Executive Summary & Financial Highlights [Second Quarter 2025 Overview](index=1&type=section&id=Second%20Quarter%202025%20Overview) MDU Resources' net income and diluted EPS significantly declined in Q2 2025 due to weather, operational cost challenges, and the Everus spinoff, yet the company maintained pipeline business growth and regulatory progress supporting its pure-play regulated energy delivery value proposition Consolidated Financial Results for Q2 2025 (YoY) | Metric | Q2 2025 | Q2 2024 | Change | | :--------------------------------- | :------ | :------ | :----- | | Net Income | $13.7M | $60.4M | -77.3% | | Diluted EPS | $0.07 | $0.30 | -76.7% | | Income from Continuing Operations | $14.1M | $20.2M | -30.2% | | Diluted EPS from Continuing Operations | $0.07 | $0.10 | -30.0% | Consolidated Financial Results for Six Months Ended June 30 (YoY) | Metric | Six Months 2025 | Six Months 2024 | Change | | :--------------------------------- | :------ | :------ | :----- | | Net Income | $95.7M | $161.3M | -40.7% | | Diluted EPS | $0.47 | $0.79 | -40.5% | | Income from Continuing Operations | $96.6M | $95.0M | +1.7% | | Diluted EPS from Continuing Operations | $0.47 | $0.47 | 0.0% | - On October 31, 2024, MDU Resources successfully completed the spinoff of Everus, which became an independent public company. Prior period results have been restated to reflect this spinoff, with Everus' historical operating results and related costs reported as discontinued operations[3](index=3&type=chunk) - Second quarter results were challenged by weather conditions and increased operations and maintenance expenses[3](index=3&type=chunk) [Full-Year 2025 Guidance Update](index=1&type=section&id=Full-Year%202025%20Guidance%20Update) The company narrowed its full-year 2025 EPS guidance to $0.88-$0.95 based on mid-year performance and weather impacts, while maintaining its long-term EPS growth rate guidance of 6%-8% 2025 Earnings Per Share Guidance | Metric | Updated Guidance | | :---------- | :--------- | | Diluted EPS | $0.88 - $0.95 | - Long-term EPS guidance remains unchanged, projecting a growth rate of **6%-8%**[4](index=4&type=chunk) - Guidance is based on assumptions including normal weather, economic, and operating conditions; continued utility customer growth of **1%-2%** annually; no equity issuances in 2025; and successful execution of approved capital investments and rate recovery plans[11](index=11&type=chunk) Segment Performance Analysis [Electric Utility Segment](index=2&type=section&id=Electric%20Utility%20Segment) The Electric Utility Segment's Q2 2025 net income decreased by 32.9% to $10.4 million, primarily due to increased O&M expenses, partially offset by South Dakota rate adjustments and data center-driven commercial retail sales growth [Financial Performance](index=8&type=section&id=Electric%20Utility%20Segment%20Financial%20Performance) The segment's Q2 2025 net income was $10.4 million, down from $15.5 million in 2024, with operating revenues slightly decreasing by 1.1% to $98.1 million and total operating expenses increasing by 7.8% to $86.9 million, driven by a 29.4% rise in O&M costs Electric Utility Segment Net Income | Period | 2025 | 2024 | Change | | :----- | :----- | :----- | :------- | | Q2 | $10.4M | $15.5M | (32.9)% | | Six Months | $25.4M | $33.4M | (24.0)% | Key Financial Metrics (Q2 2025 YoY Change) | Metric | 2025 | 2024 | Change | | :-------------------------- | :----- | :----- | :------- | | Operating Revenues | $98.1M | $99.2M | (1.1)% | | Operations and Maintenance | $29.9M | $23.1M | 29.4% | | Operating Income | $11.2M | $18.6M | (39.8)% | - Key drivers for the net income decrease include a **$1.9 million** (after-tax) increase in payroll-related costs, a **$1.6 million** (after-tax) increase in contract services costs related to the Coyote Station planned outage, and a **$1.4 million** (after-tax) increase in software expenses[24](index=24&type=chunk) - Partially offsetting the decrease were rate adjustments in South Dakota and increased commercial retail sales volumes, primarily driven by data center demand near Ellendale, North Dakota[24](index=24&type=chunk) [Regulatory and Operational Updates](index=2&type=section&id=Electric%20Utility%20Segment%20Regulatory%20and%20Operational%20Updates) The segment saw a 12.0% retail sales volume growth, driven by data center