The following is a summary of the MDU Resources Group, Inc. (MDU) Q1 2024 Earnings Call Transcript:
Financial Performance:
MDU Resources reported Q1 2024 GAAP earnings of $100.9 million or $0.49 per share, a significant increase from Q1 2023 earnings of $38.3 million or $0.19 per share.
The Utility business and the Pipeline business contributed significantly to the earnings with the latter recording a record first-quarter earnings of $15.1 million.
Everus, the recently rebranded Construction Services business, also saw an increase in earnings compared to Q1 2023.
Business Progress:
Electric retail sales volumes rose by 8% in Q1 2024, primarily due to operations from a new data center customer. The company also implemented interim electric and gas rates in South Dakota, and interim gas rates in North Dakota.
Notably, the company is also making strides in becoming a pure-play regulated energy delivery company with plans for the spin-off of its Construction Services business, Everus, later this year.
More details: MDU Resources IR
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