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MDU Resources' (MDU) Q3 Earnings Increase Y/Y, Sales Fall
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MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2023 operating earnings per share of 29 cents, which increased 61.1% from the year-ago quarter’s 21 cents.
GAAP earnings in the reported quarter were 37 cents per share compared with 73 cents in the prior-year quarter.
Total Revenues
Net sales decreased 0.2% to $1,000.8 million from $1,002.5 million in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $279.5 million, up 6% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments decreased 2.4% to $721.3 million.
MDU Resources Group, Inc. Price, Consensus and EPS Surprise
Total operating expenses in the third quarter amounted to $916.2 million, down 2.7% from the year-ago quarter’s $941.5 million. This was due to a 3.8% decrease in operation and maintenance expenses.
Operating income totaled $84.6 million, up 38.7% from the year-ago quarter’s $61 million.
Interest expenses were $32.1 million compared with $20.2 million in the corresponding period of 2022.
Financial Highlights
Cash and cash equivalents for nine months ended Sep 30, 2023, were $32.5 million compared with $74.6 million as of Sep 30, 2022.
Net cash provided by operating activities for the nine months ended Sep 30, 2023, was $174.9 million compared with $284.9 million in the year-ago period.
Guidance
For 2023, MDU Resources expects earnings from its regulated energy delivery businesses in the range of $155-$165 million, up from $150-$160 million projected earlier.
Revenues from construction services are expected in the range of $2.80-$3.00 billion, and EBITDA of $210-$230 million, up from $200-$225 million guided previously.
Zacks Rank
MDU Resources currently has a Zacks Rank #3 (Hold).
ONE Gas Inc. (OGS - Free Report) reported third-quarter 2023 operating EPS of 45 cents, which surpassed the Zacks Consensus Estimate of 42 cents by 7.1%. The bottom line increased 2.3% from the year-ago quarter’s figure of 44 cents.
The Zacks Consensus Estimate for OGS’ 2023 earnings stands at $4.12 per share, implying a year-over-year improvement of 1%. The stock delivered an average earnings surprise of 1.85% in the last four quarters.
PNM Resources Inc. (PNM - Free Report) reported third-quarter 2023 earnings of $1.54 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 18.5%. The bottom line also increased 5.5% from the year-ago quarter’s figure of $1.46.
The Zacks Consensus Estimate for PNM’s 2023 earnings stands at $2.72 per share, implying a year-over-year improvement of 1.1%. The stock delivered an average earnings surprise of 23.16% in the last four quarters.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter.
The Zacks Consensus Estimate for NEE’s 2023 earnings stands at $3.12 per share, implying a year-over-year improvement of 7.6%. The stock delivered an average earnings surprise of 7.33% in the last four quarters.
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MDU Resources' (MDU) Q3 Earnings Increase Y/Y, Sales Fall
MDU Resources Group Inc. (MDU - Free Report) reported third-quarter 2023 operating earnings per share of 29 cents, which increased 61.1% from the year-ago quarter’s 21 cents.
GAAP earnings in the reported quarter were 37 cents per share compared with 73 cents in the prior-year quarter.
Total Revenues
Net sales decreased 0.2% to $1,000.8 million from $1,002.5 million in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $279.5 million, up 6% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments decreased 2.4% to $721.3 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 in the third quarter amounted to $916.2 million, down 2.7% from the year-ago quarter’s $941.5 million. This was due to a 3.8% decrease in operation and maintenance expenses.
Operating income totaled $84.6 million, up 38.7% from the year-ago quarter’s $61 million.
Interest expenses were $32.1 million compared with $20.2 million in the corresponding period of 2022.
Financial Highlights
Cash and cash equivalents for nine months ended Sep 30, 2023, were $32.5 million compared with $74.6 million as of Sep 30, 2022.
Net cash provided by operating activities for the nine months ended Sep 30, 2023, was $174.9 million compared with $284.9 million in the year-ago period.
Guidance
For 2023, MDU Resources expects earnings from its regulated energy delivery businesses in the range of $155-$165 million, up from $150-$160 million projected earlier.
Revenues from construction services are expected in the range of $2.80-$3.00 billion, and EBITDA of $210-$230 million, up from $200-$225 million guided previously.
Zacks Rank
MDU Resources currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
ONE Gas Inc. (OGS - Free Report) reported third-quarter 2023 operating EPS of 45 cents, which surpassed the Zacks Consensus Estimate of 42 cents by 7.1%. The bottom line increased 2.3% from the year-ago quarter’s figure of 44 cents.
The Zacks Consensus Estimate for OGS’ 2023 earnings stands at $4.12 per share, implying a year-over-year improvement of 1%. The stock delivered an average earnings surprise of 1.85% in the last four quarters.
PNM Resources Inc. (PNM - Free Report) reported third-quarter 2023 earnings of $1.54 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 18.5%. The bottom line also increased 5.5% from the year-ago quarter’s figure of $1.46.
The Zacks Consensus Estimate for PNM’s 2023 earnings stands at $2.72 per share, implying a year-over-year improvement of 1.1%. The stock delivered an average earnings surprise of 23.16% in the last four quarters.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter.
The Zacks Consensus Estimate for NEE’s 2023 earnings stands at $3.12 per share, implying a year-over-year improvement of 7.6%. The stock delivered an average earnings surprise of 7.33% in the last four quarters.