demand and sustained customer growth, with regulatory activities including a North Dakota filing for 49% ownership of the Badger Wind Project, a Wyoming general rate case seeking a $7.5 million annual increase, and a planned Montana electric general rate case later this year - Retail sales volumes increased by **12.0%**, primarily driven by data center demand[7](index=7&type=chunk) - Combined target growth rate for electric utility and natural gas distribution customer base is **1.4%** (YoY)[4](index=4&type=chunk) - North Dakota: Filed for pre-approval and a Certificate of Public Convenience and Necessity for a 49% ownership interest in the Badger Wind Project, with a hearing scheduled for September 9, 2025 - Wyoming: Filed a general rate case requesting an annual increase of **$7.5 million**, expected to be effective May 1, 2026 - Montana: Plans to file an electric general rate case later this year [Natural Gas Distribution Segment](index=2&type=section&id=Natural%20Gas%20Distribution%20Segment) The Natural Gas Distribution Segment reported a seasonal loss of $7.4 million in Q2 2025, up from a $5.0 million loss in 2024, mainly due to increased O&M expenses and lower sales volumes from warmer weather, partially offset by rate adjustments in Washington and Montana and increased transportation revenues [Financial Performance](index=10&type=section&id=Natural%20Gas%20Distribution%20Segment%20Financial%20Performance) The segment's Q2 2025 net loss increased to $7.4 million from $5.0 million in 2024, with operating revenues growing 2.7% to $206.9 million, but total operating expenses rising 4.7% to $209.8 million, including a 10.0% increase in O&M costs Natural Gas Distribution Segment Net Income (Loss) | Period | 2025 | 2024 | Change | | :----- | :----- | :----- | :------- | | Q2 | $(7.4)M | $(5.0)M | 48.0% | | Six Months | $37.3M | $35.0M | 6.6% | Key Financial Metrics (Q2 2025 YoY Change) | Metric | 2025 | 2024 | Change | | :-------------------------- | :----- | :----- | :------- | | Operating Revenues | $206.9M | $201.5M | 2.7% | | Operations and Maintenance | $60.5M | $55.0M | 10.0% | | Operating Income (Loss) | $(2.9)M | $1.2M | (341.7)% | - Key drivers for the increased seasonal loss include a **$2.1 million** (after-tax) increase in payroll-related costs, a **$0.9 million** (after-tax) increase in software expenses, and lower sales volumes due to warmer weather, particularly in Idaho[6](index=6&type=chunk)[27](index=27&type=chunk) - Partially offsetting the loss were increased retail sales revenues from rate adjustments in Washington and Montana, and growth in transportation revenues[6](index=6&type=chunk)[27](index=27&type=chunk) [Regulatory and Operational Updates](index=2&type=section&id=Natural%20Gas%20Distribution%20Segment%20Regulatory%20and%20Operational%20Updates) The segment experienced decreased sales volumes due to warmer temperatures, yet natural gas retail customer count grew 1.5% YoY, with regulatory updates including a general rate case filing in Idaho and a settlement agreement in Montana - Sales volumes decreased due to warmer temperatures[8](index=8&type=chunk) - Natural gas retail customer count increased by **1.5%** YoY[8](index=8&type=chunk) - Rate adjustments in Washington and Montana partially offset the seasonal loss[8](index=8&type=chunk) - Idaho: Filed a general rate case requesting an annual increase of **$26.5 million**, with a requested effective date of January 1, 2026 - Montana: Filed a settlement agreement for an annual increase of **$7.3 million**, pending approval by the Montana Public Service Commission; interim rates became effective February 1, 2025 - Washington: Filed a rate revision on April 30, 2025, related to projects not yet in service, resulting in a **$3.7 million** revenue reduction effective June 1, 2025 - Wyoming: Reached a settlement agreement for an annual increase of **$2.1 million**, pending formal approval [Pipeline Segment](index=3&type=section&id=Pipeline%20Segment) The Pipeline Segment's Q2 2025 net income decreased by 11.0% to $15.4 million, primarily due to increased O&M expenses, the absence of 2024 customer settlements, and higher depreciation, partially offset by increased transportation revenues from growth projects and strong demand for short-term capacity [Financial Performance](index=12&type=section&id=Pipeline%20Segment%20Financial%20Performance) The