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MDU Resources Announces Third Quarter 2025 Results; Narrows Guidance

MDU
  • MDU Resources Group reported income from continuing operations of $18.4 million for the third quarter of 2025, an increase of $2.8 million year-over-year.
  • Pipeline segment earnings rose 11.3% to $16.8 million, driven by growth projects & strong transportation volume demand.
  • Utility customer growth rate is at 1.5%, with the company targeting 1%-2% annual growth in 2025.
  • Earnings guidance for 2025 was narrowed to a range of $0.90 to $0.95 per share from a previous range of $0.88 to $0.95.
  • Electric utility net income declined to $21.5 million due to higher operation & maintenance expenses from payroll & outage-related costs.
  • The North Dakota Public Service Commission approved the ADP & CPCN for MDU's 49% ownership interest in the Badger Wind Farm.
  • Natural gas distribution segment reported a seasonal loss of $18.2 million, partially offset by rate relief in Washington, Montana, & Wyoming.
  • Pipeline segment revenue increased 11.5%, with the Minot Expansion Project placed in service adding 7 million cubic feet per day of capacity.
  • The Line Section 32 Expansion Project continues progress with FERC application anticipated in Q1 2026 & construction completion targeted for late 2028.
  • The North Dakota Industrial Commission selected the Potential Bakken East Pipeline Project for firm capacity commitments up to $50 million annually.
  • Regulatory filings include a $14.1 million annual rate increase request for Montana & a $7.5 million request for Wyoming.
  • Idaho filed a rate case settlement for a $13.0 million annual increase, while Montana approved a $7.3 million increase effective Nov. 1, 2025.
  • Total capital expenditures for 2025 are estimated at $531 million across electric, natural gas distribution, & pipeline segments.
  • The company completed the spinoff of Everus on Oct. 31, 2024, with prior period results restated to reflect the separation.
  • Long-term EPS guidance remains unchanged with an expected growth rate of 6%-8%.