Record second-quarter 2019 earnings at MDU Resources

Earnings at MDU Resources Group were $61.8 million in the second quarter of 2019, compared to $43.8 million during the same time period in 2018.

“With a 41 percent increase in year-over-year second quarter earnings driven by our strong operational performance and the positive impact of organic and acquisition growth, we are increasing our 2019 earnings guidance range by 5 cents per share and our combined construction revenue guidance by over $200 million for the year,” says David Goodin, president and CEO of MDU Resources.

For the company’s construction services business, specifically, second-quarter earnings were $22.8 million, compared to $14.1 million during the second quarter of 2018. The construction services business also had a record second quarter backlog of $1.15 billion, an increase of 30 percent from $888 million during the same time period last year.

Second-quarter earnings for the construction materials business were $29.2 million, compared to $24.3 million from the same period last year. According to MDU Resources, the increase is due to contributions from acquisitions made in 2018 and early 2019, as well as project opportunities in many of the states where the company operates.

The construction materials business also set a record backlog of work of $1.04 billion, a 42 percent increase from $731 million during the same period last year.

“Our construction services business continues to have exceptional results, with year-to-date earnings 47 percent higher through June compared to last year, and our construction materials business increased second quarter earnings by approximately 20 percent over last year,” Goodin says. “We also had an all-time record backlog of nearly $2.2 billion at our combined construction businesses at the end of the quarter.”

For the first six months of 2019 ending June 30, MDU Resources earned $102.7 million, also an increase compared to $86.2 million during the first six months of 2018.