MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2021 operating earnings of 68 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 13.9%. The same declined 10.5% from the year-ago level of 76 cents.
Total Revenues
Total revenues came in at $1,586 million, down 0.1% from $1,587.3 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline improved 12.9% from the prior-year quarter’s level to $237.1 million. Revenues in non-regulated pipeline, construction materials and contracting, construction services and other segments slid 2.1% from the year-ago quarter’s level to $1,348.9 million.
Highlights of the Release
For the quarter under review, operating expenses of $1,396.8 million increased 1% from the prior-year period’s $1,383.6 million.
Operating income was $189.2 million, down 7.1% year over year.
The company’s interest expenses of $23.4 million were down 1.3% from $23.7 million in the prior-year quarter.
As of Sep 30, 2021, the construction services business had a backlog of $1.27 billion compared to $1.28 billion on Sep 30, 2020.
As of Sep 30, 2021, the construction materials business had a backlog of $652 million, up from $571 million year over year.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2021 were $57.2 million compared with $59.5 million at 2020 end.
Long-term debt amounted to $2,326.7 million as of Sep 30, 2021 compared with $2,211.6 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first three quarters of 2021 was $365.8 million compared with $481.8 million in the comparable period of 2020.
Guidance
MDU Resources adjusted its 2021 earnings per share guidance to $1.90-$2.05 from the prior expectation of $2-$2.15. This estimate is based on several assumptions, of which worth mentioning are normal weather and a continued addition to the electric and natural gas customer base 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 $775 million from $806 million in the ongoing year.
Zacks Rank
MDU Resources carries a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
ONEOK Inc (OKE - Free Report) posted third-quarter 2021 operating earnings of 88 cents per share, surpassing the Zacks Consensus Estimate of 83 cents by 6%
ONE Gas Inc. (OGS - Free Report) reported third-quarter 2021 earnings of 38 cents per share, on par with the Zacks Consensus Estimate.
Upcoming Release
Atmos Energy Corporation (ATO - Free Report) is scheduled to release fourth-quarter fiscal 2021 operating earnings on Nov 10. The Zacks Consensus Estimate for the same is pegged at 37 cents per share.
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MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2021 operating earnings of 68 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 13.9%. The same declined 10.5% from the year-ago level of 76 cents.
Total Revenues
Total revenues came in at $1,586 million, down 0.1% from $1,587.3 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline improved 12.9% from the prior-year quarter’s level to $237.1 million. Revenues in non-regulated pipeline, construction materials and contracting, construction services and other segments slid 2.1% from the year-ago quarter’s level to $1,348.9 million.
Highlights of the Release
For the quarter under review, operating expenses of $1,396.8 million increased 1% from the prior-year period’s $1,383.6 million.
Operating income was $189.2 million, down 7.1% year over year.
The company’s interest expenses of $23.4 million were down 1.3% from $23.7 million in the prior-year quarter.
As of Sep 30, 2021, the construction services business had a backlog of $1.27 billion compared to $1.28 billion on Sep 30, 2020.
As of Sep 30, 2021, the construction materials business had a backlog of $652 million, up from $571 million year over year.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2021 were $57.2 million compared with $59.5 million at 2020 end.
Long-term debt amounted to $2,326.7 million as of Sep 30, 2021 compared with $2,211.6 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first three quarters of 2021 was $365.8 million compared with $481.8 million in the comparable period of 2020.
Guidance
MDU Resources adjusted its 2021 earnings per share guidance to $1.90-$2.05 from the prior expectation of $2-$2.15. This estimate is based on several assumptions, of which worth mentioning are normal weather and a continued addition to the electric and natural gas customer base 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 $775 million from $806 million in the ongoing year.
Zacks Rank
MDU Resources carries a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
ONEOK Inc (OKE - Free Report) posted third-quarter 2021 operating earnings of 88 cents per share, surpassing the Zacks Consensus Estimate of 83 cents by 6%
ONE Gas Inc. (OGS - Free Report) reported third-quarter 2021 earnings of 38 cents per share, on par with the Zacks Consensus Estimate.
Upcoming Release
Atmos Energy Corporation (ATO - Free Report) is scheduled to release fourth-quarter fiscal 2021 operating earnings on Nov 10. The Zacks Consensus Estimate for the same is pegged at 37 cents per share.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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