OTTR Otter Tail Corporation

Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended June 30, 2024.

SUMMARY

• Diluted earnings per share increased 6% to $2.07 per share compared to the second quarter of 2023.
• Midpoint of 2024 earnings guidance increased 8% to $6.92 per share, or a return on equity of 18.7%.
• Received approval from the Minnesota Public Utilities Commission on Integrated Resource Plan.

CEO OVERVIEW

“We are pleased with our second quarter financial results,” said President and CEO Chuck MacFarlane, “as our team members continue to perform well amid changing market conditions. Plastics segment earnings increased 9 percent compared to the second quarter of 2023 due to higher sales volumes driven by customer sales volume growth and improved end market demand, partially offset by lower sales prices. Manufacturing segment earnings increased 15 percent, primarily driven by higher margins at BTD Manufacturing, partially offset by lower sales volumes. Electric segment earnings decreased 6 percent from the same time last year due to the impact of unfavorable weather.

“In May, Otter Tail Power received approval from the Minnesota Public Utilities Commission on its Integrated Resource Plan. The decision authorizes the addition of 200 to 300 megawatts of solar generation by 2027, and 150 to 200 megawatts of wind generation and 20 to 75 megawatts of battery storage by 2029. Otter Tail Power also received approval to designate the Minnesota portion of Coyote Station as an emergency-only resource starting as early as 2026, retaining the reliability benefits from the facility while simultaneously reducing its output and emissions.

“The process to receive final approval of our Integrated Resource Plan was complicated by changing energy policy and environmental regulation impacting the power system and changing market conditions in MISO influencing our preferred plan since our initial filing in 2021. I am grateful to our team members and the other parties to the docket for reaching a favorable outcome that helps to preserve reliability while we continue transitioning to cleaner energy.

“Despite our strong quarterly financial results within the Manufacturing segment, we continue to face end market demand related headwinds and anticipate conditions to soften further in the second half of 2024. We will continue to take action to manage costs and mitigate the impact of lower sales volumes.

“Our Plastics segment continues to perform exceptionally well, capitalizing on customer sales volume growth and distributor and end market demand. The sales price of PVC pipe continues to decline but at a slower rate than what we originally anticipated.

“We are increasing our 2024 diluted earnings per share guidance to a range of $6.77 to $7.07 from our previous range of $6.23 to $6.53 primarily due to continued strength within the Plastics segment.”

QUARTERLY DIVIDEND

On August 5, 2024, the corporation’s Board of Directors declared a quarterly common stock dividend of $0.4675 per share. This dividend is payable September 10, 2024 to shareholders of record on August 15, 2024.

CASH FLOWS AND LIQUIDITY

Our consolidated cash provided by operating activities for the six months ended June 30, 2024 was $223.5 million compared to $184.5 million for the six months ended June 30, 2023, with the increase primarily due to increased earnings from our Plastics segment.

Investing activities for the six months ended June 30, 2024 included capital expenditures of $175.5 million and the purchase of long-term marketable securities of $50.1 million. Capital expenditures during the period were largely within our Electric segment, including investments in our wind repowering and advanced metering infrastructure projects, but also included continued investments in our manufacturing facility expansion projects in Arizona and Georgia. Financing activities for the six months ended June 30, 2024 included the issuance of $120.0 million of long-term debt at Otter Tail Power; the proceeds of which were used to repay short-term borrowings, fund capital investments, and support operating activities. Financing activities for the six months ended June 30, 2024 also included dividend payments of $39.1 million.

As of June 30, 2024, we had $170.0 million and $148.1 million of available liquidity under our Otter Tail Corporation and Otter Tail Power Credit Agreements, respectively, along with $230.7 million of available cash and cash equivalents, for total available liquidity of $548.7 million.

SEGMENT PERFORMANCE

Electric Segment

 

Three Months Ended June 30,

 

 

 

 

($ in thousands)

 

2024

 

 

 

2023

 

 

Change

 

% Change

Operating Revenues

$

112,828

 

$

113,763

 

$

(935

)

 

(0.8

)%

Net Income

 

18,485

 

 

 

19,634

 

 

 

(1,149

)

 

(5.9

)

 

 

 

 

 

 

 

 

Retail MWh Sales

 

1,315,504

 

 

 

1,345,830

 

 

 

(30,326

)

 

(2.3

)%

Heating Degree Days

 

372

 

 

 

639

 

 

 

(267

)

 

(41.8

)

Cooling Degree Days

 

61

 

 

 

254

 

 

 

(193

)

 

(76.0

)

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

 

Three Months Ended June 30,

 

2024

 

 

2023

 

HDDs

68.8

%

 

120.6

%

CDDs

48.8

%

 

215.3

%

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 for the three months ended June 30, 2024 and 2023.

