MDU Resources Group Inc. (MDU - Free Report) reported second-quarter 2021 operating earnings of 50 cents per share, which missed the Zacks Consensus Estimate of 53 cents by 5.7%. The same was on par with the year-ago level.
Total Revenues
Total revenues came in at $1,423.7 million, up 4.5% from $1,362.9 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline improved 8% from the prior-year quarter’s level to $260.6 million. Revenues in non-regulated pipeline, construction materials and contracting, construction services and other segments moved up 3.7% from the year-ago quarter’s level to $1,163.1 million.
Highlights of the Release
For the quarter under review, operating expenses of $1,286 million increased 5% from the prior-year period’s $1,224.6 million.
Operating income was $137.7 million, down 0.4% year over year.
The company’s interest expenses of $23.4 million were down 5.6% from $24.8 million in the prior-year quarter.
As of Jun 30, 2021, the construction services business had a backlog of $1.32 billion compared to $1.31 billion onJun 30, 2020.
As of Jun 30, 2021, the construction materials business had a backlog of $912 million, up from $875 million year over year.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2021 were $58 million compared with $59.5 million at 2020 end.
Long-term debt amounted to $2,335.5 million as of Jun 30, 2021 compared with $2,211.6 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first two quarters of 2021 was $182.8 million compared with $261.4 million in the comparable period of 2020.
Guidance
MDU Resources reaffirmed its 2021 earnings per share guidance at$2-$2.15. This estimateis based on several assumptions, of which worth mentioning are normal weather and a continued addition to the electric and natural gas customers at 1-2% rate, annually.
In the long term, the utility expects earnings to grow 5-8% on an annual basis.
It reduced its investment plans to $806 million from $811 million in the ongoing year. It plans to invest $3,027 million during the 2021-2025 forecast period.
Zacks Rank
MDU Resources carries a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
ONE Gas Inc. (OGS - Free Report) reported second-quarter 2021 earnings of 56 cents per share, beating the Zacks Consensus Estimate of 49 cents by 14.3%.
ONEOK Inc (OKE - Free Report) posted second-quarter 2021 operating earnings of 77 cents per share, surpassing the Zacks Consensus Estimate of 76 cents by 1.3%.
Atmos Energy Corporation (ATO - Free Report) posted second-quarter 2021 operating earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of 74 cents by 5.4%.
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MDU Resources Group Inc. (MDU - Free Report) reported second-quarter 2021 operating earnings of 50 cents per share, which missed the Zacks Consensus Estimate of 53 cents by 5.7%. The same was on par with the year-ago level.
Total Revenues
Total revenues came in at $1,423.7 million, up 4.5% from $1,362.9 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline improved 8% from the prior-year quarter’s level to $260.6 million. Revenues in non-regulated pipeline, construction materials and contracting, construction services and other segments moved up 3.7% from the year-ago quarter’s level to $1,163.1 million.
Highlights of the Release
For the quarter under review, operating expenses of $1,286 million increased 5% from the prior-year period’s $1,224.6 million.
Operating income was $137.7 million, down 0.4% year over year.
The company’s interest expenses of $23.4 million were down 5.6% from $24.8 million in the prior-year quarter.
As of Jun 30, 2021, the construction services business had a backlog of $1.32 billion compared to $1.31 billion onJun 30, 2020.
As of Jun 30, 2021, the construction materials business had a backlog of $912 million, up from $875 million year over year.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2021 were $58 million compared with $59.5 million at 2020 end.
Long-term debt amounted to $2,335.5 million as of Jun 30, 2021 compared with $2,211.6 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first two quarters of 2021 was $182.8 million compared with $261.4 million in the comparable period of 2020.
Guidance
MDU Resources reaffirmed its 2021 earnings per share guidance at$2-$2.15. This estimateis based on several assumptions, of which worth mentioning are normal weather and a continued addition to the electric and natural gas customers at 1-2% rate, annually.
In the long term, the utility expects earnings to grow 5-8% on an annual basis.
It reduced its investment plans to $806 million from $811 million in the ongoing year. It plans to invest $3,027 million during the 2021-2025 forecast period.
Zacks Rank
MDU Resources carries a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
ONE Gas Inc. (OGS - Free Report) reported second-quarter 2021 earnings of 56 cents per share, beating the Zacks Consensus Estimate of 49 cents by 14.3%.
ONEOK Inc (OKE - Free Report) posted second-quarter 2021 operating earnings of 77 cents per share, surpassing the Zacks Consensus Estimate of 76 cents by 1.3%.
Atmos Energy Corporation (ATO - Free Report) posted second-quarter 2021 operating earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of 74 cents by 5.4%.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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