The increase in earnings and EBITDA were driven by higher margins on the majority of the company's product lines. And then Ryan, in the -- oh, go ahead. But it is primarily a construction materials and services company. Definitions and reconciliations of non-GAAP measures to the nearest GAAP measure can be found in our earnings release issued last night. This is an increase of over 41%. The company, a unit of MDU Resources Group, provides electrical line construction, pipeline construction, inside electrical wiring, and cabling services.MDU Construction Services also manufactures and distributes related specialty equipment. Partially offsetting these decreases was higher adjusted gross margin from approved rate recovery in certain jurisdictions. You need to also understand that, actually the gas volumes in the Bakken, while they did come off on the early days of the pandemic, are actually back to about 85% of the volume flow in, which we saw pre-pandemic. Construction Services continues its run of outstanding performance with record revenues, record earnings and record backlog for the quarter. We added to our workforce over the quarter and are now operating with record employment of more than 15,600 employees. And as we noted, in our earnings guidance for Construction Materials that we do expect margins to be increasing in that segment. The following slide deck was published by MDU Resources Group, Inc. in conjunction with their 2019 Q3 earnings call.. Intermountain Gas Company, serving parts of Idaho, was acquired by MDU in 2008. With these recent organic growth projects, WBI now is able to move approximately 2.2 billion cubic feet of natural gas through its system each and every day. So not really worried about, picking up backlog, we'll get our share. MDU Construction Services Group ranked No. Dave, hopefully you're still on the line. There are several more natural gas rate increase pending cases before state utility commissions. Again, the conference ID number for the replay is 1654638. Sure, Ryan. MDU Resources Group revenue breakdown by business segment: 7.7% from Electric, 19.1% from Natural Gas Distribution, 40.8% from Construction Materials and Contracting, 30.7% from Construction Services and 1.7% from Other Our customer contracts support the design capacity of 200 million cubic feet per day and the long-term viability of this project, which can be readily expanded in the future when forecasted production growth levels rebound. MDU Resources Group Inc (NYSE:MDU)Q3 2020 Earnings CallNov 5, 2020, 2:00 p.m. MDU Resources Group Inc is a construction and natural resources company operating in the United States. Margins from asphalt and asphalt-related products were stronger during the quarter as a result of decreased energy-related costs as well as favorable weather, where these operations are located. And what -- how the composition of the project backlog is today, compared to maybe a year ago or prior quarters? I was going to ask if to the extent that DAPL is shut down, does that trigger any events in terms of customer demand for the system, or have any impact on this project commercial viability. Today, I will start by briefly covering this quarter's financial results and then turn the presentation over to Dave Goodin, President and CEO of MDU Resources for an update on our forecast for the remainder of 2020 and looking forward. Its construction materials and contracting division (including Knife River) mines and sells concrete, gravel, and other materials. So no change right now, on our margins, they're still strong. It is mandatory to procure user consent prior to running these cookies on your website. Our customers are as varied as our experience. Based on our company's year-to-date performance and our strong outlook for the remainder of this year, we are again increasing our 2020 earnings per share guidance, now predicting it will be in the range of $1.80 to $1.90 per share. Not that concerned about our backlog. The pipeline business had earnings of $8 million in the third quarter, compared to $7.7 million in the third quarter of 2019. MDU Construction Services Group is part of MDU Resources Group, which provides essential products and services through two lines of business: regulated energy delivery and construction materials and services.MDU Resources Group has $7.7 billion in assets and more than $5.3 billion in annual revenues (as of Dec. 31, 2019). The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Construction Service Group revenue guidance is now expected to be in the range of $1.6 billion to ... Jeffrey S. Thiede-- President and Chief Executive Officer of MDU Construction Services Group… It shouldn't directly. Dave? And given our strong results for the first nine months of the year, we have increased our earnings per share guidance range to $1.80 to $1.90 per share for 2020. These cookies may capture identifiers such as internet protocol addresses and internet or other electronic network activity information. We're holding our margins. On October 28, the North Dakota Public Service Commission approved a rate increase of $6.3 million for electric transmission rates, which took effect on November 1. Preparatory work continues on the North Bakken Expansion Project. Necessary cookies are absolutely essential for the website to function properly. 4 on a list of the top electrical contractors in the nation, up two spots from the previous year. And thank you for listening, everyone, and spending this time with us today. And higher depreciation and amortization expense in the quarter. Given the last few weeks, have you noticed any change in the margin profile, for your business? But in most markets, they continue to hold or increase. Our electrical, mechanical and fire suppression services companies have deep experience in a wide variety of work across the country. These increases were partially offset by, lower non-regulated project revenues. At this time, I would like to welcome everyone to the MDU Resources Group 2020 Third Quarter Conference Call. We take seriously our responsibility to foster a culture of safety. [Operator Instructions]. The bid schedule looks strong in most of our areas. 