 

2024 vs

Normal

 

2024 vs

2023

 

2023 vs

Normal

Effect on Diluted Earnings Per Share

$

(0.03

)

 

$

(0.07

)

 

$

0.04

Operating Revenues decreased $0.9 million primarily due to a decrease in retail revenue from the impact of unfavorable weather, as well as decreased transmission revenue. During the second quarter last year updates were made to estimated project costs for certain transmission projects and previously estimated recovery amounts for annual operating expenses were finalized which resulted in a nonrecurring increase in revenue during the period. The impact of unfavorable weather and decreases in transmission revenues were partially offset by an increase in retail revenues due to an interim rate increase in North Dakota in connection with our rate case filed in November 2023, increased fuel recovery revenues, and increased commercial and industrial sales.

Net Income decreased $1.1 million primarily due to the impact of unfavorable weather, as described above, partially offset by decreased operating and maintenance expenses, the interim rate increase in North Dakota, and increased commercial and industrial sales.

Manufacturing Segment

 

Three Months Ended June 30,

 

 

 

 

(in thousands)

 

2024

 

 

 

2023

 

 

$ Change

 

% Change

Operating Revenues

$

96,684

 

$

102,475

 

$

(5,791

)

 

(5.7

)%

Net Income

 

6,835

 

 

 

5,969

 

 

 

866

 

 

14.5

 

Operating Revenues decreased $5.8 million primarily due to decreased sales volumes at both of our manufacturing businesses, with an overall sales volume decrease of 13% compared to the same period last year. At BTD Manufacturing, our contract metal fabricator, sales volumes declined primarily in the lawn and garden and agriculture end markets. A 31% decline in scrap metal revenues also contributed to the overall decrease in operating revenues. Decreased sales volumes and scrap revenues were partially offset by increased steel prices, resulting in a 5% increase in material costs, which are passed through to customers. At T.O. Plastics, our plastics thermoforming manufacturer, sales volume declines were primarily attributable to decreased sales of horticulture products as customers and distributors continued to reduce inventory levels from the high levels previously established due to supply chain challenges.

Net Income increased $0.9 million primarily due to increased margins at BTD Manufacturing driven by a positive impact from the timing of pass-through steel cost fluctuations and the selling of lower cost inventory, as well as favorable product mix compared to the same period last year. These positive impacts were partially offset by lower sales volumes and lower scrap sales, as described above. Decreased profit margins at T.O. Plastics driven by a reduced leverage of fixed manufacturing costs resulting from decreased production and sales volumes, as described above, also partially offset the overall increase in earnings compared to the same period last year.

Plastics Segment

 

Three Months Ended June 30,

 

 

 

 

(in thousands)

 

2024

 

 

 

2023

 

 

$ Change

 

% Change

Operating Revenues

$

132,824

 

$

121,478

 

$

11,346

 

9.3

%

Net Income

 

60,612

 

 

 

55,392

 

 

 

5,220

 

 

9.4

 

Operating Revenues increased $11.3 million primarily due to a 26% increase in sales volumes driven by customer sales volume growth and distributor and end market demand. Sales volumes in the second quarter of last year were negatively impacted by distributors’ inventory management strategies amid uncertain market conditions. Although demand has recovered from last year, sales prices have continued to decline. Sales prices decreased 13% compared to the same period last year, partially offsetting the impact of increased sales volumes.

Net Income increased $5.2 million primarily due to increased sales volumes, as described above. Resin and other input material costs decreased 14% compared to the same period last year and have remained relatively stable during the first half of the year.

Corporate

 

Three Months Ended June 30,

 

 

 

 

(in thousands)

 

2024

 

 

 

2023

 

 

$ Change

 

% Change

Net Income

$

1,063

 

$

974

 

$

89

 

9.1

%

2024 BUSINESS OUTLOOK

We are increasing our 2024 diluted earnings per share range to $6.77 to $7.07. We expect our earnings mix in 2024, based on our updated guidance, to be approximately 31% from our Electric segment and 69% from our Manufacturing and Plastics segments, net of corporate costs.

