Record third-quarter 2019 revenue for MDU Resources

By |  November 1, 2019

Logo: MDU Resources

Third-quarter earnings at MDU Resources Group totaled $137.6 million, a notable increase from third-quarter 2018 earnings of $107.3 million.

For the nine months ending Sept. 30, MDU Resources earned $240.4 million, compared to $193.5 million for the same period in 2018.

MDU Resources’ construction materials business earned record revenues in the third quarter, improving 17 percent compared to the third quarter of 2018. Third-quarter earnings were $102.6 million, about 30 percent higher than the $78.9 million earned in the same period last year.

According to MDU, the growth reflects contributions from acquisitions made in both 2018 and early 2019, as well as additional projects in many of the company’s markets. In addition, the company had a record backlog of $747 million at the end of the third quarter, a 27 percent increase from $590 million in third-quarter 2018.

“We continue to see exceptional performance from our construction materials and services businesses,” says David Goodin, president and CEO of MDU Resources. “We closed the third quarter with record revenue, earnings and backlog of work at these operations. As a result, we are increasing our full-year revenue guidance for our construction operations.”

The company’s construction services business also reported record revenues and earnings for the third quarter of 2018. Third-quarter revenues were 45 percent higher than the same period in 2018, while earning improved to $21.1 million, compared to $9.3 million in the third quarter of 2018.

According to MDU, its construction services business saw an increase in outside specialty contracting work for utility customers and increased inside speciality contracting workloads from government, hospitality and data center projects. The company’s construction services business finished the third quarter with a record backlog of $1.2 billion, an increase of 34 percent compared to $896 million during the same period last year.

Record third-quarter revenues at MDU Resources follow record second-quarter revenues for the company.

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Zach Mentz

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