

 

33,210

Other Postretirement Benefits Liability

 

26,101

 

 

46,977

Regulatory Liabilities

 

275,809

 

 

244,497

Deferred Income Taxes

 

234,787

 

 

221,302

Deferred Tax Credits

 

15,358

 

 

15,916

Other Noncurrent Liabilities

 

65,371

 

 

60,985

Total Noncurrent Liabilities and Deferred Credits

 

650,509

 

 

622,887

Commitments and Contingencies

 

 

 

Capitalization

 

 

 

Long-Term Debt

 

823,998

 

 

823,821

Shareholders’ Equity

 

 

 

Common Shares

 

208,553

 

 

208,156

Additional Paid-In Capital

 

426,358

 

 

423,034

Retained Earnings

 

766,844

 

 

585,212

Accumulated Other Comprehensive Income

 

1,174

 

 

915

Total Shareholders' Equity

 

1,402,929

 

 

1,217,317

Total Capitalization

 

2,226,927

 

 

2,041,138

Total Liabilities and Shareholders' Equity

$

3,187,469

 

$

2,901,661

OTTER TAIL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

Nine Months Ended September 30,

(in thousands)

 

2023

 

 

 

2022

 

Operating Activities

 

 

 

Net Income

$

236,424

 

 

$

242,179

 

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

 

 

 

Depreciation and Amortization

 

72,636

 

 

 

69,829

 

Deferred Tax Credits

 

(558

)

 

 

(558

)

Deferred Income Taxes

 

10,800

 

 

 

23,648

 

Discretionary Contribution to Pension Plan

 

—

 

 

 

(20,000

)

Investment (Gains) Losses

 

(3,734

)

 

 

5,406

 

Stock Compensation Expense

 

6,975

 

 

 

6,141

 

Other, net

 

(164

)

 

 

(867

)

Change in Operating Assets and Liabilities:

 

 

 

Receivables

 

(48,782

)

 

 

(18,845

)

Inventories

 

4,873

 

 

 

3,632

 

Regulatory Assets

 

8,387

 

 

 

170

 

Other Assets

 

3,899

 

 

 

1,789

 

Accounts Payable

 

(511

)

 

 

(10,681

)

Accrued and Other Liabilities

 

13,858

 

 

 

(13,970

)

Regulatory Liabilities

 

21,601

 

 

 

(1,208

)

Pension and Other Postretirement Benefits

 

(7,209

)

 

 

1,308

 

Net Cash Provided by Operating Activities

 

318,495

 

 

 

287,973

 

Investing Activities

 

 

 

Capital Expenditures

 

(229,849

)

 

 

(123,227

)

Proceeds from Disposal of Noncurrent Assets

 

4,746

 

 

 

3,803

 

Purchases of Investments and Other Assets

 

(6,915

)

 

 

(8,132

)

Net Cash Used in Investing Activities

 

(232,018

)

 

 

(127,556

)

Financing Activities

 

 

 

Net Borrowings (Repayments) on Short-Term Debt

 

43,292

 

 

 

(91,163

)

Proceeds from Issuance of Long-Term Debt

 

—

 

 

 

90,000

 

Payments for Retirement of Long-Term Debt

 

—

 

 

 

(30,000

)

Dividends Paid

 

(54,792

)

 

 

(51,564

)

Payments for Shares Withheld for Employee Tax Obligations

 

(3,088

)

 

 

(2,942

)

Other, net

 

(1,671

)

 

 

(3,298

)

Net Cash Used in Financing Activities

 

(16,259

)

 

 

(88,967

)

Net Change in Cash and Cash Equivalents

 

70,218

 

 

 

71,450

 

Cash and Cash Equivalents at Beginning of Period

 

118,996

 

 

 

1,537

 

Cash and Cash Equivalents at End of Period

$

189,214

 

 

$

72,987

 

OTTER TAIL CORPORATION

SEGMENT RESULTS (unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(in thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Operating Revenues

 

 

 

 

 

 

 

Electric

$

130,326

 

 

$

142,747

 

 

$

395,997

 

 

$

404,112

 

Manufacturing

 

100,678

 

 

 

98,767

 

 

 

309,936

 

 

 

306,921

 

Plastics

 

127,052

 

 

 

142,342

 

 

 

328,920

 

 

 

447,767

 

Total Operating Revenues

$

358,056

 

 

$

383,856

 

 

$

1,034,853

 

 

$

1,158,800

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

Electric

$

33,142

 

 

$

35,956

 

 

$

88,427

 

 

$

90,765

 

Manufacturing

 

8,829

 

 

 

8,380

 

 

 

26,657

 

 

 

25,017

 

Plastics

 

80,119

 

 

 

75,801

 

 

 

200,836

 

 

 

231,223

 

Corporate

 

(974

)

 

 

(4,004

)

 

 

(8,081

)

 

 

(11,507

)

Total Operating Income

$

121,116

 

 

$

116,133

 

 

$

307,839

 

 

$

335,498

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

Electric

$

24,565

 

 

$

24,847

 

 

$

67,420

 

 

$

62,938

 

Manufacturing

 

7,446

 

 

 

6,219

 

 

 

20,276

 

 

 

17,858

 

Plastics

 

59,162

 

 

 

55,982

 

 

 

148,240

 

 

 

170,788

 

Corporate

 

801

 

 

 

(2,809

)

 

 

488

 

 

 

(9,405

)

Total Net Income

$

91,974

 

 

$

84,239

 

 

$

236,424

 

 

$

242,179

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231030022518/en/

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