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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MDU Resources Group Inc | NYSE:MDU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.28 | 0 | 09:09:59 |
BISMARCK, N.D., Nov. 2, 2016 /PRNewswire/ --
MDU Resources Group, Inc. (NYSE: MDU) today reported third quarter earnings from continuing operations of $88.2 million, or 45 cents per common share, compared to earnings from continuing operations of $73.7 million, or 38 cents per common share, for the third quarter of 2015. Including discontinued operations, primarily the exploration and production and refining businesses, the company reported earnings of $82.8 million, or 42 cents per common share, for third quarter 2016, compared to a loss of $139.6 million, or 72 cents per share, for third quarter 2015.
For the nine months ended Sept. 30, MDU Resources reported earnings from continuing operations of $166.0 million, or 85 cents per common share, compared to $120.0 million, or 62 cents per share, for the first nine months of 2015. Including discontinued operations, the company had a loss of $1.8 million, or 1 cent per share, for the nine months ended Sept. 30, compared to a loss of $675.5 million, or $3.47 per share, in 2015.
"We have streamlined our company and our two primary business lines, construction materials and services and regulated energy delivery, are providing solid results," said David L. Goodin, president and CEO of MDU Resources. "Our construction businesses continue to experience strong momentum as the country turns more attention to needed infrastructure improvements. Our construction materials segment achieved record third quarter earnings for the second consecutive year, and our construction services business improved earnings by 53 percent.
"Our regulated energy delivery businesses are focused on growth, including pipeline expansion projects, utility system upgrades and expanding infrastructure," Goodin said. "The Valley Expansion project in eastern North Dakota and far western Minnesota is proceeding, and construction continues on the 345-kilovolt transmission line from Ellendale, North Dakota, to Big Stone City, South Dakota."
Business Unit Results
Construction Materials and Services
The construction materials business reported record third quarter earnings of $69.5 million, up from record third quarter 2015 earnings of $68.8 million. This business saw higher construction margins with increased construction activity in the Pacific and northwestern areas of the U.S. and lower selling, general and administrative expense. Backlog at construction materials is $580 million, which is up 9 percent from last year.
Third quarter earnings at the construction services business were $7.2 million, up $2.5 million from third quarter 2015, with higher workloads and margins on inside electrical and outside work in the western area of the U.S. The construction services backlog of $518 million, which is up 13 percent from last year, includes projects from a broad variety of service areas and across geographic regions.
Regulated Energy Delivery
Earnings at the pipeline and midstream business were $6.7 million, compared to a loss of $3.2 million for third quarter 2015. The pipeline and midstream business reduced its operating costs and benefited from the absence of an $8.7 million after-tax impairment on certain natural gas gathering assets that was recorded in third quarter 2015. Utilization of natural gas storage services continues to be higher than a year ago. The pipeline business in October received Federal Energy Regulatory Commission approval on its pre-filing for the Valley Expansion project. The company is proceeding with survey work and expects to begin construction in early 2018 on the project, which initially is designed to deliver 40 million cubic feet of natural gas per day to eastern North Dakota and far western Minnesota.
The electric and natural gas utility earnings for third quarter were virtually unchanged from the same period in 2015. The electric utility earned $12.7 million, with rate recovery offset by higher operating expenses and depreciation. The natural gas utility had a normal seasonal loss of $12.5 million for the third quarter. Rate relief and higher sales volumes in certain areas were offset by increased operating expenses and depreciation. The utility continues to seek regulatory recovery for costs associated with upgrading and expanding infrastructure to meet current and future customer demands, including anticipated 1 to 2 percent customer growth.
2016 Guidance
MDU Resources is narrowing 2016 earnings guidance from continuing operations to $1.05 to $1.15 per common share. Including discontinued operations, the company expects 2016 earnings of 20 cents to 30 cents per share.
