Good morning, and welcome to Otter Tail Corporation's Second Quarter 2025 Earnings Conference Call. Today's call is being recorded. We will hold a question-and-answer session after the prepared remarks. I'll now turn the call over to the company for their opening comments.

Good morning, and welcome to our second quarter 2025 earnings conference call. My name is Beth Eiken, and I'm Otter Tail Corporation's Manager of Investor Relations. Last night, we announced our second quarter financial results. Our complete earnings release and slides accompanying this call are available on our website at ottertail.com. A recording of this call will be available on our website later today. With me on the call are Chuck MacFarlane, Otter Tail Corporation's President and CEO; and Todd Wahlund, Otter Tail Corporation's Vice President and CFO. Before we begin, I want to remind you that we will be making forward-looking statements during the course of this call. As noted on Slide 2, these statements represent our current views and expectations of future events. They are subject to risks and uncertainties, which may cause actual results to differ from those presented here. So please be advised against placing undue reliance on any of these statements. Our forward-looking statements are described in more detail in our filings with the Securities and Exchange Commission, which we encourage you to review. Otter Tail Corporation disclaims any duty to update or revise our forward-looking statements due to new information, future events, developments or otherwise. I will now turn the call over to Otter Tail Corporation's President and CEO, Mr. Chuck MacFarlane.

. Thank you, Beth. Good morning, and welcome to our second quarter earnings call. Please refer to Slide 4 as I begin my remarks with a summary of quarterly highlights. We are pleased with our Q2 financial results as they outpaced our expectations. Our team members continue to perform well and remain committed to our mission of delivering value by building strong electric and manufacturing platforms. In June, severe weather moved through our service territory, resulting in significant infrastructure and property damage. Nearly 1 in 3 of our customers experienced a sustained interruption to their electric service due to the storms. I'm appreciative of our team members' efforts in working to restore power for our customers as safely and quickly as possible. Beyond our storm response, we continue to deliver upon a significant rate base growth plan and regulatory priorities. We secured regulatory approval from the Minnesota and South Dakota Commissions to direct assignment of our two solar projects under development and filed our South Dakota rate case. Across our manufacturing platform, our team members are capitalizing on our recent expansion projects to better serve and grow with our customers. We continue ramping up the new BTD Georgia facility to full production capability. Vinyltech continues to benefit from its enhanced facilities as well as its new line capable of producing large diameter pipe. Slide 5 provides a summary of our quarter and year-to-date earnings. We produced diluted earnings per share of $1.85 in the second quarter compared to $2.07 last year. Despite the expected decline in earnings, we are increasing the midpoint of our 2025 earnings guidance to $6.26 from $5.88 as the Plastics segment is performing better than we anticipated. We are maintaining the earnings guidance range for all other segments. In a moment, Todd will provide a more…

Thank you, Chuck, and good morning, everyone. Turning to Slide 19. We produced diluted earnings per share of $1.85 in the second quarter compared to $2.07 the same time last year. These results outpaced our expectations. Please follow along on Slides 20 and 21 as I provide an overview of quarterly financial results by segment. Electric segment earnings increased $0.02 per share in the second quarter. We continue to have timely recovery on our capital investments, and this resulted in higher rider revenues. We also experienced favorable weather conditions compared to the same time last year. This was partially offset by increased operating and maintenance expenses, largely due to a planned major maintenance outage at Coyote Station. We did not incur these expenses in 2024. We also had higher depreciation and interest expense as a result of our capital investments. Manufacturing segment earnings decreased $0.08 per share, primarily due to product pricing benefits in the second quarter of 2024. Operating margins in the second quarter of 2024 were higher due to the timing of pass-through steel cost fluctuations and the selling of lower cost inventory. Lower sales volumes and the resulting deleveraging of our fixed production costs also negatively impacted segment earnings in the second quarter of 2025. Our team continues to focus on managing costs in the business, aligning our cost structure with the current demand environment and positioning to respond well when the end market demand rebounds. Despite the current down cycle period, the long-term fundamentals of our Manufacturing segment remains strong, and we continue to benefit from the incremental earnings and cash flow generated by these businesses. We have a solid track record in the Manufacturing segment of performing well when the end markets rebound. Turning to Slide 21. The Plastics segment continues to perform well, but…

[Operator Instructions] There are currently no questions in the queue, but we'll wait for another moment or 2 to see if anyone would like to line up in the queue. If there are still no questions, I will turn it back over to Chuck for his closing remarks.

Thank you for joining our call and your interest in Otter Tail Corporation. If you have any questions, please reach out to our Investor Relations team. And we look forward to speaking with you next quarter.

Thank you. This does conclude the program, and you may now disconnect.