MDU Resources Group Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 earnings rose to $21.3 million, driven by higher utility and pipeline performance, new rates, and infrastructure investments. The Bakken East Pipeline advanced with all precedent agreements signed and a FERC filing expected in Q4. EPS guidance and long-term growth targets were reaffirmed.
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Stockholders approved all proposals, including director elections and incentive plans. The company reaffirmed its commitment to operational excellence, a $3.1 billion capital plan, and a stable dividend policy targeting a 60%-70% payout ratio.
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Q1 2026 earnings were $80.8M ($0.39/share), slightly down year-over-year due to mild weather, but strong operational performance and rate relief offset some impacts. Major pipeline and data center projects are advancing, supporting long-term growth targets.
Fiscal Year 2025
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2025 earnings reached $190.4 million ($0.93/share), with strong pipeline and gas utility performance, a 16% utility rate base increase, and $792 million in capital deployed. 2026 EPS guidance is $0.93–$1.00, with a $3.1 billion five-year capital plan.
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Q3 2025 income from continuing operations rose to $18.4 million, driven by strong pipeline results, while higher operating costs impacted utilities. EPS guidance was raised to $0.90–$0.95, and several major infrastructure and rate case initiatives advanced.
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Q2 2025 income from continuing operations was $14.1 million, with results impacted by weather and higher costs, but supported by strong pipeline demand and data center growth. EPS guidance was narrowed to $0.88–$0.95, and $3.1 billion in capital investment is planned over five years.
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First quarter income from continuing operations rose 10.4% year-over-year to $82.5 million, driven by strong pipeline and natural gas segment growth. EPS guidance for 2025 is affirmed at $0.88-$0.98, with $3.1 billion in capital investment planned over five years.
Fiscal Year 2024
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2024 saw a 22% year-over-year increase in adjusted EPS from Continuing Operations, driven by record pipeline earnings and electric segment growth. 2025 guidance is $0.88–$0.98 per share, with $3.1 billion in planned capital investment and a focus on long-term EPS growth of 6%-8%.
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Q3 2024 saw strong adjusted earnings growth, record pipeline results, and continued utility expansion, supported by rate relief and infrastructure investments. Guidance for 2024 was raised, reflecting robust momentum and strategic acquisitions, with optimism for long-term growth.
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Everus is set to become an independent, publicly traded leader in specialty construction, targeting 5-7% organic revenue CAGR and 7-9% EBITDA CAGR, with a record $2.4 billion backlog and strong growth in data centers and grid modernization. The company leverages a disciplined, capital-light strategy, a seasoned leadership team, and a proven execution playbook to drive long-term value.
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Q2 2024 saw record earnings and backlog in the pipeline and Everus segments, despite lower utility earnings due to weather and higher costs. The Everus spin-off remains on track for late 2024, with strong long-term growth guidance and robust demand in data center and industrial markets.