MDU Resources Group Inc. (MDU - Free Report) reported fourth-quarter 2023 operating earnings per share of 48 cents, which declined 9.4% from the year-ago quarter’s 53 cents.
GAAP earnings in the reported quarter were 84 cents per share compared with 57 cents in the prior-year period.
Adjusted earnings in 2023 were $1.50 per share, up 20% from $1.25 registered in 2022.
Total Revenues
MDU’s fourth-quarter net sales decreased 14.1% to $1.13 billion from $1.32 billion in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $495.7 million, down 16.7% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments dropped 12% to $639.6 million from the prior-year quarter.
Highlights of the Release
Total operating expenses in the fourth quarter amounted to nearly $1 billion, down approximately 15.9% from the year-ago quarter’s $1.18 billion. This was due to an 11% decline in operation and maintenance expenses.
Operating income totaled $140.8 million, up 1.3% from the year-ago quarter’s $139 million.
Interest expenses were $31.7 million, up 41.5% year over year.
Financial Highlights
As of Dec 31, 2023, Cash and cash equivalents were $77 million compared with $80.5 million as of Dec 31, 2022.
In 2023, Net cash provided by operating activities was $332.6 million compared with $510 million in the year-ago period.
Guidance
MDU Resources expects, in 2024, regulated energy delivery earnings in the range of $170-$180 million and construction services revenues in the band of $2.9-$3.1 billion.
The company expects its electric and natural gas customer growth to continue at a rate of 1-2% annually.
For 2024, the company expects to invest $609 million to strengthen its existing operations. For the 2024-2028 period, it plans to invest $2.76 billion.
Zacks Rank
MDU Resources currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Spire Inc. (SR - Free Report) reported fiscal first-quarter 2024 operating earnings per share of $1.47, which surpassed the Zacks Consensus Estimate of $1.37 by 7.3%.
The Zacks Consensus Estimate for SR’s fiscal 2024 earnings is pinned at $4.34 per share, implying a year-over-year improvement of 7.2%.
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The Zacks Consensus Estimate for ATO’s fiscal 2024 earnings is pegged at $6.57 per share, indicating a year-over-year improvement of 7.7%.
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The Zacks Consensus Estimate for NFG’s fiscal 2024 earnings is pinned at $4.74 per share, implying a year-over-year decrease of 8.3%.
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MDU Resources Group Inc. (MDU - Free Report) reported fourth-quarter 2023 operating earnings per share of 48 cents, which declined 9.4% from the year-ago quarter’s 53 cents.
GAAP earnings in the reported quarter were 84 cents per share compared with 57 cents in the prior-year period.
Adjusted earnings in 2023 were $1.50 per share, up 20% from $1.25 registered in 2022.
Total Revenues
MDU’s fourth-quarter net sales decreased 14.1% to $1.13 billion from $1.32 billion in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $495.7 million, down 16.7% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments dropped 12% to $639.6 million from the prior-year quarter.
Highlights of the Release
Total operating expenses in the fourth quarter amounted to nearly $1 billion, down approximately 15.9% from the year-ago quarter’s $1.18 billion. This was due to an 11% decline in operation and maintenance expenses.
Operating income totaled $140.8 million, up 1.3% from the year-ago quarter’s $139 million.
Interest expenses were $31.7 million, up 41.5% year over year.
Financial Highlights
As of Dec 31, 2023, Cash and cash equivalents were $77 million compared with $80.5 million as of Dec 31, 2022.
In 2023, Net cash provided by operating activities was $332.6 million compared with $510 million in the year-ago period.
Guidance
MDU Resources expects, in 2024, regulated energy delivery earnings in the range of $170-$180 million and construction services revenues in the band of $2.9-$3.1 billion.
The company expects its electric and natural gas customer growth to continue at a rate of 1-2% annually.
For 2024, the company expects to invest $609 million to strengthen its existing operations. For the 2024-2028 period, it plans to invest $2.76 billion.
Zacks Rank
MDU Resources currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Spire Inc. (SR - Free Report) reported fiscal first-quarter 2024 operating earnings per share of $1.47, which surpassed the Zacks Consensus Estimate of $1.37 by 7.3%.
The Zacks Consensus Estimate for SR’s fiscal 2024 earnings is pinned at $4.34 per share, implying a year-over-year improvement of 7.2%.
Atmos Energy (ATO - Free Report) posted first-quarter fiscal 2024 earnings of $2.08 per share, which missed the Zacks Consensus Estimate of $2.09 by 0.47%.
The Zacks Consensus Estimate for ATO’s fiscal 2024 earnings is pegged at $6.57 per share, indicating a year-over-year improvement of 7.7%.
National Fuel Gas Company (NFG - Free Report) reported fiscal first-quarter 2024 adjusted operating earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.32 by 10.6%.
The Zacks Consensus Estimate for NFG’s fiscal 2024 earnings is pinned at $4.74 per share, implying a year-over-year decrease of 8.3%.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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