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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.
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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.