MDU Resources Group, Inc. - MDU STOCK NEWS

MDU Resources Group (NYSE: MDU) has announced the retirement of Peggy Link, vice president and chief information officer, effective Jan. 10, 2025. Dyke Boese, currently director of enterprise infrastructure and operations, will succeed Link. Link joined MDU Resources in 2005 and has been instrumental in overseeing IT functions and advancing cyber-readiness capabilities. Boese, with over 25 years of experience, will take on the role of CIO. He holds an MBA and serves on the board of the Technology Council of North Dakota.

MDU Resources, celebrating its 100th anniversary, is a member of the S&P MidCap 400 index and provides essential products and services through regulated energy delivery and construction services businesses.

MDU Resources Group, Inc. (NYSE: MDU) has announced that its construction services subsidiary, Everus Construction Group, will be listed on the NYSE under the ticker symbol ECG following its planned spinoff in late 2024. The company has filed a Form 10 registration statement with the SEC. MDU stockholders will receive one share of ECG for every four shares of MDU stock held, with fractional shares sold and proceeds distributed in cash. The spinoff is expected to be tax-free for U.S. federal income tax purposes.

Everus will hold an Investor Day on October 17, 2024, at the NYSE to present investment highlights, operations, financial performance, and growth prospects. The event will be webcast. This move is part of MDU Resources' strategy to become a pure-play regulated energy delivery business, providing stockholders with two distinct investment opportunities.

MDU Resources Group, Inc. (NYSE: MDU) has announced the anticipated board of directors for Everus Construction Group, set to become effective upon the completion of the planned spinoff of its construction services subsidiary. The spinoff, expected to be finalized in late 2024, will result in Everus becoming an independent, publicly traded company. The post-spinoff board is anticipated to consist of seven directors, including six independent members.

Four directors are expected to transition from MDU Resources' board to Everus, including Dale S. Rosenthal as the anticipated chair. Three new directors are also slated to join. This move is part of MDU Resources' strategy to become a pure-play regulated energy delivery business, aiming to optimize shareholder value. The spinoff is subject to final approval and is expected to be tax-free for MDU Resources and its stockholders for federal income tax purposes.

MDU Resources Group (NYSE: MDU) has appointed Michael S. Della Rocca and Marian M. Durkin to its board of directors. Della Rocca brings 35 years of experience in engineering and construction, including executive roles at AECOM and McKinsey & Company. Durkin previously served as senior VP, general counsel, and chief compliance officer at Avista , an electric and natural gas utility.

The appointments come as MDU Resources prepares to become a pure-play regulated energy delivery business by spinning off its construction services subsidiary, Everus Construction Group, later this year. Board Chair Dennis W. Johnson stated that the new directors' experience will support MDU's strategic initiatives during this transition.

MDU Resources Group, Inc. (NYSE: MDU) has increased its quarterly dividend to 13 cents per share, representing a 4% increase from the previous 12.5 cents. This results in an annualized dividend of 52 cents per share. The board aims for a long-term dividend payout ratio of 60% to 70% of regulated energy delivery earnings. The dividend is payable on October 1, 2024, to stockholders of record as of September 12, 2024. MDU Resources has maintained uninterrupted dividends for 86 years. The company is transitioning to a pure-play regulated energy delivery business, and the revised dividend aligns with this strategic goal while demonstrating commitment to stockholder returns.

MDU Resources Group (NYSE: MDU) reported solid Q2 2024 earnings, with significant growth in pipeline and construction services segments. Key highlights include:

- Pipeline segment achieved record Q2 earnings of $17.3 million, up 99% year-over-year
- Utility earnings were $10.5 million, down $2.6 million from last year
- Construction services reported record Q2 earnings and all-time high backlog of $2.4 billion
- Updated 2024 construction services guidance: Revenues expected to be $2.65-$2.85 billion with higher margins

The company affirmed earnings guidance for regulated energy delivery businesses at $170-$180 million. MDU Resources is progressing with the planned spinoff of Everus Construction Group, expected in late 2024.

MDU Resources Group, Inc. (NYSE: MDU) has announced the leadership team for Everus Construction Group, its construction services subsidiary, ahead of its anticipated spinoff in late 2024. Jeffrey S. Thiede will remain as president and CEO, while new appointments include Thomas D. Nosbusch as COO, Maximillian J. Marcy as CFO, and Paul R. Sanderson as chief legal officer. The spinoff is expected to be a tax-free transaction for MDU Resources shareholders.

This strategic move will transform MDU Resources into a pure-play regulated energy delivery business, while Everus will become an independent, publicly traded company. The decision is aimed at optimizing shareholder value, capitalizing on Everus' strong performance and favorable industry conditions.

MDU Resources Group, Inc. (NYSE: MDU) has announced plans to webcast its second quarter 2024 earnings conference call on August 8, 2024, at 2 p.m. EDT. The company will release its Q2 results before U.S. financial markets open on the same day. Investors can access the webcast through the company's website at www.mdu.com under the 'Investors' section. After navigating to 'Events & Presentations,' users can click on 'Q2 2024 Earnings Conference Call' to join. A replay of the webcast will be available at the same location after the call concludes.

MDU Resources Group, listed on the NYSE as MDU, has published its 2023 Sustainability Report, marking its 100th year in business as of March 14, 2024. The report highlights significant achievements, including an 11% reduction in methane emissions from its natural gas utility segment compared to 2022 and a 38% reduction in electric generation greenhouse gas emissions intensity since 2005. The company is on track to spin off its construction services business, Everus Construction Group, by late 2024. Nicole A. Kivisto, president and CEO, emphasized MDU Resources' commitment to balancing economic, environmental, and social considerations to ensure reliable and cost-effective services for customers.