MDU Resources reaffirms FY24 adjusted EBITDA view $220M-$240M

MDU Resources Group announced that it is affirming 2024 financial guidance and providing an updated long-term earnings per share growth rate outlook in advance of planned investor meetings. MDU Resources affirmed its 2024 guidance information, which was previously provided Feb. 8 in connection with the announcement of its 2023 earnings results. For 2024, it still expects: Earnings from its regulated energy delivery business in the range of $170M-$180M; Construction services revenues in the range of $2.9B-$3.1B, with margins comparable to 2023, and EBITDA of $220M-$240M. MDU Resources’ guidance does not include transaction costs or costs associated with standing up the construction services business as a separate public company. The announced tax-free spinoff of its construction services business is expected to be complete in late 2024. The expected 2024 results are based on these assumptions: normal weather for the year, including precipitation and temperatures, across all company markets; normal economic and operating conditions; continued availability of necessary equipment and materials, electric and natural gas customer growth continuing at a rate of 1% to 2% annually; and no planned equity issuances. Following the spinoff of the construction services business, MDU Resources anticipates 6% to 8% long-term compound annual growth on EPS.