MDU Resources (US:MDU)2024-11-07 19:08Company Focus and Strategy - MDU Resources is now a pure-play regulated energy delivery business, focusing on its "CORE" business[4, 5] - The company aims for a long-term EPS growth rate of 6-8% and a dividend payout ratio target of 60-70% annually[4] Financial Performance - The company narrowed and increased its 2024 earnings guidance for the Regulated Energy Delivery segment to a range of $180 million to $185 million[12] - Third quarter 2024 GAAP net income was $64.6 million, compared to $74.9 million in 2023[16] - Adjusted income from continuing operations for the third quarter 2024 was $65.5 million, compared to $58.6 million in 2023[16] Utility Business - Electric and natural gas utility earnings increased by $0.8 million, from $6 million in 2023 to $6.8 million in 2024, driven by rate relief and higher volumes[17] - The company expects its customer base to continue growing by 1-2% annually[7] Pipeline Business - The pipeline segment achieved record third-quarter earnings of $15.1 million in 2024, compared to $11.9 million in 2023[18] - The company's pipeline system has a current transportation capacity of over 2.8 billion cubic feet of natural gas per day[11] Regulatory Updates and Data Centers - The company has filed rate cases in multiple states, including Washington (requesting $43.8 million and $11.7 million increases), North Dakota (requesting $11.6 million), Montana (requesting $9.4 million), and Wyoming (requesting $2.6 million)[9] - MDU Resources has signed electric service agreements for 580 MW of data center load, with 180 MW currently online and 400 MW to be phased in over 3 years[7, 11]