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MDU Resources ends 2020 on a high note

By |  February 3, 2021

MDU Resources logo

Earnings increased 16 percent in 2020 at MDU Resources Group, parent company of Knife River Corp., to $390.2 million.

MDU Resources, which shared performance details upon releasing its full-year 2020 and fourth-quarter results Wednesday, achieved 2019 earnings of $335.5 million.

Additionally, MDU Resources reports that its fourth-quarter earnings were $112.3 million. That figure compares to $95.1 million in the prior-year quarter.

“This is the second-best earnings result in our 97-year history, and we are incredibly proud of our employees’ dedication to ‘Building a Strong America’ despite the challenges 2020 presented,” says David Goodin, president and CEO of MDU Resources. “Our construction companies shattered earnings records, and our regulated energy businesses also had strong results. Our success during this tumultuous year further underscores the essential nature of our businesses.”

According to Goodin, MDU Resources started 2021 with a record combined backlog of work at its construction companies.

“We are well-positioned to continue growing,” he says.

Construction materials business

In 2020, MDU Resources’ construction materials business earned a record $147.3 million – a 22 percent increase compared to 2019.

Revenues, at $2.2 billion, were comparable to the prior year, the company says.

Mild weather, both early and late in the year, afforded MDU Resources a longer-than-average construction season. The company also benefited from higher margins on most product lines, particularly asphalt and asphalt-related products and ready-mixed concrete.

While a majority of the increase was driven by existing operations, MDU Resources says acquisitions contributed to its earnings growth. The company continues to explore opportunities to acquire additional construction companies.

Additionally, MDU Resources says it had a construction materials backlog of work on Dec. 31 of $673 million.

Kevin Yanik

About the Author:

Kevin Yanik is the editor-in-chief of Pit & Quarry magazine. Yanik can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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