The results of MDU Resources' exploration and production and refining businesses have been reported as discontinued operations. Any continuing results from MDU Resources' exploration and production and refining businesses, such as general and administrative expenses, have been included in the "other" category. To reflect this change, MDU Resources is providing guidance in two formats that meet generally accepted accounting principles: one guidance range reflects continuing operations and the other includes discontinued operations. The continuing operations range is similar to the company's previously reported "adjusted earnings" guidance in that they both exclude results from the exploration and production and refining businesses. The discontinued operations guidance range includes the results from the exploration and production and refining businesses, as well as associated impairments.
Conference Call
The company will host a webcast at 10 a.m. EDT Nov. 3 to discuss third quarter 2016 results. The event can be accessed at www.mdu.com. Webcast and audio replays will be available through Nov. 17. The dial-in number for audio replay is 855-859-2056, or 404-537-3406 for international callers, conference ID 86987581.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, see the company's website at www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
Contacts
Financial: Janelle Steiner, assistant treasurer, 701-530-1031
Media: Laura Lueder, manager of communications and public relations, 701-530-1095
Performance Summary and Future Outlook
The following information highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries and other matters for each of the company's businesses. Many of these highlighted points are "forward-looking statements." There is no assurance that the company's projections, including estimates for growth and changes in earnings, will in fact be achieved. Please refer to assumptions contained in this section, as well as the various important factors listed at the end of this document under the heading "Risk Factors and Cautionary Statements that May Affect Future Results." Changes in such assumptions and factors could cause actual future results to differ materially from growth and earnings projections.
GAAP Earnings
Business Line |
Third |
Third |
YTD |
YTD | ||||||||
(In millions) | ||||||||||||
Construction materials and services |
$ |
76.7 |
$ |
73.5 |
$ |
109.0 |
$ |
90.8 |
||||
Regulated energy delivery |
6.9 |
(2.9) |
55.0 |
37.2 |
||||||||
Other and eliminations* |
4.6 |
3.1 |
2.0 |
(8.0) |
||||||||
Earnings from continuing operations |
88.2 |
73.7 |
166.0 |
120.0 |
||||||||
Loss from discontinued operations, net of tax |
(5.4) |
(223.1) |
(299.5) |
(816.5) |
||||||||
Loss from discontinued operations attributable to noncontrolling interest |
— |
(9.8) |
(131.7) |
(21.0) |
||||||||
Earnings (loss) on common stock |
$ |
82.8 |
$ |
(139.6) |
$ |
(1.8) |
$ |
(675.5) |
||||
Earnings (loss) per share: |
||||||||||||
Earnings from continuing operations |
$ |
.45 |
$ |
.38 |
$ |
.85 |
$ |
.62 |
||||
Discontinued operations attributable to the company, net of tax |
(.03) |
(1.10) |
(.86) |
(4.09) |
||||||||
Earnings (loss) per share |
$ |
.42 |
$ |
(.72) |
$ |
(.01) |
$ |
(3.47) |
||||
* Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
On a consolidated basis, the following information highlights the key strategies, projections and certain assumptions for the company:
Capital Expenditures | |||
Business Line |
2016 | ||
(In millions) | |||
Construction materials and services |
|||
Construction materials and contracting |
$ |
38 |
|
Construction services |
32 |
||
Regulated energy delivery |
|||
Electric |
127 |
||
Natural gas distribution |
134 |
||
Pipeline and midstream |
40 |
||
Other |
3 |
||
Net proceeds and other* |
(20) |
||
Total capital expenditures |
$ |
354 |
|
* Excludes capital expenditures for discontinued operations and sale |
Construction Materials and Services | ||||||||||||
