BISMARCK, N.D., May 2, 2024 /PRNewswire/ -- Pipeline has record first quarter earnings, up 82%. Utility first quarter earnings up 4%. Everus reports 8% earnings increase, record first quarter EBITDA and all-time record backlog. 2024 guidance affirmed: Regulated energy delivery earnings in the range of $170 million to $180 million; Everus revenues of $2.9 billion to $3.1 billion with EBITDA of $220 million to $240 million. MDU Resources Group, Inc. (NYSE: MDU) today reported strong first quarter results fr ...

MDU Resources Group (MDU) 2024 Investor Day Summary Company Overview - MDU Resources Group is transitioning to a pure play regulated utility company after the spin-off of Knife River in early 2023 and the anticipated spin-off of MDU Construction Services Group (now Everest Construction Group) expected at the end of 2024 [7][10][11] - The company serves 1.2 million customers across eight states with over 30,000 miles of electric and natural gas transmission and distribution lines, and has plans to invest $2.7 billion in regulated infrastructure over the next five years [8][11] Financial Performance - MDU's Utility Group earnings increased by 17% over 2022, with significant capital investments driving rate base growth of over 8.5% [71] - Pipeline earnings rose by 33% year-over-year, attributed to expansion projects and higher contracted volume commitments [72] - Everest Construction Group reported record revenue, earnings, and EBITDA, with a compound annual growth rate of 17% over the past five years [57][72] Strategic Focus - The company aims for nearly 100% regulated business, providing stability and predictability in cash flow [11][26] - MDU's long-term guidance includes an EPS growth rate of 6% to 8% and utility rate base growth of 7% [21][87] - The CORE framework focuses on customers and communities, operational excellence, returns-focused strategies, and employee engagement [13][25] Regulatory Environment - MDU has a proactive regulatory strategy, with significant activity in 2023 including completed rate cases in North Dakota and Montana [76][77] - The company plans to file several new rate cases in 2024, aiming to minimize regulatory lag and enhance earnings growth [77][78] Sustainability Initiatives - MDU is committed to reducing greenhouse gas emissions, with targets of a 45% reduction by 2030 for its electric utility and a 30% reduction for its natural gas utility by 2035 [43][42] - The company is also focusing on renewable natural gas and has established interconnection agreements to enhance its sustainability efforts [44] Market Opportunities - The company sees strong growth potential in the electrical and mechanical infrastructure markets, driven by federal funding and the demand for large-scale transmission projects [63][85] - The data center market is a significant growth opportunity, with a major customer addition in 2023 and plans for further expansions [23][72] Conclusion - MDU Resources Group is positioned for long-term growth with a strong balance sheet, a focus on regulated utility operations, and a commitment to sustainability and community engagement [88][89] - The anticipated spin-off of Everest Construction Group is expected to enhance shareholder value and allow both entities to focus on their core strengths [85][88]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number 1-03480 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Financial Data and Key Metrics - Full year 2023 earnings were $414.7 million or $2.03 per share on a GAAP basis, compared to $367.5 million or $1.81 per share in 2022 [20] - Income from continuing operations in 2023 was $480.4 million or $2.36 per share, compared to $250.8 million or $1.23 per share in 2022 [20] - Adjusted income from continuing operations for 2023 was $305.1 million or $1.50 per share, compared to $254.5 million or $1.25 per share in 2022 [32] - The pipeline business posted record earnings of $46.9 million in 2023, a 33% increase from $35.3 million in 2022 [38] Business Line Performance - The combined utility business reported record earnings of $120.1 million in 2023, up from $102.3 million in 2022 [4] - Electric Utility earnings increased to $71.6 million in 2023 from $57.1 million in 2022, driven by higher retail sales revenue and transmission interconnect upgrades [4] - The natural gas utility business reported earnings of $48.5 million in 2023, up from $45.2 million in 2022, primarily due to higher retail sales revenues and investment returns [21] - Construction Services business reported record revenues of $2.85 billion and record earnings of $137.2 million in 2023, compared to $2.7 billion and $124.8 million in 2022 [22] - EBITDA for Construction Services increased 15% year-over-year to $222.7 million in 2023 [22] Market and Operational Data - The pipeline business achieved record annual transportation volumes in 2023, with a capacity of approximately 2.6 billion cubic feet of natural gas per day, reflecting a 6.6% annual growth rate over the previous 5 years [1] - The company plans to invest $405 million in the pipeline business over the next 5 years to expand natural gas transportation capacity [1] - The utility business serves 1.2 million customers, with rate base growth of 8.5% in 2023 and customer growth of 1.3% [29] - The company expects to grow rate base by approximately 7% compounded annually over the next 5 years and plans to invest $2.3 billion in utility infrastructure [29] Strategic Direction and Industry Competition - The company is transitioning to a pure-play regulated energy delivery business, with the spin-off of Knife River completed and the Construction Services spin-off expected by late 2024 [25] - The company is focusing on system growth in its pipeline business, with several expansion projects expected to be in service by 2024 [1] - Construction Services is well-positioned to benefit from increased bidding opportunities due to funding from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act [30] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about growth opportunities in regulated delivery projects and the strong demand for Construction Services [47] - The company initiated 2024 earnings guidance for regulated energy delivery businesses in the range of $170 million to $180 million [18] - Construction Services revenue guidance for 2024 is in the range of $2.9 billion to $3.1 billion, with EBITDA guidance of $220 million to $240 million [30] - The company expects to file multiyear rate cases in Washington and rate cases in Montana, Oregon, and Wyoming during 2024 [28] Other Important Information - The Heskett Unit IV natural gas-fired electric generating facility is expected to be fully operational by Q2 2024 after operational setbacks [17] - Interim natural gas rates in North Dakota were implemented on January 1, 2024, increasing revenues by $10.1 million or 6.5% [16] - The company maintains a strong balance sheet and ample access to working capital to finance operations [40] Q&A Session Summary Question: Update on MISO Tranche 1 transmission projects - The project is progressing within the $220 million capital budget, with expenditures expected in 2026 and 2027, and the property to be in service by 2028 [65][66] Question: Outlook for renewable-related customers - The company has picked up more renewable work in the Midwest and Southwest, with several projects targeted for backlog in the current quarter [50] Question: Impact of severe weather in California - The company has experienced some labor hour impacts due to severe weather but has also captured storm work opportunities in the Midwest [51] Question: Comparison of current guidance to prior years - Management views the current guidance as enthusiastic, reflecting strong demand for services and consistent backlog [54] Question: Timing of pipeline expansion projects - The Line Section 27 expansion is expected to come online in Q1 2024, and the Wahpeton expansion is expected in November 2024 [77] Question: Impact of Heskett Unit IV delay on power costs - Elevated costs from the January winter weather event will flow through fuel clause adjustments but are unrelated to Heskett [79][80] Question: Drivers of lower EBITDA guidance for Construction Services in 2024 - The guidance reflects new project starts and timing, with confidence in achieving record performance levels [81]

