We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MDU Resources Group Inc. (MDU - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 32 cents, which increased 10.3% from the year-ago quarter’s 29 cents.
GAAP EPS was 30 cents compared with 64 cents in the prior-year period.
Total Revenues
Total operating revenues decreased 4% to $1.04 billion from $1.09 billion in the comparable period of 2023.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $340.5 million, up 0.2% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments fell 5.8% from the prior-year levels to $707 million.
MDU Resources Group, Inc. Price, Consensus and EPS Surprise
MDU’s total retail electric and natural gas utility experienced 1.5% customer growth from the second quarter of 2023.
Total operating expenses were nearly $0.958 billion, down 5.1% from the year-ago quarter’s $1.01 billion.
Operating income totaled $89.75 million, up 9.4% from the year-ago quarter’s $82.03 million.
Interest expenses were $28.61 million, up 8.1% year over year.
Financial Highlights
As of Jun 30, 2024, cash, cash equivalents and restricted cash were $94.4 million compared with $77 million as of Dec 31, 2023.
The long-term debt amounted to $2.21 billion as of Jun 30, compared with $2.24 billion as of Dec 31, 2023.
In the first six months of 2024, net cash provided by operating activities was $301.6 million compared with $73.1 million in the year-ago period.
Guidance
MDU Resources reaffirmed its 2024 regulated energy delivery earnings to be in the range of $170-$180 million. It updated its construction services revenues (Everus) guidance to be in the range of $2.65-$2.85 billion, down from the previous guided range of $2.9-$3.1 billion.
The company expects electric and natural gas customer growth to continue at a rate of 1-2% annually.
Management aims to invest $2.7 billion from 2024-2028 to strengthen its existing operations.
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%.
SR’s long-term (three to five years) earnings growth rate is 5%. The consensus estimate for fiscal 2024 EPS is pegged at $4.26, implying an improvement of 5.2% from the year-earlier level.
National Fuel Gas Company (NFG - Free Report) reported fiscal third-quarter EPS of 99 cents, which beat the Zacks Consensus Estimate of 92 cents by 7.6%. The company’s bottom line decreased 2% from $1.01 in the prior-year quarter.
The consensus estimate for NFG’s 2024 EPS is pegged at $5.13, which implies a decrease of 0.8% from the year-earlier level.
ONE Gas, Inc. (OGS - Free Report) reported second-quarter EPS of 48 cents, which missed the Zacks Consensus Estimate of 49 cents by 2%. The company’s bottom line decreased 17.2% from 58 cents in the prior-year quarter.
OGS’ long-term earnings growth rate is 5%. The consensus estimate for OGS’ 2024 EPS is pegged at $3.84, implying a decrease of 7.3% from the year-earlier level.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
MDU Resources (MDU) Q2 Earnings Increase Y/Y, Sales Decline
MDU Resources Group Inc. (MDU - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 32 cents, which increased 10.3% from the year-ago quarter’s 29 cents.
GAAP EPS was 30 cents compared with 64 cents in the prior-year period.
Total Revenues
Total operating revenues decreased 4% to $1.04 billion from $1.09 billion in the comparable period of 2023.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $340.5 million, up 0.2% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments fell 5.8% from the prior-year levels to $707 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
MDU’s total retail electric and natural gas utility experienced 1.5% customer growth from the second quarter of 2023.
Total operating expenses were nearly $0.958 billion, down 5.1% from the year-ago quarter’s $1.01 billion.
Operating income totaled $89.75 million, up 9.4% from the year-ago quarter’s $82.03 million.
Interest expenses were $28.61 million, up 8.1% year over year.
Financial Highlights
As of Jun 30, 2024, cash, cash equivalents and restricted cash were $94.4 million compared with $77 million as of Dec 31, 2023.
The long-term debt amounted to $2.21 billion as of Jun 30, compared with $2.24 billion as of Dec 31, 2023.
In the first six months of 2024, net cash provided by operating activities was $301.6 million compared with $73.1 million in the year-ago period.
Guidance
MDU Resources reaffirmed its 2024 regulated energy delivery earnings to be in the range of $170-$180 million. It updated its construction services revenues (Everus) guidance to be in the range of $2.65-$2.85 billion, down from the previous guided range of $2.9-$3.1 billion.
The company expects electric and natural gas customer growth to continue at a rate of 1-2% annually.
Management aims to invest $2.7 billion from 2024-2028 to strengthen its existing operations.
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
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%.
SR’s long-term (three to five years) earnings growth rate is 5%. The consensus estimate for fiscal 2024 EPS is pegged at $4.26, implying an improvement of 5.2% from the year-earlier level.
National Fuel Gas Company (NFG - Free Report) reported fiscal third-quarter EPS of 99 cents, which beat the Zacks Consensus Estimate of 92 cents by 7.6%. The company’s bottom line decreased 2% from $1.01 in the prior-year quarter.
The consensus estimate for NFG’s 2024 EPS is pegged at $5.13, which implies a decrease of 0.8% from the year-earlier level.
ONE Gas, Inc. (OGS - Free Report) reported second-quarter EPS of 48 cents, which missed the Zacks Consensus Estimate of 49 cents by 2%. The company’s bottom line decreased 17.2% from 58 cents in the prior-year quarter.
OGS’ long-term earnings growth rate is 5%. The consensus estimate for OGS’ 2024 EPS is pegged at $3.84, implying a decrease of 7.3% from the year-earlier level.