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MDU Resources Group, Inc. (NYSE: MDU) is a diversified energy and infrastructure company that plays a vital role in the U.S. economy. Founded in 1924, the company started as a small electric utility serving rural communities in Montana and North Dakota. Today, MDU Resources is a multibillion-dollar corporation providing essential products and services that support energy and transportation infrastructure across the country.
The company operates in five key segments:
- Electric: Generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming.
- Natural Gas Distribution: Distributes natural gas in the above states as well as Idaho, Minnesota, Oregon, and Washington.
- Pipeline: Offers natural gas transportation and underground storage services through a regulated pipeline system in the Rocky Mountain and Northern Great Plains regions of the U.S.
- Construction Services: Provides a broad range of construction services through its electrical, mechanical, and transmission and distribution specialty contracting services.
- Everus Construction Group: Recently rebranded and expected to spin off as an independent company, offering a full spectrum of construction services across the U.S.
MDU Resources is committed to delivering value-added natural resource products and related services that are vital to energy and transportation infrastructure. Some of the company's recent achievements include:
- Approval of the Wahpeton Expansion project by the Federal Energy Regulatory Commission, allowing for the construction and operation of a natural gas pipeline expansion in eastern North Dakota.
- Completion of a strategic plan to spin off MDU Construction Services Group, Inc., rebranded as Everus Construction Group, to create two independent, publicly traded companies.
- Record earnings from its pipeline and construction services businesses, demonstrating robust growth and performance.
The company's financial condition remains strong, with strategic investments in infrastructure modernization and expansion projects. MDU Resources is poised for continued growth as a pure-play regulated energy delivery business post-spinoff, focusing on providing reliable, affordable services to its 1.2 million customers.
MDU Resources Group, Inc. is a member of the S&P MidCap 400 Index and continues to leverage its nearly century-long legacy of reliable service, innovation, and community commitment to drive shareholder value and economic growth.
MDU Resources Group has elected Vernon A. Dosch to its board of directors, effective Nov. 15, 2024. Dosch brings over 45 years of experience in the electric utility and broadband industries. As a former leader at National Information Solutions Cooperative (NISC), he guided the company's growth from start-up to a premier technology provider. His expertise includes electric distribution, generation and transmission, and utility-related technology. This appointment aligns with MDU Resources' focus as a pure-play regulated energy delivery business. Dosch holds degrees in business administration, accounting, and management from the University of Mary.
MDU Resources Group (NYSE: MDU) has declared a quarterly dividend of $0.13 per share on its common stock, maintaining the same rate as the previous quarter. The dividend will be paid on January 1, 2025, to stockholders of record as of December 12, 2024. The board maintains its target for a long-term dividend payout ratio of 60% to 70% of regulated energy delivery earnings. MDU Resources, a member of the S&P SmallCap 600 index, provides essential products and services through regulated energy delivery businesses.
MDU Resources reported strong Q3 2024 results with growth across utility, pipeline, and construction services. Electric earnings reached $24.3 million (+16.3% YoY), pipeline earnings hit $15.1 million (+27.0% YoY), and construction services earnings grew to $41.8 million (+16.1% YoY). The company increased its regulated energy delivery earnings guidance to $180-185 million. Following the successful spinoff of Everus Construction Group, MDU has completed its transformation into a pure-play regulated energy delivery business. Q3 adjusted income from continuing operations was $65.5 million, with adjusted EPS of $0.32.
Knife River (NYSE: KNF) reported record third quarter results with revenue of $1.1 billion (+1% YoY), gross profit of $273 million (+1% YoY), and net income of $148.1 million (+1% YoY). The company announced six acquisitions totaling $129.3 million, focusing on aggregate reserves and construction materials. Geographic segments contributed record EBITDA of $224.6 million, up 6% year-over-year. The company narrowed its 2024 guidance, expecting revenue between $2.85-2.95 billion and adjusted EBITDA of $445-465 million.
MDU Resources Group has completed the spinoff of its construction services subsidiary, Everus Construction Group, which is now trading independently on NYSE under ticker 'ECG'. The separation was executed through a pro rata distribution where MDU shareholders received one share of Everus stock for every four MDU shares held as of October 21, 2024. The distribution is expected to be tax-free for U.S. federal income tax purposes. This strategic move positions MDU Resources as a pure-play regulated energy delivery business, following the previous spinoff of Knife River
Everus Construction Group (NYSE: ECG) has completed its spinoff from MDU Resources Group (NYSE: MDU) and commenced trading on the NYSE. The separation was executed through a pro rata distribution where MDU stockholders received one share of ECG common stock for every four MDU shares held on October 21. Jeffrey S. Thiede, president and CEO, emphasized the company's position as a major specialty construction services provider, focusing on data center growth, grid modernization, and high-tech reshoring. The company aims to implement its 4EVER strategy and disciplined capital allocation initiatives as a standalone entity to drive profitable growth.
Everus Construction Group, soon to be spun off from MDU Resources Group (NYSE: MDU), is hosting an investor and analyst day at the New York Stock Exchange today. The event will showcase the company's 4EVER strategic framework, investment highlights, operations, financial performance, and growth prospects.
Everus has reiterated its 2024 guidance, projecting revenue between $2.65 billion and $2.85 billion, and EBITDA ranging from $220 million to $240 million. The company expects higher margins compared to 2023.
The spinoff is scheduled for October 31, with Everus shares to be distributed to MDU stockholders of record on October 21. Everus will begin trading under the ticker symbol ECG on the NYSE on November 1.
Additionally, Everus has announced its Q3 2024 earnings conference call for November 7, with results to be released on November 6 after market close.
Knife River (NYSE: KNF), an aggregates-led, vertically integrated construction materials and contracting services company, has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Monday, November 4, 2024, at 11 a.m. EST. Financial results for the quarter will be released earlier that morning, before the NYSE market opens.
Investors and interested parties can access the live webcast of the call, along with presentation slides, through the Investors section of Knife River's website at investors.kniferiver.com or via https://events.q4inc.com/attendee/304447263. For those who wish to participate in the live conference call, domestic callers can dial 1-800-549-8228, while international callers should use 1-289-819-1520. The Conference ID for the call is 66729. An on-demand replay of the webcast will be made available after the conclusion of the call.
MDU Resources Group, Inc. (NYSE: MDU) has announced plans to webcast its third quarter 2024 earnings conference call on November 7 at 2 p.m. ET. The company will release its third quarter results before U.S. financial markets open on the same day. Investors and interested parties can access the webcast through the company's website at www.mdu.com under the "Investors" heading. To join the call, participants should select "Events & Presentations" and click on "Q3 2024 Earnings Conference Call." A replay of the webcast will be available at the same location after the call concludes.
MDU Resources Group, Inc. (NYSE: MDU) has announced that its board of directors has approved the spinoff of its wholly owned construction services subsidiary, Everus Construction Group. The spinoff will be executed through a pro rata distribution of all outstanding shares of Everus common stock to MDU Resources stockholders. Each MDU Resources stockholder will receive one share of Everus common stock for every four shares of MDU Resources common stock owned as of the record date.
The distribution is expected to occur at 11:59 p.m. EDT Oct. 31, 2024, with a record date of 5 p.m. EDT on Oct. 21, 2024. The spinoff is subject to certain conditions, including SEC approval. The distribution is expected to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. Everus common stock is anticipated to begin trading on the NYSE under the ticker symbol 'ECG' on or about Nov. 1, 2024.
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