MDU Resources Group Inc. (NYSE:MDU) Q3 2023 Earnings Conference Call November 2, 2023 2:00 PM ET Company Participants Jason Vollmer - VP, CFO & Treasurer Dave Goodin - President, CEO & Director Jeff Thiede - President & CEO of MDU Construction Services Group, Inc Nicole Kivisto - CEO & President of Cascade Natural Gas Corp, Intermountain Gas Co & Montana-Dakota Utilities Co. Dariusz Lozny - Bank of America Chris Ellinghaus - Siebert Williams Shank Ryan Levine - Citi Brian Russo - Sidoti Operator Hello. My n ...

For the transition period from _____________ to ______________ Commission file number 1-03480 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered p ...

MDU Resources Group, Inc. (NYSE:MDU) Q2 2023 Results Conference Call August 3, 2023 2:00 PM ET Company Participants Jason Vollmer - Vice President, Chief Financial Officer and Treasurer Dave Goodin - President and CEO Stephanie Barth - Vice President, Chief Accounting Officer and Controller, MDU Resources Nicole Kivisto - President and CEO, Utility Group Rob Johnson - President, WBI Energy Jeff Thiede - President and CEO, MDU Construction Services Group Conference Call Participants Dariusz Lozny - Bank of A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number 1-03480 MDU RESOURCES GROUP INC (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...

EMDU RESOL B D F Separation Announcement MDU LISTED 昌昌MDU RESOURC NYSE 6 KNIFE RIVER ANNOUNCEMENT MDU Resources Group board of directors has approved the previously announced separation of Knife River Knife River separation effective May 31 MDU Resources stockholders will retain their current shares of MDU On the distribution date of May 31, each MDU Resources stockholder will receive a distribution of one share of KNF for every four shares of MDU Management to present Knife River's investment highlights, o ...

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $38.3 million or $0.19 per share on a GAAP basis, with adjusted earnings of $46.6 million or $0.23 per share, compared to first quarter 2022 GAAP earnings of $31.7 million or $0.16 per share [6] - The combined utility business reported earnings of $55.5 million for the quarter compared to earnings of $47.6 million for the first quarter in 2022 [26] - The electric utility segment reported first quarter earnings of $16.6 million compared to $11.3 million for the same period in 2022 [26] Business Line Data and Key Metrics Changes - The natural gas utility segment reported first quarter earnings of $38.9 million compared to $36.3 million in the first quarter of 2022, driven by approved rate relief and a 4.2% increase in retail sales volumes [7] - Construction Services reported record quarterly revenue of $754.3 million in the first quarter, with earnings of $26.1 million compared to revenue of $552.6 million and earnings of $21.3 million for the same period in 2022 [8] - The Construction Materials business reported first quarter revenue of $307.9 million and a seasonal loss of $41.3 million compared to prior year first quarter revenue of $310 million and a seasonal loss of $40 million [9] Market Data and Key Metrics Changes - The company experienced record first quarter transportation volumes in its pipeline business, with increased transportation revenues due to the North Bakken expansion project [33] - The construction materials business was negatively impacted by unfavorable weather across most regions, particularly in the Pacific region, resulting in decreased volumes for certain products [9] Company Strategy and Development Direction - The company is constructing the Heskett Unit 4, an 88-megawatt natural gas-fired electric generating facility, expected to be operational this summer [11] - The company filed a rate case with the Federal Energy Regulatory Commission seeking rate increases for its transportation and storage services, with new rates expected to take effect August 1 [12] - The company is increasing its revenue guidance range for 2023 to $2.8 billion to $3 billion, expecting slightly higher margins compared to 2022 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in regulated energy delivery projects and strong demand for construction services [78] - The company expects its rate base to grow between 6% and 7% compounded annually over the next five years, driven by investments in system infrastructure upgrades [32] - Management noted that inflationary pressures have impacted margins but are being offset by price increases across product lines [9][35] Other Important Information - The spin-off of Knife River is expected to be completed on May 31, with stockholders receiving one share of Knife River stock for every four shares of MDU Resources stock owned [15] - The Board of Directors declared a quarterly dividend of $0.224 per share, unchanged from the previous quarter, payable on July 1 [16] Q&A Session Summary Question: What drove the light volumes in ready-mix concrete? - Management indicated that weather had a significant impact, with record snowfalls and rain affecting operations, along with the sale of the Beaumont operations and a softening residential market [53] Question: What is the status of the strategic review of the construction services business? - Management confirmed that the review is expected to be completed in the second quarter of 2023, with no conclusions drawn yet [42] Question: Can you provide details on the weather impact on contracting services? - Management noted that California's heavy rain led to a significant loss of operational days, but they expect to benefit from flood restoration and storm repair work [65] Question: What is the backlog status and margin outlook? - The company reported a record backlog of $959 million, with no cancellations of backlog projects, and expects margins to improve as inflationary pressures are addressed [66][68]