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MDU Resources (MDU) Q1 Earnings and Revenues Increase Y/Y
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MDU Resources Group Inc. (MDU - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of 23 cents, which increased 43.7% from the year-ago quarter’s level of 16 cents.
GAAP earnings in the reported quarter were 19 cents per share compared with 16 cents in the prior-year period.
Total Revenues
Net sales increased 22.6% to $1,737.3 million from $1,416.6 million in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $673.7 million, up 21.7% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction materials and contracting, construction services and other segments improved 23.2% to $1,063.6 million from that recorded in the prior-year quarter.
MDU Resources Group, Inc. Price, Consensus and EPS Surprise
Total operating expenses for the first quarter amounted to $1,662.9 million, up 23.2% from the year-ago quarter’s $1,349.2 million. This was due to a 21.7% increase in operation and maintenance expenses.
Operating income totaled $74.5 million, up 10.7% from the year-ago quarter’s $67.3 million.
Interest expenses came in at $38 million compared with $25.3 million in the corresponding period of 2022.
As of Mar 31, 2023, the construction services business had a backlog of $2.1 billion, 26% higher than the prior-year backlog of $1.67 billion.
As of the same date, the construction materials business had a backlog of $959 million, 23% higher than the year-ago backlog of $778 million.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2023, were $93.2 million compared with $80.5 million as of Dec 31, 2022.
Long-term debt amounted to $2,769 million as of Mar 31, 2023, compared with $2,763.4 million as of Dec 31, 2022.
Net cash used in operating activities for the first quarter was $43.6 million against $112.4 million cash provided in the year-ago quarter.
Guidance
For 2023, MDU Resources expects earnings from its regulated energy delivery businesses in the range of $140-$150 million. The company projects construction services revenues in the range of $2.8-$3 billion and construction material revenues in the band of $2.5-$2.7 billion.
Zacks Rank
MDU Resources currently has a Zacks Rank #4 (Sell).
Atmos Energy Corporation (ATO - Free Report) reported fiscal second-quarter 2023 earnings of $2.48 per share, which beat the Zacks Consensus Estimate of $2.47 by 0.4%.
ATO’s long-term (three to five years) earnings growth rate is currently pinned at 7.48%. The consensus estimate for 2023 EPS stands at $6, indicating a year-over-year increase of 7.14%.
Spire Inc. (SR - Free Report) reported second-quarter fiscal 2023 earnings of $3.70 per share, which beat the Zacks Consensus Estimate of $3.49 by 6%.
SR’s long-term earnings growth rate is currently pinned at 4.22%. The consensus mark for 2023 EPS stands at $4.22, implying a year-over-year improvement of 9.33%.
ONE Gas, Inc. (OGS - Free Report) reported first-quarter 2023 operating EPS of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.
OGS’ long-term earnings growth rate is currently pinned at 5%. The consensus estimate for 2023 EPS stands at $4.14, indicating growth of 1.47% year over year.
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MDU Resources (MDU) Q1 Earnings and Revenues Increase Y/Y
MDU Resources Group Inc. (MDU - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of 23 cents, which increased 43.7% from the year-ago quarter’s level of 16 cents.
GAAP earnings in the reported quarter were 19 cents per share compared with 16 cents in the prior-year period.
Total Revenues
Net sales increased 22.6% to $1,737.3 million from $1,416.6 million in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $673.7 million, up 21.7% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction materials and contracting, construction services and other segments improved 23.2% to $1,063.6 million from that recorded in the prior-year quarter.
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 first quarter amounted to $1,662.9 million, up 23.2% from the year-ago quarter’s $1,349.2 million. This was due to a 21.7% increase in operation and maintenance expenses.
Operating income totaled $74.5 million, up 10.7% from the year-ago quarter’s $67.3 million.
Interest expenses came in at $38 million compared with $25.3 million in the corresponding period of 2022.
As of Mar 31, 2023, the construction services business had a backlog of $2.1 billion, 26% higher than the prior-year backlog of $1.67 billion.
As of the same date, the construction materials business had a backlog of $959 million, 23% higher than the year-ago backlog of $778 million.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2023, were $93.2 million compared with $80.5 million as of Dec 31, 2022.
Long-term debt amounted to $2,769 million as of Mar 31, 2023, compared with $2,763.4 million as of Dec 31, 2022.
Net cash used in operating activities for the first quarter was $43.6 million against $112.4 million cash provided in the year-ago quarter.
Guidance
For 2023, MDU Resources expects earnings from its regulated energy delivery businesses in the range of $140-$150 million.
The company projects construction services revenues in the range of $2.8-$3 billion and construction material revenues in the band of $2.5-$2.7 billion.
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.
Recent Releases
Atmos Energy Corporation (ATO - Free Report) reported fiscal second-quarter 2023 earnings of $2.48 per share, which beat the Zacks Consensus Estimate of $2.47 by 0.4%.
ATO’s long-term (three to five years) earnings growth rate is currently pinned at 7.48%. The consensus estimate for 2023 EPS stands at $6, indicating a year-over-year increase of 7.14%.
Spire Inc. (SR - Free Report) reported second-quarter fiscal 2023 earnings of $3.70 per share, which beat the Zacks Consensus Estimate of $3.49 by 6%.
SR’s long-term earnings growth rate is currently pinned at 4.22%. The consensus mark for 2023 EPS stands at $4.22, implying a year-over-year improvement of 9.33%.
ONE Gas, Inc. (OGS - Free Report) reported first-quarter 2023 operating EPS of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.
OGS’ long-term earnings growth rate is currently pinned at 5%. The consensus estimate for 2023 EPS stands at $4.14, indicating growth of 1.47% year over year.