segment's Q2 2025 net income was $15.4 million, down from $17.3 million in 2024, with operating revenues increasing 6.4% to $56.3 million, but total operating expenses rising 14.5% to $33.9 million, including a 16.1% increase in O&M costs Pipeline Segment Net Income | Period | 2025 | 2024 | Change | | :----- | :----- | :----- | :------- | | Q2 | $15.4M | $17.3M | (11.0)% | | Six Months | $32.6M | $32.3M | 0.9% | Key Financial Metrics (Q2 2025 YoY Change) | Metric | 2025 | 2024 | Change | | :-------------------------- | :----- | :----- | :------- | | Operating Revenues | $56.3M | $52.9M | 6.4% | | Operations and Maintenance | $22.4M | $19.3M | 16.1% | | Operating Income | $22.4M | $23.3M | (3.9)% | - Key drivers for the earnings decrease include a **$0.653 million** (after-tax) increase in payroll-related costs, the absence of a **$1.5 million** (after-tax) customer settlement in Q2 2024, and increased depreciation expenses and property tax accruals in certain jurisdictions due to growth projects placed in service[10](index=10&type=chunk)[28](index=28&type=chunk) - Partially offsetting the decrease were increased transportation revenues from growth projects, including the Wahpeton expansion, and strong customer demand for short-term natural gas transportation contracts[10](index=10&type=chunk)[28](index=28&type=chunk) [Strategic Project Updates](index=3&type=section&id=Pipeline%20Segment%20Strategic%20Project%20Updates) The Pipeline Segment is advancing several strategic projects, including the Minot expansion (commenced May 2025, expected in-service Q4), Bakken East (negotiations ongoing), and Baker storage and transportation expansion (evaluating smaller-scale project based on open season feedback) - Minot Expansion Project: Construction began in May 2025, adding approximately **7 million cubic feet per day** of natural gas transportation capacity, with an expected in-service date in Q4 this year[11](index=11&type=chunk) - Bakken East Project: The company is negotiating with relevant parties for a proposed approximately **350-mile** pipeline, focusing on project timing and volumes to determine feasibility, and actively engaging with landowners for environmental and civil surveys[11](index=11&type=chunk) - Baker Storage and Transportation Expansion Project: The binding open season for this proposed project concluded in May 2025, with the company reviewing results and evaluating a smaller project to align with customer interest based on initial feedback[11](index=11&type=chunk) - The company continues to advance other growth projects in various stages of development[11](index=11&type=chunk) [Other Segment (Impact of Everus Spinoff)](index=13&type=section&id=Other%20Segment%20%28Impact%20of%20Everus%20Spinoff%29) The 'Other' segment reported a net loss of $4.7 million in Q2 2025, a significant decline from $32.6 million net income in Q2 2024, primarily due to the absence of discontinued operations income (Everus spinoff) and income tax adjustments, partially offset by lower O&M expenses from reclassified corporate overhead Other Segment Net Income (Loss) | Period | 2025 | 2024 | Change | | :----- | :----- | :----- | :------- | | Q2 | $(4.7)M | $32.6M | (114.4)% | | Six Months | $0.4M | $60.6M | (99.3)% | - The primary reasons for the earnings decrease are the absence of discontinued operations income in 2025 and income tax adjustments related to the company's annual estimated tax rate[31](index=31&type=chunk) - Partially offsetting the decrease were lower operations and maintenance expenses, primarily because corporate overhead allocated to Everus in 2024 was not included in the 'Other' segment in 2025[31](index=31&type=chunk) - The 'Other' segment also includes insurance activities from the company's captive insurance company, along with general and administrative expenses and interest expense previously allocated to the exploration and production and refining businesses that did not meet discontinued operations criteria[32](index=32&type=chunk) Consolidated Financial Statements [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) In Q2 2025, MDU Resources' consolidated operating revenues slightly increased to $351.2 million from $344.5 million in Q2 2024, but net income significantly decreased to $13.7 million from $60.4 million, primarily due to the