The segment components of our 2024 diluted earnings per share guidance compared with actual earnings for 2023 are as follows:

 

 

 

 

 

2024 EPS Guidance

 

2024 EPS Guidance

 

 

 

2023 EPS

by Segment

 

May 6, 2024

 

August 5, 2024

 

 

 

Low

 

High

 

Low

 

High

Electric

 

 

$

2.01

 

 

$

2.13

 

 

$

2.17

 

 

$

2.13

 

 

$

2.17

 

Manufacturing

 

 

 

0.51

 

 

 

0.45

 

 

 

0.49

 

 

 

0.36

 

 

 

0.40

 

Plastics

 

 

 

4.47

 

 

 

3.78

 

 

 

3.97

 

 

 

4.35

 

 

 

4.54

 

Corporate

 

 

 

0.01

 

 

 

(0.13

)

 

 

(0.10

)

 

 

(0.07

)

 

 

(0.04

)

Total

 

 

$

7.00

 

 

$

6.23

 

 

$

6.53

 

 

$

6.77

 

 

$

7.07

 

Return on Equity

 

 

 

22.1

%

 

 

17.1

%

 

 

17.8

%

 

 

18.3

%

 

 

19.0

%

The following items contribute to our revised 2024 earnings guidance:

Electric Segment - We are maintaining our guidance, expecting earnings to increase 7% over 2023.

Manufacturing Segment - We are decreasing our segment earnings guidance based on:

• Anticipated lower sales volumes as end market demand softens, primarily within the recreational vehicle, agriculture, construction and horticulture markets, and
• Declining operating margins as lower production and sales volumes negatively impact leverage of our fixed manufacturing costs.

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

• Better than expected financial results in the second quarter of 2024, and
• A slower decline in product sales prices than previously expected over the second half of 2024.

Corporate Costs - We are reducing our corporate cost estimate primarily due to an increase in expected income on our cash equivalent investments from a higher anticipated yield and an increase in invested funds driven by an increase in expected earnings and cash flows from our Plastics segment.

CONFERENCE CALL AND WEBCAST

The corporation will host a live webcast on Tuesday, August 6, 2024, at 10:00 a.m. CT 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,” “can,” “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 2024 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 that impact the demand for our products, pricing and margin, 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, cybersecurity threats or data breaches, the impact of government legislation and regulation including foreign trade policy and environmental, health and safety laws and regulations, changes in tax laws and regulations, the impact of climate change including compliance with legislative and regulatory changes to address climate change, expectations regarding regulatory proceedings, including state utility commission approval of resource plans, assigned service areas, the siting and construction of major facilities, capital structure, and allowed customer rates, 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 June 30,

 

Six Months Ended June 30,

(in thousands, except per-share amounts)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Operating Revenues

 

 

 

 

 

 

 

Electric

$

112,828

 

 

$

113,763

 

 

$

254,317

 

 

$

265,671

 

Product Sales

 

229,508

 

 

 

223,953

 

 

 

435,087

 

 

 

411,126

 

Total Operating Revenues

 

342,336

 

 

 

337,716

 

 

 

689,404

 

 

 

676,797

 

Operating Expenses

 

 

 

 

 

 

 

Electric Production Fuel

 

12,324

 

 

 

14,833

 

 

 

30,018

 

 

 

26,326

 

Electric Purchased Power

 

9,249

 

 

 

5,212

 

 

 

31,771

 

 

 

47,037

 

Electric Operating and Maintenance Expense

 

44,652

 

 

 

45,522

 

 

 

92,630

 

 

 

91,070

 

Cost of Products Sold (excluding depreciation)

 

116,795

 

 

 

120,658

 

 

 

231,518

 

 

 

233,027

 

Nonelectric Selling, General, and Administrative Expenses

 

18,154

 

 

 

16,870

 

 

 

37,067

 

 

 

35,568

 

Depreciation and Amortization

 

26,632

 

 

 

24,232

 

 

 

52,528

 

 

 

48,089

 

Electric Property Taxes

 

3,619

 

 

 

4,336

 

 

 

7,986

 

 

 

8,957

 

Total Operating Expenses

 

231,425

 

 

 

231,663

 

 

 

483,518

 

 

 

490,074

 

Operating Income

 

110,911

 

 

 

106,053

 

 

 

205,886

 

 

 

186,723

 

