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MDU Resources Group, Inc. reports developments for a regulated energy delivery business built around electric utility service, natural gas distribution and pipeline operations. Its utility operations provide electric and gas service across parts of the Pacific Northwest, Midwest, Rocky Mountain and northern Great Plains, while its pipeline business operates a natural gas transportation and storage network.
Recurring news includes quarterly earnings, weather effects on utility demand, capital-investment plans, common-stock dividend actions and updates from the pipeline segment. Company releases also address financing capacity and project planning tied to energy delivery infrastructure.
MDU Resources Group is advancing its plan to spin off its construction materials business, Knife River Corporation. A confidential draft registration statement has been submitted to the SEC, targeting completion of the spinoff in the second quarter of 2023. This follows the August announcement of the separation intent. The company is also conducting a strategic review of its construction services, expected to finalize in the first half of 2023, with financial advice sourced from J.P. Morgan Securities and PJT Partners.
MDU Resources Group plans to invest $3.5 billion from 2023 to 2027, marking a 27% increase in capital expenditures compared to the past five years. This investment aims to enhance electric transmission, distribution infrastructure, and natural gas transportation systems. The company anticipates a 6%-7% annual growth rate for its electric and natural gas utilities and a 1%-2% growth in customer bases. Key projects include the Jamestown-to-Ellendale transmission project, estimated at $439 million.
MDU Resources Group, Inc. (NYSE: MDU) has announced the appointment of German Carmona Alvarez to its board of directors. Carmona, who serves as global president at John Wood Group PLC, brings extensive experience in digital transformation, finance, and human capital management. His expertise is expected to aid in maximizing shareholder value, particularly during the upcoming spinoff of Knife River Corporation, planned to be tax-free for MDU shareholders in 2023. Carmona will also contribute to the Compensation Committee and Nominating and Governance Committee.
On November 17, 2022, MDU Resources Group announced the appointment of Brian R. Gray as president of Knife River Corporation, effective January 1, 2023, while David C. Barney will continue as CEO. This announcement follows MDU's plan, disclosed on August 4, to spin off Knife River as an independent, publicly traded company within 2023. Both leaders have extensive experience, with Barney having 36 years at Knife River and Gray leading significant acquisitions in the Northwest Region.
MDU Resources Group announced an increase in its quarterly dividend to 22.25 cents per share, marking the 32nd consecutive year of dividend growth. The annualized dividend now stands at 89 cents per share, up from the previous 21.75 cents. This positions MDU among fewer than 82 U.S.-listed companies with such a long history of increasing dividends. The upcoming payment date is January 1, 2023, for stockholders on record by December 8, 2022.
MDU Resources Group (NYSE: MDU) reported Q3 earnings of $147.9 million (73 cents/share), surpassing last year's $139.3 million (68 cents/share). Adjusted earnings were $152.0 million (75 cents/share), with a year-to-date GAAP earnings total of $250.4 million ($1.23/share). The construction materials business saw record revenue growth of 17%, while the construction services segment rose by 43%. The company plans to spin off its subsidiary Knife River, aiming to boost shareholder value. MDU expects adjusted EPS for 2022 between $1.75 and $1.90.
MDU Resources Group, Inc. (NYSE: MDU) has announced the schedule for its third quarter 2022 earnings conference call, set for 2 p.m. EDT on Nov. 3. The company will release its earnings results before the U.S. markets open that day. Interested parties can access the webcast through the Investor Relations section of their website, and a replay will be available post-call.
MDU Resources is a member of the S&P MidCap 400 and provides essential products and services in energy delivery and construction materials.
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MDU Resources Group, Inc. (NYSE: MDU) announced that its board of directors declared a quarterly dividend of 21.75 cents per share, consistent with the previous quarter. The dividend will be payable on October 1, 2022, to stockholders of record by September 8, 2022.
As part of the S&P MidCap 400 and S&P High-Yield Dividend Aristocrats, MDU Resources continues its commitment to delivering essential services in energy and construction sectors.
MDU Resources Group reported Q2 2022 earnings of $70.7 million (35 cents/share), down from $100.2 million (50 cents/share) in Q2 2021. For the first half of 2022, earnings were $102.4 million (50 cents/share), down from $152.3 million (76 cents/share) in 2021. Despite record revenues in construction, ongoing inflation and supply chain issues impacted earnings. MDU expects full-year earnings per share of $1.75 to $1.90. A proposed spin-off of Knife River Corporation aims to create two independently traded firms.