absence of discontinued operations income after the Everus spinoff, with income from continuing operations also declining Consolidated Statements of Income (Q2 2025 YoY) | Metric | Q2 2025 | Q2 2024 | | :-------------------------- | :------ | :------ | | Operating Revenues | $351.2M | $344.5M | | Total Operating Expenses | $320.8M | $305.0M | | Operating Income | $30.4M | $39.5M | | Income from Continuing Operations | $14.1M | $20.2M | | Discontinued Operations (after-tax) | $(0.4)M | $40.2M | | Net Income | $13.7M | $60.4M | | Diluted EPS | $0.07 | $0.30 | - Operating revenues increased by **$6.7 million**, while operations and maintenance expenses increased by **$12.8 million**. Net income decreased by **$46.7 million**, primarily due to the impact of discontinued operations[18](index=18&type=chunk) [Selected Cash Flows Information](index=7&type=section&id=Selected%20Cash%20Flows%20Information) For the six months ended June 30, 2025, net cash provided by operating activities increased to $334.9 million from $301.6 million in 2024, while net cash used in investing activities decreased and net cash used in financing activities significantly increased Selected Cash Flows (Six Months Ended June 30) | Metric | Six Months 2025 | Six Months 2024 | | :-------------------------------------- | :------ | :------ | | Net Cash Provided by Operating Activities | $334.9M | $301.6M | | Net Cash Used in Investing Activities | $(174.4)M | $(236.0)M | | Net Cash Used in Financing Activities | $(168.6)M | $(48.2)M | | (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash | $(8.1)M | $17.4M | | Cash, Cash Equivalents, and Restricted Cash - End of Period | $58.8M | $94.4M | [Capital Expenditures](index=7&type=section&id=Capital%20Expenditures) MDU Resources projects total capital expenditures of $539 million for 2025, with a five-year total from 2025-2029 estimated at $3.067 billion, primarily allocated to the Natural Gas Distribution and Electric segments Capital Expenditure Forecast (2025-2029) | Business Line | 2025 Estimate | 2026 Estimate | 2027 Estimate | 2025-2029 Total Estimate | | :-------------------- | :------------- | :------------- | :------------- | :------------------------ | | Electric | $157M | $494M | $205M | $1,181M | | Natural Gas Distribution | $312M | $258M | $293M | $1,412M | | Pipeline | $70M | $59M | $95M | $474M | | **Total Capital Expenditures** | **$539M** | **$811M** | **$593M** | **$3,067M** | - The capital plan is subject to ongoing company review and modification, with actual expenditures potentially differing from estimates due to changes in load growth, regulatory decisions, and other factors[21](index=21&type=chunk) [Other Financial Data](index=14&type=section&id=Other%20Financial%20Data) As of June 30, 2025, MDU Resources reported a book value per share of common stock of $13.37, total assets of $6.946 billion, total equity of $2.732 billion, total debt of $2.182 billion, and capitalization ratios of 55.6% equity and 44.4% debt Key Financial Metrics (As of June 30, 2025) | Metric | Amount | | :-------------------------- | :------- | | Book Value Per Share of Common Stock | $13.37 | | Market Price Per Share of Common Stock | $16.67 | | Total Assets | $6,946M | | Total Equity | $2,732M | | Total Debt | $2,182M | Capitalization Ratios | Component | Ratio | | :---------- | :---- | | Total Equity | 55.6% | | Total Debt | 44.4% | Additional Information [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) MDU Resources management will host a webcast today at 2 p.m. ET to discuss second-quarter results, accessible via the company's investor relations website - The webcast can be found on www.mdu.com under the 'Investors' tab, then 'Events & Presentations,' by clicking on 'Second Quarter 2025 Earnings Conference Call.' A replay will be available at the same location following the webcast[12](index=12&type=chunk) [About MDU Resources Group, Inc.](index=4&type=section&id=About%20MDU%20Resources%20Group%2C%20Inc.) MDU Resources Group Inc., an S&P SmallCap 600 member, provides safe, reliable, affordable, and environmentally sound electric utility and natural gas distribution services to over 1.2 million customers across the Pacific Northwest and Midwest, operating a natural gas pipeline network and storage system exceeding 3,800 miles - The company provides electric utility and