Other Income and (Expense)

 

 

 

 

 

 

 

Interest Expense

 

(10,202

)

 

 

(9,696

)

 

 

(20,052

)

 

 

(19,111

)

Nonservice Components of Postretirement Benefits

 

2,388

 

 

 

2,421

 

 

 

4,830

 

 

 

4,833

 

Other Income (Expense), net

 

4,490

 

 

 

3,253

 

 

 

9,069

 

 

 

5,370

 

Income Before Income Taxes

 

107,587

 

 

 

102,031

 

 

 

199,733

 

 

 

177,815

 

Income Tax Expense

 

20,592

 

 

 

20,062

 

 

 

38,400

 

 

 

33,365

 

Net Income

$

86,995

 

 

$

81,969

 

 

$

161,333

 

 

$

144,450

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

Basic

 

41,784

 

 

 

41,678

 

 

 

41,754

 

 

 

41,655

 

Diluted

 

42,068

 

 

 

42,053

 

 

 

42,051

 

 

 

42,035

 

Earnings Per Share:

 

 

 

 

 

 

 

Basic

$

2.08

 

 

$

1.97

 

 

$

3.86

 

 

$

3.47

 

Diluted

$

2.07

 

 

$

1.95

 

 

$

3.84

 

 

$

3.44

 

 

OTTER TAIL CORPORATION

CONSOLIDATED BALANCE SHEETS (unaudited)

 

 

June 30,

 

December 31,

(in thousands)

 

2024

 

 

 

2023

 

Assets

 

 

 

Current Assets

 

 

 

Cash and Cash Equivalents

$

230,672

 

$

230,373

Receivables, net of allowance for credit losses

 

191,946

 

 

 

157,143

 

Inventories

 

161,787

 

 

 

149,701

 

Regulatory Assets

 

8,172

 

 

 

16,127

 

Other Current Assets

 

21,551

 

 

 

16,826

 

Total Current Assets

 

614,128

 

 

 

570,170

 

Noncurrent Assets

 

 

 

Investments

 

117,062

 

 

 

62,516

 

Property, Plant and Equipment, net of accumulated depreciation

 

2,538,841

 

 

 

2,418,375

 

Regulatory Assets

 

95,605

 

 

 

95,715

 

Intangible Assets, net of accumulated amortization

 

6,293

 

 

 

6,843

 

Goodwill

 

37,572

 

 

 

37,572

 

Other Noncurrent Assets

 

51,282

 

 

 

51,377

 

Total Noncurrent Assets

 

2,846,655

 

 

 

2,672,398

 

Total Assets

$

3,460,783

 

 

$

3,242,568

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

Current Liabilities

 

 

 

Short-Term Debt

$

12,809

 

 

$

81,422

 

Accounts Payable

 

126,926

 

 

 

94,428

 

Accrued Salaries and Wages

 

25,972

 

 

 

38,134

 

Accrued Taxes

 

20,608

 

 

 

26,590

 

Regulatory Liabilities

 

45,183

 

 

 

25,408

 

Other Current Liabilities

 

39,454

 

 

 

43,775

 

Total Current Liabilities

 

270,952

 

 

 

309,757

 

Noncurrent Liabilities and Deferred Credits

 

 

 

Pensions Benefit Liability

 

32,781

 

 

 

33,101

 

Other Postretirement Benefits Liability

 

27,759

 

 

 

27,676

 

Regulatory Liabilities

 

275,068

 

 

 

276,547

 

Deferred Income Taxes

 

249,489

 

 

 

237,273

 

Deferred Tax Credits

 

14,799

 

 

 

15,172

 

Other Noncurrent Liabilities

 

80,691

 

 

 

75,977

 

Total Noncurrent Liabilities and Deferred Credits

 

680,587

 

 

 

665,746

 

Commitments and Contingencies

 

 

 

Capitalization

 

 

 

Long-Term Debt

 

943,592

 

 

 

824,059

 

Shareholders’ Equity

 

 

 

Common Shares

 

209,072

 

 

 

208,553

 

Additional Paid-In Capital

 

427,264

 

 

 

426,963

 

Retained Earnings

 

928,553

 

 

 

806,342

 

Accumulated Other Comprehensive Income

 

763

 

 

 

1,148

 

Total Shareholders' Equity

 

1,565,652

 

 

 

1,443,006

 

Total Capitalization

 

2,509,244

 

 

