Shares of Otter Tail Corp (OTTR) plummeted by 5.58% on Monday after the electric utility company reported mixed results for the third quarter of 2024. While Otter Tail beat earnings estimates, its revenue fell short of expectations, fueling concerns about its growth prospects.

For the quarter ended September 30, 2024, Otter Tail reported adjusted earnings per share of $2.03, surpassing the consensus analyst estimate of $1.98. However, the company's revenue declined by 5.6% year-over-year to $338.03 million, falling well below the expected $377.15 million.

The revenue miss appears to have overshadowed Otter Tail's earnings beat, as investors reacted negatively to the company's top-line performance. Analysts had raised their earnings estimates for Otter Tail by nearly 14% in the last three months, but the disappointing revenue figures may have dampened their optimism.