MDU Resources (MDU) Prnewswire·2025-02-06 13:30Core Insights - MDU Resources Group Inc. reported strong financial results for 2024, driven by regulated growth and key infrastructure projects following the spinoff of Everus Construction Group [1][2][7] Financial Performance - Net income for 2024 was 414.7 million in 2023 [2][7] - Earnings per share (diluted) dropped to 2.03 year-over-year [2][7] - Income from continuing operations was 330.1 million in 2023 [2][7] - Adjusted income from continuing operations increased to 150.8 million [2][7] Segment Performance Electric Utility Segment - Electric utility earnings rose by 4.5% year-over-year to 7.1 million in revenue [8] - The segment faced challenges from lower volumes due to cooler weather and higher operational expenses [4][27] Natural Gas Distribution Segment - The natural gas distribution segment reported stable performance with net income of 30.5 million in Q4 2023 [30][31] - Higher retail sales volumes increased by 4.0%, primarily in residential and commercial sectors [30] - Rate relief in North Dakota and South Dakota supported revenue growth despite higher operational costs [30][31] Pipeline Segment - The pipeline segment achieved record annual results with net income of 46.9 million in 2023 [34] - Transportation volumes increased by 8.1% year-over-year, driven by new projects [7][34] - The segment benefited from strategic expansion projects and new Federal Energy Regulatory Commission approved rates [6][34] Regulatory Updates - Rate relief actions in North Dakota, South Dakota, and Montana contributed significantly to revenue increases [8][30] - The North Dakota Public Service Commission approved a settlement for an annual revenue increase of 0.88 to 533 million, with a long-term growth target of 7% to 8% on utility rate base [11][19]