MDU Resources' (MDU) Q2 Earnings and Revenues Increase Y/Y
MDU Resources Group Inc. MDU reported second-quarter 2023 operating earnings per share of 29 cents, which increased 61.1% from the year-ago quarter’s 18 cents.
GAAP earnings in the reported quarter were 64 cents per share compared with 35 cents in the prior-year period.
Total Revenues
Net sales increased 8.1% to $1,091.1 million from $1,009.8 million in the comparable period of 2022.
Operating revenues in the electric, natural gas distribution and regulated pipeline totaled $340.5 million, up 5.2% from the prior-year quarter’s figure. Revenues in the non-regulated pipeline, construction services and other segments improved 9.4% to $750.6 million from the prior-year quarter.
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 second quarter amounted to $1,009.1 million, up 6.5% from the year-ago quarter’s $947.2 million. This was due to an 8.5% increase in operation and maintenance expenses.
Operating income totaled $82 million, up 40% from the year-ago quarter’s $62.6 million.
Interest expenses were $26.5 million compared with $19.2 million in the corresponding period of 2022.
Financial Highlights
Cash and cash equivalents for six months ended Jun 30, 2023, were $50.7 million compared with $53.7 million as of Jun 30, 2022.
Net cash provided by operating activities for the six months ended Jun 30, 2023, was $73.1 million compared with $119.2 million in the year-ago period.
Guidance
For 2023, MDU Resources expects earnings from its regulated energy delivery businesses in the range of $150-$160 million, up from $140-$150 million.
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.
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