natural gas distribution services and operates a natural gas pipeline network[13](index=13&type=chunk) - Serving over **1.2 million customers**, the company operates a natural gas pipeline network and storage system exceeding **3,800 miles**[13](index=13&type=chunk) - The company is committed to delivering safe, reliable, affordable, and environmentally sound energy services[13](index=13&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This press release contains forward-looking statements based on underlying assumptions, subject to unforeseen risks and uncertainties beyond the company's control, and readers are cautioned not to place undue reliance on these statements, with no obligation for the company to update them - Forward-looking statements include those regarding growth estimates, financial guidance, strategies, and other future activities, identified by words such as 'anticipates,' 'estimates,' 'expects,' 'intends,' 'plans,' and 'projects'[15](index=15&type=chunk) - These statements are based on the company's expectations and judgments and are subject to risks and uncertainties detailed in the company's filings with the U.S. Securities and Exchange Commission, such as its annual report on Form 10-K[16](index=16&type=chunk) - Except as required by applicable law, the company undertakes no obligation to update forward-looking statements due to new information, future events, or otherwise[16](index=16&type=chunk)

BISMARCK, N.D., Aug. 7, 2025 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) today announced second quarter financial results for 2025, with sustained momentum in the pipeline segment and regulatory progress supporting the company's long-term value proposition as a pure-play regulated energy delivery business. "We continued our solid start to 2025, despite weather and operating cost challenges that impacted the second quarter results," said Nicole A. Kivisto, president and CEO of MDU Resources. "We co ...

Core Viewpoint - The Zacks Utilities sector is expected to see a 0.7% increase in earnings for Q2 2025, driven by higher revenues of 7.5%, supported by new rates, cost-saving initiatives, and customer growth [1] Group 1: Earnings Expectations - MDU Resources Group is anticipated to benefit from customer growth in electric and natural gas sectors, with an Earnings ESP of +20% and a Zacks Rank 2, despite a projected earnings decrease of 59.4% year-over-year [7][8] - ONE Gas is expected to report earnings of $1.75 per share, reflecting a 37.8% increase from the previous year, supported by new rates and infrastructure investments, with an Earnings ESP of +3.22% and a Zacks Rank 2 [9][10] - Sempra Energy's earnings are projected at 83 cents per share, a decrease of 6.7% from the prior year, benefiting from renewable energy investments and data center demand, with an Earnings ESP of +0.60% and a Zacks Rank 2 [11] - Spire is expected to show an improvement in fiscal third-quarter earnings, with a projected loss of 9 cents per share, indicating a 35.7% improvement year-over-year, supported by advanced meter installations and customer growth, with an Earnings ESP of +14.81% and a Zacks Rank 3 [12][13] Group 2: Factors Influencing Performance - Utility providers are benefiting from higher electricity rates, acquisitions, cost reductions, and energy-efficiency programs, which enhance their overall performance [3] - The installation of smart meters is improving operational efficiency and customer engagement, leading to reduced costs and increased revenue [4] - The growing demand from data centers, particularly those supporting artificial intelligence, is significantly increasing electricity consumption, positively impacting utility revenues [5] - Economic improvements in service territories are creating fresh demand for utility services, further boosting revenues [4][5][6]

Group 1 - MDU Resources Group, Inc. will host a webcast for its second quarter 2025 earnings conference call on August 7 at 2 p.m. ET, with results released before U.S. markets open that day [1] - The webcast can be accessed through the company's website under the "Investors" section, and a replay will be available after the event [1] Group 2 - MDU Resources Group Inc. is a member of the S&P SmallCap 600 index, providing electric utility and natural gas distribution services to over 1.2 million customers in the Pacific Northwest and Midwest [2] - The company operates a natural gas pipeline network exceeding 3,800 miles, ensuring reliable energy delivery across the Northern Plains [2] - MDU Resources has a legacy of over a century and focuses on delivering safe, reliable, affordable, and environmentally responsible energy solutions [2]

