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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.
On November 17, 2022, MDU Resources Group announced the appointment of Brian R. Gray as president of Knife River Corporation, effective January 1, 2023, while David C. Barney will continue as CEO. This announcement follows MDU's plan, disclosed on August 4, to spin off Knife River as an independent, publicly traded company within 2023. Both leaders have extensive experience, with Barney having 36 years at Knife River and Gray leading significant acquisitions in the Northwest Region.
MDU Resources Group announced an increase in its quarterly dividend to 22.25 cents per share, marking the 32nd consecutive year of dividend growth. The annualized dividend now stands at 89 cents per share, up from the previous 21.75 cents. This positions MDU among fewer than 82 U.S.-listed companies with such a long history of increasing dividends. The upcoming payment date is January 1, 2023, for stockholders on record by December 8, 2022.
MDU Resources Group (NYSE: MDU) reported Q3 earnings of $147.9 million (73 cents/share), surpassing last year's $139.3 million (68 cents/share). Adjusted earnings were $152.0 million (75 cents/share), with a year-to-date GAAP earnings total of $250.4 million ($1.23/share). The construction materials business saw record revenue growth of 17%, while the construction services segment rose by 43%. The company plans to spin off its subsidiary Knife River, aiming to boost shareholder value. MDU expects adjusted EPS for 2022 between $1.75 and $1.90.
MDU Resources Group, Inc. (NYSE: MDU) has announced the schedule for its third quarter 2022 earnings conference call, set for 2 p.m. EDT on Nov. 3. The company will release its earnings results before the U.S. markets open that day. Interested parties can access the webcast through the Investor Relations section of their website, and a replay will be available post-call.
MDU Resources is a member of the S&P MidCap 400 and provides essential products and services in energy delivery and construction materials.
MDU Resources Group, Inc. (NYSE: MDU) announced that its board of directors declared a quarterly dividend of 21.75 cents per share, consistent with the previous quarter. The dividend will be payable on October 1, 2022, to stockholders of record by September 8, 2022.
As part of the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats, MDU Resources continues its commitment to delivering essential services in energy and construction sectors.
MDU Resources Group reported Q2 2022 earnings of $70.7 million (35 cents/share), down from $100.2 million (50 cents/share) in Q2 2021. For the first half of 2022, earnings were $102.4 million (50 cents/share), down from $152.3 million (76 cents/share) in 2021. Despite record revenues in construction, ongoing inflation and supply chain issues impacted earnings. MDU expects full-year earnings per share of $1.75 to $1.90. A proposed spin-off of Knife River Corporation aims to create two independently traded firms.
MDU Resources Group has announced a plan to separate its construction materials business, Knife River Corporation, expected to complete in 2023. This tax-free spinoff aims to enhance shareholder value by creating two independent, focused companies. Knife River will operate as a vertically integrated construction materials provider, while MDU Resources will focus on regulated utilities and infrastructure services. The separation is anticipated to optimize capital allocation strategies and facilitate individualized growth opportunities for both companies.
MDU Resources Group, Inc. (NYSE: MDU) will hold a webcast for its second quarter 2022 earnings conference call on August 4, 2022, at 2 p.m. EDT. The company will release its earnings results prior to U.S. market opening on the same day. Investors can access the webcast via the company’s website under the 'Investor Relations' section. Audio replays will be available until August 18, 2022. MDU Resources is a component of the S&P MidCap 400 and the S&P High-Yield Dividend Aristocrats indices.
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