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MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2022 operating earnings per share of 75 cents, which surpassed the Zacks Consensus Estimate of 69 cents by 8.7%. The bottom line also increased 10.3% from the year-ago earnings of 68 cents per share.
GAAP earnings in the reported quarter were 73 cents compared with earnings of 68 cents in the year-ago quarter.
Total Revenues
Total revenues were $1,977 million, up 24.7% from $1,586 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline improved 11.2% from the prior-year quarter to $263.6 million. Revenues in the non-regulated pipeline, construction materials and contracting, construction services, and other segments improved 27% from the year-ago quarter to $1,713.6 million.
MDU Resources Group, Inc. Price, Consensus and EPS Surprise
Total operating expenses for the third quarter amounted to $1,767.4 million, up 26.5% from the year-ago quarter’s $1,396.8 million due to an increase of 27.9% in operation and maintenance expenses.
The operating income for the reported quarter was down 10.9% year over year to $209.8 million.
MDU Resources’ interest expenses of $31.4 million were up 34.2% from $23.4 million in the prior-year quarter.
As of Sep 30, 2022, the construction services business had a backlog of $2 billion, up 57% from the year-ago quarter’s $1.27 billion.
As of Sep 30, 2022, the construction materials business had a backlog of $895 million, up 37% from $652 million year over year.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2022, were $74.6 million compared with $54.2 million as of Dec 31, 2021.
Long-term debt amounted to $2,773.9 million as of Sep 30, 2022, compared with $2,593.8 million as of Dec 31, 2021.
MDU Resources’ net cash provided by operating activities in the first nine months of 2022 was $284.9 million compared with $365.8 in the prior-year period.
Guidance
MDU Resources reaffirmed 2022 earnings guidance of $1.75-$1.90 per share. The guidance assumes electric and natural gas customers to increase at a rate of 1-2% annually.
MDU Resources plans to invest $702 million in capital projects in 2022. The capital program is expected to be largely funded by operating cash flows of $550-$600 million.
Zacks Rank
MDU Resources currently has a Zacks Rank #4 (Sell).
Sempra Energy’s (SRE - Free Report) third-quarter 2022 adjusted earnings per share were $1.97, which beat the Zacks Consensus Estimate of $1.79 by 10.1%.
The Zacks Consensus Estimate for SRE’s 2022 and 2023 earnings per share has moved up year over year by 2.97% and 2.82%, respectively.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%.
The Zacks Consensus Estimate for DTE’s 2022 and 2023 earnings per share has moved up year over year by 0.33% and 4.55%, respectively.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share has moved up 4.9% year over
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MDU Resources (MDU) Q3 Earnings Beat Estimates, Backlog Rises
MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2022 operating earnings per share of 75 cents, which surpassed the Zacks Consensus Estimate of 69 cents by 8.7%. The bottom line also increased 10.3% from the year-ago earnings of 68 cents per share.
GAAP earnings in the reported quarter were 73 cents compared with earnings of 68 cents in the year-ago quarter.
Total Revenues
Total revenues were $1,977 million, up 24.7% from $1,586 million in the year-ago quarter.
Operating revenues in the electric, natural gas distribution and regulated pipeline improved 11.2% from the prior-year quarter to $263.6 million. Revenues in the non-regulated pipeline, construction materials and contracting, construction services, and other segments improved 27% from the year-ago quarter to $1,713.6 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
Total operating expenses for the third quarter amounted to $1,767.4 million, up 26.5% from the year-ago quarter’s $1,396.8 million due to an increase of 27.9% in operation and maintenance expenses.
The operating income for the reported quarter was down 10.9% year over year to $209.8 million.
MDU Resources’ interest expenses of $31.4 million were up 34.2% from $23.4 million in the prior-year quarter.
As of Sep 30, 2022, the construction services business had a backlog of $2 billion, up 57% from the year-ago quarter’s $1.27 billion.
As of Sep 30, 2022, the construction materials business had a backlog of $895 million, up 37% from $652 million year over year.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2022, were $74.6 million compared with $54.2 million as of Dec 31, 2021.
Long-term debt amounted to $2,773.9 million as of Sep 30, 2022, compared with $2,593.8 million as of Dec 31, 2021.
MDU Resources’ net cash provided by operating activities in the first nine months of 2022 was $284.9 million compared with $365.8 in the prior-year period.
Guidance
MDU Resources reaffirmed 2022 earnings guidance of $1.75-$1.90 per share. The guidance assumes electric and natural gas customers to increase at a rate of 1-2% annually.
MDU Resources plans to invest $702 million in capital projects in 2022. The capital program is expected to be largely funded by operating cash flows of $550-$600 million.
Zacks Rank
MDU Resources currently has a Zacks Rank #4 (Sell).
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 2022 adjusted earnings per share were $1.97, which beat the Zacks Consensus Estimate of $1.79 by 10.1%.
The Zacks Consensus Estimate for SRE’s 2022 and 2023 earnings per share has moved up year over year by 2.97% and 2.82%, respectively.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%.
The Zacks Consensus Estimate for DTE’s 2022 and 2023 earnings per share has moved up year over year by 0.33% and 4.55%, respectively.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share has moved up 4.9% year over