Construction Materials and Contracting |
||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(Dollars in millions) | ||||||||||||
Operating revenues |
$ |
724.7 |
$ |
774.5 |
$ |
1,476.0 |
$ |
1,478.0 |
||||
Operating expenses: |
||||||||||||
Operation and maintenance |
582.2 |
631.6 |
1,243.4 |
1,266.4 |
||||||||
Depreciation, depletion and amortization |
14.4 |
16.4 |
44.3 |
49.1 |
||||||||
Taxes, other than income |
12.2 |
12.0 |
33.7 |
32.1 |
||||||||
608.8 |
660.0 |
1,321.4 |
1,347.6 |
|||||||||
Operating income |
115.9 |
114.5 |
154.6 |
130.4 |
||||||||
Earnings |
$ |
69.5 |
$ |
68.8 |
$ |
88.8 |
$ |
74.3 |
||||
Sales (000's): |
||||||||||||
Aggregates (tons) |
9,997 |
10,240 |
21,281 |
20,746 |
||||||||
Asphalt (tons) |
3,507 |
3,508 |
5,959 |
5,467 |
||||||||
Ready-mixed concrete (cubic yards) |
1,146 |
1,159 |
2,840 |
2,723 |
||||||||
Construction Services |
||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(In millions) | ||||||||||||
Operating revenues |
$ |
280.8 |
$ |
225.8 |
$ |
822.8 |
$ |
687.9 |
||||
Operating expenses: |
||||||||||||
Operation and maintenance |
255.8 |
207.2 |
750.1 |
624.0 |
||||||||
Depreciation, depletion and amortization |
3.9 |
3.3 |
11.4 |
10.0 |
||||||||
Taxes, other than income |
9.3 |
6.7 |
29.7 |
24.0 |
||||||||
269.0 |
217.2 |
791.2 |
658.0 |
|||||||||
Operating income |
11.8 |
8.6 |
31.6 |
29.9 |
||||||||
Earnings |
$ |
7.2 |
$ |
4.7 |
$ |
20.2 |
$ |
16.5 |
The combined construction materials and services businesses reported earnings of $76.7 million in the third quarter of 2016, compared to $73.5 million in 2015. The increase reflects higher inside electrical and outside workloads and margins in the western region at the services business and record third quarter earnings at the materials business with higher construction margins. Partially offsetting these increases was higher selling, general and administrative expense, primarily higher payroll-related costs. Also offsetting the increases were lower asphalt, ready-mixed concrete and other product line margins at the materials business and lower equipment sales and rental margins at the services business.
The following information highlights the key growth strategies, projections and certain assumptions for the construction segments:
Regulated Energy Delivery | ||||||||||||
Pipeline and Midstream |
||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(Dollars in millions) | ||||||||||||
Operating revenues |
$ |
36.0 |
$ |
39.7 |
$ |
105.8 |
$ |
118.0 |
||||
Operating expenses: |
||||||||||||
Operation and maintenance |
14.1 |
32.3 |
43.1 |
69.0 |
||||||||
Depreciation, depletion and amortization |
6.2 |
7.0 |
18.5 |
21.7 |
||||||||
Taxes, other than income |
3.0 |
3.2 |
8.9 |
9.6 |
||||||||
23.3 |
42.5 |
70.5 |
100.3 |
|||||||||
Operating income (loss) |
12.7 |
(2.8) |
35.3 |
17.7 |
||||||||
Earnings (loss) |
$ |
6.7 |
$ |
(3.2) |
$ |
18.3 |
$ |
6.6 |
||||
Transportation volumes (MMdk) |
67.7 |
71.8 |
217.1 |
210.8 |
||||||||
Natural gas gathering volumes (MMdk) |
5.1 |
8.4 |
15.0 |
26.7 |
||||||||
Customer natural gas storage balance (MMdk): |
||||||||||||
Beginning of period |
28.1 |
11.8 |
16.6 |
14.9 |
||||||||
Net injection |
7.2 |
7.5 |
18.7 |
4.4 |
||||||||
End of period |
35.3 |
19.3 |
35.3 |
19.3 |
The pipeline and midstream segment reported earnings of $6.7 million in the third quarter of 2016, compared to a loss of $3.2 million for the same period in 2015. The increase reflects lower operation and maintenance expense, primarily the absence in 2016 of an impairment of natural gas gathering assets, lower material costs and lower contract services; lower depreciation, depletion and amortization expense, largely due to the sale of certain non-strategic natural gas gathering assets in the fourth quarter of 2015; as well as higher storage services earnings. Partially offsetting these increases were declines in natural gas gathering volumes, primarily due to the sale of certain non-strategic natural gas gathering assets.