Financial Performance & Guidance - The company's GAAP earnings in 2014 were $297.5 million, compared to $278.2 million in 2013[11] - Adjusted earnings increased from $191.5 million in 2013 to $206.0 million in 2014[13] - The company provides 2015 earnings per share guidance of $1.05 to $1.20 adjusted, and $0.80 to $0.95 GAAP[15] Business Segment Performance - Construction Materials & Services annual adjusted earnings increased from $103.1 million in 2013 to $114.4 million in 2014[18] - Electric & Natural Gas Utilities annual earnings increased from $67.2 million in 2013 to $72.5 million in 2014[26] - Pipeline & Energy Services annual adjusted earnings increased from $15.1 million in 2013 to $22.6 million in 2014[33] - Exploration & Production annual earnings increased from $94.5 million in 2013 to $96.8 million in 2014[40] Capital Investments & Outlook - The company plans to invest approximately $3.9 billion over the next 5 years, excluding E&P capital expenditures[47, 48] - The company plans to invest approximately $1.8 billion in the Electric & Natural Gas Utilities segment over the next 5 years[31, 54] - The company plans to invest approximately $1.1 billion in the Pipeline & Energy Services segment over the next 5 years[38, 54] - The company estimates gross capital expenditures of $778 million for 2015, funded by operating cash flows ($650M - $700M), debt ($150M - $200M), and potential asset sales ($0 - $100M+)[50, 51]

Consolidated Results - Adjusted earnings decreased from $205.5 million in 2014 to $180.0 million in 2015[10, 11] - GAAP earnings showed a significant loss of $(623.1) million in 2015, compared to a profit of $297.5 million in 2014[11, 14] - Adjusted EPS decreased from $1.07 in 2014 to $0.92 in 2015[10] - GAAP EPS decreased from $1.55 in 2014 to $(3.20) in 2015[14] Construction Materials & Services - Construction Materials adjusted earnings increased from $59.9 million in 2014 to a record $90.6 million in 2015[17] - Construction Services adjusted earnings decreased from $54.5 million in 2014 to $25.2 million in 2015[19] - The combined backlog for construction businesses is approximately $1 billion, one-third higher than the prior year-end[16, 40] Utility Electric & Natural Gas - Utility Electric & Natural Gas earnings were impacted by $(7.2) million due to weather[26] - A record $464 million was spent on Cap Ex in 2015[26] - $49.3 million in rate relief was implemented, with an additional $38.9 million in pending cases[26, 40] Pipeline & Midstream - Adjusted earnings decreased slightly from $24.7 million in 2014 to $23.9 million in 2015[30, 31] Refining - The adjusted loss for refining was $20.5 million (MDU share)[35] 2016 Guidance - Adjusted earnings per share are projected to be between $1.00 and $1.15[36, 37] - GAAP earnings per share are projected to be between $0.85 and $1.10[36, 37]

Financial Performance - 2016 earnings from continuing operations were $232.4 million, compared to $175.7 million in 2015[10] - 2016 EPS from continuing operations was $1.19, compared to $0.90 in 2015[11] - Consolidated earnings for 2016 were $63.7 million, a significant improvement from a loss of $623.1 million in 2015[14] - Consolidated EPS for 2016 was $0.33, compared to a loss of $3.20 in 2015[16] Segment Performance - Construction materials and services earnings reached $136.6 million, a 21% increase[20] - Regulated energy delivery earnings were $92.7 million, a 27% increase[20] - Construction Materials GAAP Earnings increased from $89.1 million in 2015 to $102.7 million in 2016[24] - Construction Services GAAP Earnings increased from $23.8 million in 2015 to $33.9 million in 2016, a 43% increase[27] - Utility Electric & Natural Gas GAAP Earnings increased from $59.5 million in 2015 to $69.3 million in 2016[32] - Pipeline & Midstream GAAP Earnings increased from $13.3 million in 2015 to $23.4 million in 2016[38] Outlook and Guidance - 2017 earnings guidance is projected to be $1.10 to $1.25 per common share[20, 45] - The company has a $1.9 billion five-year capital program[44] - The company expects customer base to continue growing by 1-2 percent annually[36]

Financial Performance - 2017 - Earnings from continuing operations increased from $232.4 million in 2016 to $284.2 million in 2017[10], which includes a $39.5 million benefit from tax reform[11] - Consolidated earnings increased from $63.7 million in 2016 to $280.4 million in 2017[13], including a $39.5 million benefit from tax reform[14] - Construction Services reported earnings of $53.3 million in 2017[22], including a $4.3 million income tax benefit[23], and record revenues of $1.37 billion[23] - Construction Materials reported earnings of $123.4 million in 2017[25], including a $41.9 million income tax benefit[26] Segment Performance - 2017 - Electric & Natural Gas Utility reported earnings of $81.6 million[17], including a $6.4 million charge from tax reform[17], with increased retail sales volumes for both electric (2%)[17] and natural gas (13%)[17] - Pipeline & Midstream reported earnings of $20.5 million[20], including a $200,000 charge from tax reform[20], reflecting the sale of Pronghorn assets in January 2017[20] Outlook and Guidance - 2018 EPS guidance is projected to be in the range of $1.25 to $1.45[43] - Construction Services anticipates 2018 revenues between $1.45 billion and $1.60 billion[39] - Construction Materials anticipates 2018 revenues between $1.8 billion and $1.9 billion[42] Capital Program and Dividends - The company's total capital forecast for 2018-2022 is $2.323 billion[46], allocated to Utility ($1.508 billion), Construction ($466 million), and Pipeline & Midstream ($349 million)[46] - The company has increased its dividend for 27 consecutive years[50] and has made dividend payments for 80 consecutive years[49, 50]

Financial Performance - 2018 - Earnings from continuing operations reached $284.2 million, with EPS at $1.45, including a $39.5 million or $0.20 per share benefit from tax reform[16] - Consolidated operations earnings were $280.4 million, with EPS at $1.43, including a $39.5 million benefit from tax reform[19] - The Electric & Natural Gas Utility reported earnings of $84.7 million, which includes a $6.4 million decrease resulting from tax reform[22, 23] - Pipeline & Midstream reported earnings of $28.5 million, including a $4.2 million tax benefit[25, 26] - Construction Services reported record earnings of $64.3 million and record revenues of $1.37 billion[28, 29] - Construction Materials reported earnings of $92.6 million and record revenues of $1.93 billion[31, 33] Outlook and Guidance - 2019 - The company anticipates EPS in the range of $1.35 to $1.55 for the consolidated business[51] - Construction Services expects revenue between $1.35 billion and $1.50 billion in 2019[47] - Construction Materials projects revenue between $2.0 billion and $2.15 billion in 2019[50] Capital Program and Dividends - The company has a total capital forecast of $2.642 billion for 2019-2023[53] - The 2018 annualized dividend was $0.81 per share[57]

2019 Earnings Overview - The company reported 2019 earnings of $272.3 million, compared to $335.5 million in 2018[17] - 2019 EPS was $1.39, compared to $1.69 in 2018[17] - The Electric & Natural Gas Utility reported record earnings of $94.3 million in 2019, a 11.3% increase from $84.7 million in 2018[20, 21] - The Construction Services group reported record earnings of $93.0 million in 2019, a 44.6% increase from $64.3 million in 2018, with record revenue of $1.85 billion compared to $1.37 billion in 2018[27, 28] - The Construction Materials group reported earnings of $120.4 million in 2019, a 29.9% increase from $92.6 million in 2018, with record revenue of $2.19 billion compared to $1.93 billion in 2018[30, 31] - The Pipeline & Midstream group reported earnings of $29.6 million in 2019, a 3.9% increase from $28.5 million in 2018[23, 25] 2020 Guidance and Outlook - The company initiated 2020 EPS guidance of $1.65 - $1.85[48] - The Construction Services group expects 2020 revenue in the range of $1.85 billion to $2.05 billion[44] - The Construction Materials group expects 2020 revenue in the range of $2.2 billion to $2.4 billion[47] - The Electric & Natural Gas Utility expects to grow rate base by 5% compounded annually over the next five years and customer base to continue growing by 1-2% annually[37]