Saturday, July 26, 2003 1:38:18 PM
BISMARCK, N.D.--(BUSINESS WIRE)--July 24, 2003--MDU Resources Group, Inc. (NYSE:MDU - News) announced financial results for the three months ended June 30, 2003, showing consolidated earnings of $43.3 million, compared to $24.7 million for the same period last year. Earnings per common share, diluted, totaled 58 cents, compared to 35 cents per common share, diluted, for the second quarter of 2002.
ADVERTISEMENTEarnings for the six months ended June 30, 2003, totaled $63.2 million or 85 cents per common share, diluted. Earnings for the first six months of 2002 totaled $48.2 million or 68 cents per common share, diluted. However, 2003 earnings reflect a $7.6 million after-tax noncash transition charge to earnings reflecting the cumulative effect of the change in accounting for asset retirement obligations as required by the adoption of Statement of Financial Accounting Standards No. 143. In addition, 2002 earnings included the effects of a compromise agreement that resulted in a $16.6 million after-tax gain. Excluding the 2003 $7.6 million accounting charge and the 2002 $16.6 million compromise agreement, 2003 earnings would have totaled $70.8 million versus $31.6 million for the first six months of 2002.
Due to the continued strength of natural gas and oil commodity prices and its recent construction materials acquisition, the company is increasing its 2003 earnings per share guidance. Earnings per common share, diluted, before the cumulative effect of the accounting change discussed above, are now projected to be in the range of $2.20 to $2.45. Including the cumulative effect of the $7.6 million after-tax accounting change, earnings per common share, diluted, for 2003 are expected to be in the range of $2.10 to $2.35.
"I am pleased to announce that our earnings per share are up 66 percent for this quarter compared to the second quarter of 2002," said Martin A. White, chairman of the board, president and chief executive officer of MDU Resources. "Energy prices have been strong, and our construction materials company is having an even better year than 2002, which was a record year," White said. "Even though the economy has been challenged to recover this year and some businesses are still seeing the negative effects, our companies are doing quite well. We provide the goods and services that are essential to our country's infrastructure, which is the foundation of all businesses and a strong economy."
Peggy Sue
Recent MDU News
- MDU Resources Group Announces Retirement of VP and CIO Peggy Link, Boese Named Successor • PR Newswire (US) • 09/18/2024 08:34:00 PM
- Everus Construction Group Announces Investor Day; to be Listed Under Ticker ECG Upon Spinoff • PR Newswire (US) • 09/12/2024 08:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 08:36:34 PM
- MDU Resources Announces Anticipated Board of Directors for Everus • PR Newswire (US) • 09/03/2024 08:30:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/21/2024 10:12:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/15/2024 08:36:36 PM
- MDU Resources Appoints Two to Board of Directors • PR Newswire (US) • 08/15/2024 08:30:00 PM
- MDU Resources Announces Increased Quarterly Dividend • PR Newswire (US) • 08/15/2024 08:20:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 12:38:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 12:32:44 PM
- MDU Resources Reports Solid Q2 Earnings, Updates 2024 Guidance • PR Newswire (US) • 08/08/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/18/2024 08:32:50 PM
- MDU Resources' Board of Directors Names Leadership for Everus Construction Group, Effective on Spinoff • PR Newswire (US) • 07/18/2024 08:20:00 PM
- MDU Resources to Webcast Second Quarter 2024 Earnings Conference Call • PR Newswire (US) • 07/17/2024 09:25:00 PM
- MDU Resources Publishes 2023 Sustainability Report • PR Newswire (US) • 06/28/2024 09:13:00 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/22/2024 12:30:11 PM
- MDU Resources Declares Quarterly Dividend on Common Stock • PR Newswire (US) • 05/15/2024 03:10:00 PM
- Jaeger Elected to MDU Resources Board of Directors • PR Newswire (US) • 05/14/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:44:47 PM
- MDU Resources Reports Strong First Quarter Results; Affirms 2024 Guidance • PR Newswire (US) • 05/02/2024 12:30:00 PM
- MDU Resources to Webcast First Quarter 2024 Earnings Conference Call • PR Newswire (US) • 04/11/2024 02:15:00 PM
- MDU Resources Files Confidential Form 10 for Planned Late 2024 Spinoff of Construction Services Business • PR Newswire (US) • 03/25/2024 08:30:00 PM
- MDU Construction Services Group Rebrands to Everus Construction Group; Spinoff Remains on Track for Late 2024 • PR Newswire (US) • 03/13/2024 08:20:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM