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MARKETS LIVE BLOG:

STOCKS RISE AS DOW EYES GAIN FOR 8TH STRAIGHT SESSION

U.S. consumer sentiment tumbles in May as inflation, interest rate worries take hold

Why Otter Tail Stock Was Down Today

Jeremy Bowman, The Motley Fool
·2 min read
Why Otter Tail Stock Was Down Today

Shares of Otter Tail (NASDAQ: OTTR) were sliding today after the utilities and manufacturing company posted better-than-expected results in its third-quarter earnings report but cut its guidance for the full year. Otter Tail said that revenue in the quarter jumped 21.3% to $383.9 million in part due to higher utility rates and materials prices. Sales were up at least 10% in all three of its business segments, with plastics recording the fastest growth at 32.4%, benefiting from the 57% rise in price per pound of PVC pipe.

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