 

2,267,065

 

Total Liabilities and Shareholders' Equity

$

3,460,783

 

 

$

3,242,568

 

 

OTTER TAIL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

Six Months Ended June 30,

(in thousands)

 

2024

 

 

 

2023

 

Operating Activities

 

 

 

Net Income

$

161,333

 

 

$

144,450

 

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

 

 

 

Depreciation and Amortization

 

52,528

 

 

 

48,089

 

Deferred Tax Credits

 

(372

)

 

 

(372

)

Deferred Income Taxes

 

9,492

 

 

 

8,708

 

Investment Gains

 

(3,111

)

 

 

(4,295

)

Stock Compensation Expense

 

6,824

 

 

 

6,484

 

Other, net

 

(1,251

)

 

 

161

 

Change in Operating Assets and Liabilities:

 

 

 

Receivables

 

(34,803

)

 

 

(50,558

)

Inventories

 

(11,551

)

 

 

2,396

 

Regulatory Assets

 

7,361

 

 

 

7,320

 

Other Assets

 

(3,951

)

 

 

3,561

 

Accounts Payable

 

41,239

 

 

 

1,037

 

Accrued and Other Liabilities

 

(19,312

)

 

 

(4,271

)

Regulatory Liabilities

 

23,863

 

 

 

27,169

 

Pension and Other Postretirement Benefits

 

(4,828

)

 

 

(5,382

)

Net Cash Provided by Operating Activities

 

223,461

 

 

 

184,497

 

Investing Activities

 

 

 

Capital Expenditures

 

(175,528

)

 

 

(151,516

)

Proceeds from Disposal of Noncurrent Assets

 

5,124

 

 

 

2,970

 

Purchases of Investments and Other Assets

 

(57,661

)

 

 

(5,079

)

Net Cash Used in Investing Activities

 

(228,065

)

 

 

(153,625

)

Financing Activities

 

 

 

Net Borrowings (Repayments) on Short-Term Debt

 

(68,612

)

 

 

41,993

 

Proceeds from Issuance of Long-Term Debt

 

120,000

 

 

 

—

 

Dividends Paid

 

(39,122

)

 

 

(36,524

)

Payments for Shares Withheld for Employee Tax Obligations

 

(5,753

)

 

 

(3,088

)

Other, net

 

(1,610

)

 

 

(1,671

)

Net Cash Provided by Financing Activities

 

4,903

 

 

 

710

 

Net Change in Cash and Cash Equivalents

 

299

 

 

 

31,582

 

Cash and Cash Equivalents at Beginning of Period

 

230,373

 

 

 

118,996

 

Cash and Cash Equivalents at End of Period

$

230,672

 

 

$

150,578

 

 

OTTER TAIL CORPORATION

SEGMENT RESULTS (unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Operating Revenues

 

 

 

 

 

 

 

Electric

$

112,828

 

 

$

113,763

 

 

$

254,317

 

 

$

265,671

 

Manufacturing

 

96,684

 

 

 

102,475

 

 

 

196,065

 

 

 

209,257

 

Plastics

 

132,824

 

 

 

121,478

 

 

 

239,022

 

 

 

201,869

 

Total Operating Revenues

$

342,336

 

 

$

337,716

 

 

$

689,404

 

 

$

676,797

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

Electric

$

22,597

 

 

$

25,188

 

 

$

51,639

 

 

$

55,284

 

Manufacturing

 

9,600

 

 

 

8,320

 

 

 

17,014

 

 

 

17,829

 

Plastics

 

82,089

 

 

 

75,035

 

 

 

145,392

 

 

 

120,718

 

Corporate

 

(3,375

)

 

 

(2,490

)

 

 

(8,159

)

 

 

(7,108

)

Total Operating Income

$

110,911

 

 

$

106,053

 

 

$

205,886

 

 

$

186,723

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

Electric

$

18,485

 

 

$

19,634

 

 

$

40,956

 

 

$

42,854

 

Manufacturing

 

6,835

 

 

 

5,969

 

 

 

12,096

 

 

 

12,831

 

Plastics

 

60,612

 

 

 

55,392

 

 

 

107,350

 

 

 

89,078

 

Corporate

 

1,063

 

 

 

974

 

 

 

931

 

 

 

(313

)

Total Net Income

$

86,995

 

 

$

81,969

 

 

$

161,333

 

 

$

144,450

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240805789576/en/

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