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MDU Resources (MDU) Q3 Earnings Improve Y/Y, 2020 View Up
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MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2020 operating earnings of 76 cents per share, which increased 11.8% from the year-ago level. This upside was led by strong performance of its construction companies and stable earnings from the regulated energy business.
Total Revenues
Total revenues for the third quarter were $1,587.2 million, up 1.5% from $1,563.8 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline inched up 0.3% from the prior-year quarter to $210.1 million. Revenues in non-regulated pipeline, construction materials and contracting, construction services, and other segments increased 1.7% from the year-ago quarter to $1,377.1 million.
MDU Resources Group, Inc. Price, Consensus and EPS Surprise
For the quarter under review, operating expenses of $1,214.1 million were up 0.1% from the prior-year period’s $1,212.6 million.
Operating income was $1383.6 million, up 0.7% year over year.
The company’s interest expenses of $23.8 million were down 5.9% from $25.3 million in the prior-year quarter.
As of Sep 30, 2020, the construction services business had a backlog of $1.28 billion, up 6.7% from $1.2 billion in the corresponding period of 2019.
The construction materials business had a backlog of $571 million, down from $747 million in the year-ago quarter.
Financial Highlights
Cash and Cash equivalents as of Sep 30, 2020 were $66.1 million compared with $66.5 million at 2019-end.
Long-term debt amounted to $2,268.7 million as of Sep 30, 2020 compared with $2,226.6 million on Dec 31, 2019.
The company’s net cash provided by operating activities for the first nine months of 2020 was $481.8 million compared with net cash used in operating activities of $203.1 million in the comparable period of 2019.
Guidance
MDU Resources raised its 2020 earnings per share guidance to $1.80-$1.90 from the prior projection of $1.65-$1.85, with the current Zacks Consensus Estimate being $1.85.
Also, it now anticipates Construction services revenues in the range of $2.15-$2.25 billion (up from $1.90-$2.10 billion projected earlier) and construction materials revenues in the band of $2.20-$2.40 billion, with margins slightly higher than 2019.
Sempra Energy’s (SRE - Free Report) third-quarter 2020 adjusted earnings per share came in at $1.31, which missed the Zacks Consensus Estimate of $1.47 by 10.9%
ONE Gas Inc. (OGS - Free Report) reported third-quarter 2020 earnings of 39 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 8.3%.
ONEOK Inc. (OKE - Free Report) posted third-quarter 2020 operating earnings of 70 cents per share, beating the Zacks Consensus Estimate of 59 cents by 18.6%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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MDU Resources (MDU) Q3 Earnings Improve Y/Y, 2020 View Up
MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2020 operating earnings of 76 cents per share, which increased 11.8% from the year-ago level. This upside was led by strong performance of its construction companies and stable earnings from the regulated energy business.
Total Revenues
Total revenues for the third quarter were $1,587.2 million, up 1.5% from $1,563.8 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline inched up 0.3% from the prior-year quarter to $210.1 million. Revenues in non-regulated pipeline, construction materials and contracting, construction services, and other segments increased 1.7% from the year-ago quarter to $1,377.1 million.
MDU Resources Group, Inc. Price, Consensus and EPS Surprise
MDU Resources Group, Inc. price-consensus-eps-surprise-chart | MDU Resources Group, Inc. Quote
Highlights of the Release
For the quarter under review, operating expenses of $1,214.1 million were up 0.1% from the prior-year period’s $1,212.6 million.
Operating income was $1383.6 million, up 0.7% year over year.
The company’s interest expenses of $23.8 million were down 5.9% from $25.3 million in the prior-year quarter.
As of Sep 30, 2020, the construction services business had a backlog of $1.28 billion, up 6.7% from $1.2 billion in the corresponding period of 2019.
The construction materials business had a backlog of $571 million, down from $747 million in the year-ago quarter.
Financial Highlights
Cash and Cash equivalents as of Sep 30, 2020 were $66.1 million compared with $66.5 million at 2019-end.
Long-term debt amounted to $2,268.7 million as of Sep 30, 2020 compared with $2,226.6 million on Dec 31, 2019.
The company’s net cash provided by operating activities for the first nine months of 2020 was $481.8 million compared with net cash used in operating activities of $203.1 million in the comparable period of 2019.
Guidance
MDU Resources raised its 2020 earnings per share guidance to $1.80-$1.90 from the prior projection of $1.65-$1.85, with the current Zacks Consensus Estimate being $1.85.
Also, it now anticipates Construction services revenues in the range of $2.15-$2.25 billion (up from $1.90-$2.10 billion projected earlier) and construction materials revenues in the band of $2.20-$2.40 billion, with margins slightly higher than 2019.
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.
Other Releases
Sempra Energy’s (SRE - Free Report) third-quarter 2020 adjusted earnings per share came in at $1.31, which missed the Zacks Consensus Estimate of $1.47 by 10.9%
ONE Gas Inc. (OGS - Free Report) reported third-quarter 2020 earnings of 39 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 8.3%.
ONEOK Inc. (OKE - Free Report) posted third-quarter 2020 operating earnings of 70 cents per share, beating the Zacks Consensus Estimate of 59 cents by 18.6%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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