The following information highlights the key growth strategies, projections and certain assumptions for this segment:
Electric |
||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(Dollars in millions, where applicable) | ||||||||||||
Operating revenues |
$ |
82.2 |
$ |
74.6 |
$ |
238.9 |
$ |
210.7 |
||||
Operating expenses: |
||||||||||||
Fuel and purchased power |
16.8 |
20.6 |
54.7 |
63.8 |
||||||||
Operation and maintenance |
28.9 |
21.5 |
84.7 |
65.1 |
||||||||
Depreciation, depletion and amortization |
12.5 |
9.5 |
37.8 |
28.1 |
||||||||
Taxes, other than income |
3.6 |
3.0 |
10.2 |
9.1 |
||||||||
61.8 |
54.6 |
187.4 |
166.1 |
|||||||||
Operating income |
20.4 |
20.0 |
51.5 |
44.6 |
||||||||
Earnings |
$ |
12.7 |
$ |
12.6 |
$ |
31.8 |
$ |
26.8 |
||||
Retail sales (million kWh) |
799.2 |
823.1 |
2,393.6 |
2,475.8 |
||||||||
Average cost of fuel and purchased power per kWh |
$ |
.019 |
$ |
.024 |
$ |
.021 |
$ |
.024 |
||||
Natural Gas Distribution |
||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(Dollars in millions) | ||||||||||||
Operating revenues |
$ |
87.9 |
$ |
89.5 |
$ |
500.1 |
$ |
553.1 |
||||
Operating expenses: |
||||||||||||
Purchased natural gas sold |
37.6 |
41.3 |
273.7 |
336.5 |
||||||||
Operation and maintenance |
39.5 |
37.7 |
116.6 |
113.6 |
||||||||
Depreciation, depletion and amortization |
16.6 |
15.0 |
49.6 |
44.3 |
||||||||
Taxes, other than income |
8.0 |
7.4 |
34.3 |
34.0 |
||||||||
101.7 |
101.4 |
474.2 |
528.4 |
|||||||||
Operating income (loss) |
(13.8) |
(11.9) |
25.9 |
24.7 |
||||||||
Earnings (loss) |
$ |
(12.5) |
$ |
(12.3) |
$ |
4.9 |
$ |
3.8 |
||||
Volumes (MMdk): |
||||||||||||
Sales |
8.5 |
7.8 |
61.7 |
60.4 |
||||||||
Transportation |
37.6 |
39.0 |
109.4 |
109.1 |
||||||||
Total throughput |
46.1 |
46.8 |
171.1 |
169.5 |
||||||||
Degree days (% of normal)* |
||||||||||||
Montana-Dakota/Great Plains |
174% |
98% |
84% |
88% |
||||||||
Cascade |
93% |
116% |
80% |
80% |
||||||||
Intermountain |
147% |
86% |
94% |
85% |
||||||||
* Degree days are a measure of the daily temperature-related demand for energy for heating. |
The combined utility businesses reported earnings of $200,000 in the third quarter of 2016, compared to $300,000 for the same period in 2015. This decrease reflects higher operation and maintenance expense, largely higher payroll-related costs and higher contract services. Also contributing to the decrease were higher depreciation, depletion and amortization expense due to increased plant additions, which is either largely being recovered in rates or included in rate cases for potential recovery; lower other income, largely lower allowance for funds used during construction; and higher interest expense. These decreases were partially offset by higher electric retail sales margins due to approved rate recovery, reduced in part by decreased electric sales volumes to all customer classes. Also offsetting the decreases were higher natural gas retail sales margins resulting from final and interim rate increases and increased retail sales volumes.
