The following is a summary of the MDU Resources Group, Inc. (MDU) Q2 2024 Earnings Call Transcript:

Financial Performance:

• MDU Resources announced Q2 earnings of $60.4 million, or $0.30 per share.

• Utility business faced higher operational and maintenance expenses but achieved rate relief especially in North Dakota and Montana aiding retail sales revenue.

• The pipeline business achieved a record Q2 earnings of $17.3 million, largely from higher transport volumes and new service rates.

• Everus, the construction services business, recognized record Q2 earnings of $39 million despite lower revenues due to the timing of project completions and starts.

Business Progress:

• Everus is preparing to spin off by the end of 2024, with an all-time record backlog of $2.4 billion.

• New projects like the Heskett IV and natural gas expansions in Montana and North Dakota highlight ongoing infrastructure development.

• Growth in data center construction in North and South Dakota contributes to higher future earnings potential and overall Return on Equity (ROE) enhancement.

Opportunities:

• Data center construction in MDU's service territory presents new revenue opportunities, reflecting customer growth and system expansion needs.

• Everus capitalizes on increased demand for construction services due to federal funding from infrastructure and jobs acts, promising continued growth.

Risks:

• Challenges from cooler weather resulted in 37% lower electric volumes impacting earnings, although strategic rate relief helped mitigate some effects.

More details: MDU Resources IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.