MDU Resources (US:MDU)2022-08-04 18:20Financial Performance - MDU Resources Group's second quarter earnings increased from $70.7 million in 2021 to $100.2 million in 2022[7] - The company's earnings per share (EPS) increased from $0.35 in 2021 to $0.50 in 2022[7] - Construction Services reported record earnings of $34.5 million, with revenues reaching an all-time high of $685.4 million, a 45% increase compared to $525.6 million in 2021[13] - Construction Materials reported earnings of $32.6 million, with record second quarter revenues of $711.8 million, compared to $633.8 million in 2021[16] - The Electric & Natural Gas Utility reported a loss of $2.9 million due to lower investment returns and higher O&M expenses[10, 11] - The Pipeline segment reported earnings of $7.1 million[12] Strategic Initiatives - MDU Resources announced a plan to separate Knife River into an independent, publicly traded company, expected to be completed in 2023[5] - The separation aims to enhance strategic focus, optimize capital structures, and tailor capital allocation strategies for each entity[29] Outlook and Guidance - Construction Services increased its 2022 revenue guidance range by $200 million, projecting revenues between $2.4 billion and $2.6 billion[22] - Construction Materials affirmed its 2022 revenue guidance in the range of $2.45 billion to $2.65 billion[24] - The company revised its consolidated EPS guidance for 2022 to $1.75 - $1.90[26] - Construction Services' backlog reached an all-time record of $1.92 billion, 46% higher than the $1.32 billion backlog in Q2 2021[22] - Construction Materials' backlog reached an all-time record of $1.13 billion, 24% higher than the $912 million backlog in Q2 2021[24]