The following information highlights the key growth strategies, projections and certain assumptions for the utility segments:
Pending Cases:
The company is requesting rate increases totaling $59.2 million in annual revenue, which includes $31.6 million in implemented interim rates. Cases pending are:
Other | ||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(In millions) | ||||||||||||
Operating revenues |
$ |
2.7 |
$ |
2.8 |
$ |
6.7 |
$ |
7.1 |
||||
Operating expenses: |
||||||||||||
Operation and maintenance |
2.4 |
2.6 |
6.3 |
11.9 |
||||||||
Depreciation, depletion and amortization |
.5 |
.6 |
1.6 |
1.5 |
||||||||
Taxes, other than income |
.1 |
— |
.1 |
.2 |
||||||||
3.0 |
3.2 |
8.0 |
13.6 |
|||||||||
Operating loss |
(.3) |
(.4) |
(1.3) |
(6.5) |
||||||||
Loss |
$ |
(1.0) |
$ |
(2.1) |
$ |
(3.6) |
$ |
(11.6) |
Included in Other are operation and maintenance expense and interest expense previously allocated to the exploration and production and refining businesses that do not meet the criteria for income (loss) from discontinued operations. Other loss decreased $1.1 million, primarily the result of lower interest expense due to the repayment of long-term debt associated with the exploration and production business.
Discontinued Operations | ||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||
(In millions) | ||||||||||||
Income (loss) from discontinued operations before intercompany eliminations, net of tax |
$ |
.2 |
$ |
(217.9) |
$ |
(303.0) |
$ |
(811.5) |
||||
Intercompany eliminations* |
(5.6) |
(5.2) |
3.5 |
(5.0) |
||||||||
Loss from discontinued operations, net of tax |
(5.4) |
(223.1) |
(299.5) |
(816.5) |
||||||||
Loss from discontinued operations attributable to |
— |
(9.8) |
(131.7) |
(21.0) |
||||||||
Loss from discontinued operations attributable to the |
$ |
(5.4) |
$ |
(213.3) |
$ |
(167.8) |
$ |
(795.5) |
||||
* Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
The results of operations for the exploration and production and refining businesses, except certain general and administrative costs and interest expense that do not meet the criteria for income (loss) from discontinued operations, are included in income (loss) from discontinued operations.
The company's discontinued operations reported a loss of $5.4 million in the third quarter of 2016, compared to a loss of $213.3 million in third quarter 2015. The company's decreased loss is primarily due to the sale of the company's exploration and production and refining businesses, which includes the absence in 2016 of a $224.4 million after-tax fair value impairment of the exploration and production company's assets held for sale in the second quarter of 2015.
Risk Factors and Cautionary Statements That May Affect Future Results
The information in this release includes certain forward-looking statements, including earnings per share guidance and statements by the president and CEO of MDU Resources, within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. Following are important factors that could cause actual results or outcomes for the company to differ materially from those discussed in forward-looking statements.
For a further discussion of these risk factors and cautionary statements, refer to Item 1A – Risk Factors in the company's most recent Form 10-K and Form 10-Q.
