FERGUS FALLS, Minn., Feb. 05, 2018 (GLOBE NEWSWIRE) -- Otter Tail Corporation (NASDAQ:OTTR) announced today the Board of Directors increased the company’s quarterly common stock dividend to $0.335 per share. The increase brings the annual indicated dividend rate to $1.34 per share, a $.06 increase over the 2017 rate. The dividend is payable on March 10, 2018 to shareholders of record on February 15, 2018.
This 4.7% increase, which is higher than our historical dividend growth rate, is a result of the positive impact to earnings from the “Tax Cuts & Jobs Act,” the company’s strong balance sheet, liquidity, cash generation profile and our commitment to enhancing shareholder returns. The Board believes this year’s dividend increase represents an appropriate use of capital.
This represents the 317th consecutive quarter dividends have been paid on common stock.
The corporation will issue a news release announcing year end 2017 financial results after the market close on February 12, 2018 and plans to discuss the expected impact on future earnings from the tax reform on its earnings call scheduled for February 13, 2018.
About Otter Tail Corporation: Otter Tail Corporation 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 located in Fergus Falls, Minnesota, and Fargo, North Dakota.