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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 announced the acquisition of McMurry Ready-Mix Co., expanding Knife River Corporation's footprint in Wyoming. The acquisition includes nearly 100 million tons of aggregate reserves and a ready-mix plant in Casper, enhancing operational capacity in central Wyoming. This marks Knife River's seventh acquisition in three years, indicating strong growth in the construction materials sector. MDU's CEO noted record earnings for Knife River in 2020, supporting the acquisition's strategic importance in driving future growth.
MDU Resources Group (NYSE: MDU) has revised its 2020 earnings per share (EPS) guidance, now projecting it to be between $1.92 and $2.02, up from the previous forecast of $1.80 to $1.90. This positive adjustment is attributed to robust operating results, favorable construction weather, and effective cost containment at its energy delivery companies. The company reported a strong construction backlog of $1.24 billion in construction services and $564 million for materials as of November 30, 2020, indicating continued momentum into 2021.
MDU Resources Group, Inc. (NYSE: MDU) announced a capital investment plan exceeding $3.0 billion for 2021-2025. The investment reflects the company's commitment to organic growth across its diverse business segments, including regulated energy delivery and construction materials. MDU expects annual growth in its utility operations and plans to develop several projects, including a natural gas-fired plant and pipeline expansions. The company will continuously review and may adjust its capital expenditure forecasts based on regulatory decisions and market conditions.
MDU Resources Group has promoted Dustin J. Senger to treasurer, effective Nov. 23. Previously the assistant treasurer, Senger succeeded Jason L. Vollmer, who continues as vice president and chief financial officer. Senger has been with MDU since 2006 and holds degrees in accounting and business administration from the University of North Dakota. His tenure includes 14 years in the Treasury team, demonstrating leadership and building relationships with stakeholders.
MDU Resources Group has announced the appointment of Karl A. Liepitz as vice president, general counsel, and secretary, effective February 6, 2021. He succeeds Daniel S. Kuntz, who will retire on February 5 after 17 years of service. Liepitz, who joined MDU Resources in 2003, has held various positions, including assistant general counsel since 2016. The transition highlights MDU's commitment to integrity and leadership in its legal team. Kuntz's tenure saw significant corporate governance achievements and strategic acquisitions.
MDU Resources Group, Inc. (NYSE: MDU) has raised its quarterly common stock dividend to 21.25 cents per share, marking the 30th consecutive year of dividend increases. The annualized dividend now stands at 85 cents per share, up from 20.75 cents previously. MDU has maintained uninterrupted dividends for 83 years, positioning it among fewer than 85 U.S. companies with a similar track record. The next dividend is payable on Jan. 1, 2021 to shareholders on record as of Dec. 10, 2020.
MDU Resources Group reported record third quarter earnings of $153.1 million or 76 cents per share, marking an 11% increase from last year. Year-to-date earnings reached $277.9 million or $1.39 per share, up from $240.4 million or $1.21. The company has raised its 2020 earnings guidance to $1.80 to $1.90 per share, reflecting strong performance across its construction and regulated energy sectors. Construction materials saw record earnings of $107.3 million, while services revenue increased 15% to $551 million.
MDU Resources Group, Inc. (NYSE: MDU) announced it will webcast its third quarter 2020 earnings conference call on Nov. 5, following the release of its financial results. The call will commence at 2 p.m. EDT and be accessible via www.mdu.com. Audio replays will be available until Nov. 19 for callers, using conference ID 1654638. MDU Resources is a member of the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats index, focused on providing essential energy and construction services.
On August 13, 2020, MDU Resources Group declared a quarterly dividend of 20.75 cents per share, consistent with the previous quarter. This dividend will be payable on October 1, 2020 to stockholders on record as of September 10, 2020. MDU is a member of the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats indexes, focusing on regulated energy delivery and construction materials services. The company continues to demonstrate its commitment to providing returns to shareholders while maintaining its business operations.
MDU Resources Group, Inc. reported a strong second quarter 2020, earning $99.7 million, or 50 cents per share, a 61% increase from $61.8 million last year. Year-to-date earnings reached $124.8 million. The construction materials segment achieved record revenues of $621.1 million, up from $596.0 million, while the construction services segment also saw significant gains. MDU is restoring its 2020 earnings guidance to $1.65 to $1.85 per share, driven by strong performance and backlog levels. Overall, MDU anticipates continued growth in its regulated energy delivery and construction sectors.
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