MDU Resources Group Inc

Latest Results (07.08.2024):

Record Pipeline Earnings

MDU Resources Group Inc. reported record first quarter earnings for its pipeline segment, which saw an 82% increase compared to the same period in 2023. The pipeline business achieved earnings of $15.1 million, driven by record transportation volumes and strong demand for storage services.

Utility Earnings Growth

In the first quarter of 2024, MDU Resources Group Inc.'s utility segment experienced a 4% increase in earnings, reaching $58.0 million. This growth was attributed to approved rate relief in certain jurisdictions and an 8% increase in electric retail sales volumes, primarily due to a new data center in the service territory.

Everus Performance

Everus, a subsidiary of MDU Resources Group Inc., reported an 8% increase in earnings for the first quarter of 2024, along with record EBITDA and an all-time record backlog. The company achieved revenues of $625.7 million and earnings of $28.2 million, driven by higher demand for utility-related transmission and underground work.

Affirmed 2024 Guidance

MDU Resources Group Inc. affirmed its 2024 guidance, projecting regulated energy delivery earnings in the range of $170 million to $180 million. Additionally, Everus is expected to generate revenues between $2.9 billion and $3.1 billion, with EBITDA ranging from $220 million to $240 million.

Adjusted Earnings

MDU Resources Group Inc. reported adjusted income from continuing operations of $106.6 million for the first quarter of 2024, excluding costs associated with strategic initiatives. This represents an increase from $87.1 million in the first quarter of 2023, reflecting the company's ongoing efforts to optimize its business operations.