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MDU Resources Group (MDU) investor relations material
MDU Resources Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net income was $13.7M–$13.8M, down from $60.4M in Q2 2024, mainly due to the Everus/Everest spinoff and higher costs; EPS from continuing operations was $0.07.
Electric utility earnings were $10.4M, with 12% retail sales growth from data center demand, but higher O&M and outage costs reduced year-over-year results.
Natural gas utility posted a Q2 loss of $7.4M, larger than prior year, due to warmer weather and higher payroll, partially offset by rate relief.
Pipeline segment earned $15.4M, down from $17.3M, with higher O&M and absence of a prior year settlement, but strong demand and increased transportation revenue.
Everus/Everest spinoff completed in October 2024; prior results restated as discontinued operations.
Financial highlights
Q2 2025 net income: $13.7M–$13.8M vs. $60.4M in Q2 2024; diluted EPS: $0.07 vs. $0.30; six-month net income: $95.7M vs. $161.3M.
Q2 2025 operating revenues were $351.2M, up 2% year-over-year; six-month revenues reached $1.03B, up 10%.
Cash flow from operations for the first half of 2025 was $334.9M, up from $301.6M in 2024.
Capital expenditures for the first half of 2025 were $179.4M; full-year 2025 capex estimated at $539M.
Book value per share: $13.37; market price per share: $16.67; total assets: $6,946M.
Outlook and guidance
2025 EPS guidance narrowed to $0.88–$0.95 per share, reflecting weather and cost impacts; long-term EPS growth targeted at 6–8% annually.
Five-year capital investment plan totals $3.1B, with 7–8% annual utility rate base growth and 1–2% annual customer growth expected.
No equity issuances planned for 2025; plans to reestablish ATM program for future capital needs.
Dividend payout ratio targeted at 60–70% annually.
Regulatory and environmental compliance costs, including EPA rule changes, may impact future results.
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