The following is a summary of the MDU Resources Group, Inc. (MDU) Q3 2024 Earnings Call Transcript:

Financial Performance:

• MDU Resources reported Q3 2024 earnings of $64.6 million or $0.32 per share from continuing operations, compared to $78.2 million or $0.38 per share in Q3 2023.

• Adjusted income from continuing operations for Q3 2024 was $65.5 million or $0.32 per share, up from $58.6 million or $0.29 per share in the same period last year.

• The utility business posted earnings of $6.8 million for the quarter, driven by rate relief and higher volumes, particularly in the electric segment which earned $24.3 million.

• The pipeline business recorded record Q3 earnings of $15.1 million, a 27% increase, mainly due to higher transportation volumes and new storage rates effective August 1, 2023.

Business Progress:

• MDU Resources focuses on organic growth with anticipated customer growth of 1% to 2% annually and long-term EPS growth of 6% to 8%.

• The company achieved several regulatory advancements including rate cases and settlements across multiple states, and significant infrastructure expansions like the 137 million cubic feet per day line Section 28 and the ongoing Wahpeton Expansion project.

• Additional growth through strategic acquisitions like the 28-mile natural gas pipeline lateral in Northwestern North Dakota.

Opportunities:

• MDU Resources is capitalizing on the growing demand for its services, particularly in the pipeline segment where strategic expansion and increased demand for transportation and storage services are noted.

• The regulation favorable settlements and the successful filings like the electric service agreement for a 50 megawatt data center underline the opportunity for continued infrastructure and customer base expansion.

Risks:

• The seasonal loss in the natural gas utility sector, although slight, highlights the vulnerability to seasonal fluctuations and regulatory outcomes.

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