MDU Resources Group, Inc. |
||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
September 30, |
September 30, | |||||||||||
2016 |
2015 |
2016 |
2015 | |||||||||
(In millions, except per share amounts) | ||||||||||||
(Unaudited) | ||||||||||||
Operating revenues |
$ |
1,208.6 |
$ |
1,198.3 |
$ |
3,112.7 |
$ |
2,997.2 |
||||
Operating expenses: |
||||||||||||
Fuel and purchased power |
16.8 |
20.6 |
54.7 |
63.8 |
||||||||
Purchased natural gas sold |
34.3 |
37.6 |
242.8 |
305.3 |
||||||||
Operation and maintenance |
920.5 |
928.2 |
2,237.5 |
2,126.6 |
||||||||
Depreciation, depletion and amortization |
54.1 |
51.8 |
163.2 |
154.7 |
||||||||
Taxes, other than income |
36.2 |
32.3 |
116.9 |
109.0 |
||||||||
1,061.9 |
1,070.5 |
2,815.1 |
2,759.4 |
|||||||||
Operating income |
146.7 |
127.8 |
297.6 |
237.8 |
||||||||
Other income |
1.7 |
3.3 |
3.7 |
5.7 |
||||||||
Interest expense |
22.3 |
22.4 |
67.4 |
68.9 |
||||||||
Income before income taxes |
126.1 |
108.7 |
233.9 |
174.6 |
||||||||
Income taxes |
37.7 |
34.8 |
67.4 |
54.1 |
||||||||
Income from continuing operations |
88.4 |
73.9 |
166.5 |
120.5 |
||||||||
Loss from discontinued operations, net of tax |
(5.4) |
(223.1) |
(299.5) |
(816.5) |
||||||||
Net income (loss) |
83.0 |
(149.2) |
(133.0) |
(696.0) |
||||||||
Loss from discontinued operations attributable to noncontrolling interest |
— |
(9.8) |
(131.7) |
(21.0) |
||||||||
Dividends declared on preferred stocks |
.2 |
.2 |
.5 |
.5 |
||||||||
Earnings (loss) on common stock |
$ |
82.8 |
$ |
(139.6) |
$ |
(1.8) |
$ |
(675.5) |
||||
Earnings (loss) per common share – basic: |
||||||||||||
Earnings before discontinued operations |
$ |
.45 |
$ |
.38 |
$ |
.85 |
$ |
.62 |
||||
Discontinued operations attributable to the company, net of tax |
(.03) |
(1.10) |
(.86) |
(4.09) |
||||||||
Earnings (loss) per common share – basic |
$ |
.42 |
$ |
(.72) |
$ |
(.01) |
$ |
(3.47) |
||||
Earnings (loss) per common share – diluted: |
||||||||||||
Earnings before discontinued operations |
$ |
.45 |
$ |
.38 |
$ |
.85 |
$ |
.62 |
||||
Discontinued operations attributable to the company, net of tax |
(.03) |
(1.10) |
(.86) |
(4.09) |
||||||||
Earnings (loss) per common share – diluted |
$ |
.42 |
$ |
(.72) |
$ |
(.01) |
$ |
(3.47) |
||||
Dividends declared per common share |
$ |
.1875 |
$ |
.1825 |
$ |
.5625 |
$ |
.5475 |
||||
Weighted average common shares outstanding – basic |
195.3 |
195.2 |
195.3 |
194.8 |
||||||||
Weighted average common shares outstanding – diluted |
195.8 |
195.2 |
195.8 |
194.8 |
September 30, |
||||||||
2016 |
2015 |
|||||||
(Unaudited) |
||||||||
Other Financial Data |
||||||||
Book value per common share |
$ |
11.62 |
$ |
12.80 |
||||
Market price per common share |
$ |
25.44 |
$ |
17.20 |
||||
Dividend yield (indicated annual rate) |
2.9% |
4.2% |
||||||
Price/earnings from continuing operations ratio (12 months ended) |
22.5x |
18.9x |
||||||
Market value as a percent of book value |
218.9% |
134.4% |
||||||
Net operating cash flow (year to date)* |
$ |
276 |
$ |
404 |
||||
Total assets* |
$ |
6,353 |
$ |
6,976 |
||||
Total equity* |
$ |
2,285 |
$ |
2,515 |
||||
Total debt* |
$ |
1,902 |
$ |
2,201 |
||||
Capitalization ratios: |
||||||||
Total equity |
54.6% |
53.3% |
** |
|||||
Total debt |
45.4 |
46.7 |
** |
|||||
100.0% |
100.0% |
* In millions |
** Includes noncontrolling interest |
Logo - http://photos.prnewswire.com/prnh/20161102/435402LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/record-earnings-at-construction-materials-business-leads-mdu-resources-third-quarter-300356160.html
SOURCE MDU Resources Group, Inc.
Copyright 2016 PR Newswire
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