4. These increases were partially offset by work slowdowns, caused by tropical storms and wildfires in certain markets. And then, switching gears to Construction Materials, I noticed the backlog had fallen. Concrete, National Fuel Gas Company and Nine Energy Service. MDU Resources Group, Inc. engages in the provision of natural resource products and related services to energy and transportation infrastructure. I want to make sure Dave is here to answer that. David C. Barney -- President & Chief Executive Officer of Knife River Corporation. We build complex, diverse projects for our customers and we’re always looking for team members to contribute to our success. During the course of this presentation, we will make certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Our expertise includes refinery and plant construction and maintenance, as well as automotive, renewable energy and steel facility installations and maintenance. Compare MDU Resources Group to its competitors by revenue, employee growth and other metrics at Craft. In some areas, they've flattened. Jason L. Vollmer -- Vice President, Chief Financial Officer and Treasurer. 4 on 2020 EC&M Top 50 Electrical Contractors List. As a reminder, we are increasing revenue guidance in this business to a range of $2 billion to $2.15 billion, with margins comparable to or slightly higher than 2019 levels. Company Size: 5,500 These cookies will be stored in your browser only with your consent. It hasn't to this point. It seems like there was strong margins in the third quarter. We are affirming the Construction Services Group revenue guidance in the range of $1.85 billion to $2.05 billion and are slightly decreasing the revenue guidance at construction … Higher transportation revenues from organic growth projects that were placed in service in 2019 and early 2020, as well as stronger demand for the company storage services were the primary drivers behind the earnings increase. With the help of each of our employees and our balanced mix of business, regulated energy delivery and construction, we have been able to continue providing the infrastructure support that our nation needs. MDU Resources Group's main competitors include OGE Energy, U.S. MDU Construction Services Group is No. Your specialty contracting services provider. Construction operations, which generate the majority of revenue, provides construction and maintenance services, specializing in electric and communication lines, gas pipelines, fire suppression systems, and external lighting and traffic signals. Our natural gas segment had higher operation and maintenance costs. This business continues to benefit from increased revenue as a result of organic growth projects being brought online. David L. Goodin — President and Chief Executive Officer. Thanks, Dave. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. And for your continued interest in MDU Resources. A 14% increase in residential sales volumes, led to higher adjusted gross margin. MDU Construction Services Group. It was a record backlog last year. This marks the last call for questions. Ready-mix concrete pricing also continues to be strong in most markets. After the speakers' remarks, there will be a question-and-answer period. And we'll still be positive from a net income and an EBITDA perspective in that first year. I'll ask Trevor Hastings to kind of outline what we're seeing today with North Bakken and just maybe a broad overview of the project. Let's conquer your financial goals together...faster. Revenue in 2018: $3.3 Billion * Parent company’s “Nonregulated pipeline and midstream, construction materials and contracting, construction services and other” revenues for 2018. Providing industry leading construction services across the country. Again, thank you. Our pipeline business also performed very well throughout the third quarter. MDU Resources Group Inc (MDU) ... We have increased revenue guidance at our Construction Service business and expect margins to be higher at our Construction … In depth view into MDU Resources Group Revenue (Annual) including historical data from 1972, charts, stats and industry comps. Weather was favorable early in the year. No. MDU Construction Services Group, Inc. is an industry-leading specialty contractor, We may use cookies and other similar technologies (together "cookies") to offer you a better web browsing experience and analyze usage. Yeah. I would now like to turn the conference over to Jason Vollmer, Vice President, Chief Financial Officer and Treasurer of MDU Resources Group. MDU Construction Services Group employs more than 7,500 skilled employees across the country. Our services include natural gas ​and pipeline placement, directional drilling, cable and duct plowing, hydroexcavation, and conduit and vault installation. Well, thank you for taking the time to join us on our third quarter earnings call today. MDU Construction Services Group See you at the top! MDU Construction Services Group has a line on the electrical contracting business. We really haven't seen any change in margins. MDU Construction Services Group, Inc. Construction Bismarck, ND 468 followers Local brands, national strength. What's Nearby TM These increases were partially offset by higher selling, general and administrative costs, primarily, the increased allowance for uncollectible accounts and higher payroll-related costs, as this business continues to operate at record employment levels. The conference ID number for the replay is 1654638. So thanks for the questions, Ryan. Bismarck, ND 58501-4092. MDU Construction Services Group provides a full spectrum of construction solutions, from underground utilities and excavation to electrical, mechanical and fire suppression systems as well as transmission and distribution line construction. Hey Ryan, yeah a big portion of our backlog being down this year. But certainly there's been -- it's largely returned to, again, nearly pre-pandemic levels on gas volumes. MDU Resources Group warns job applicants to be leery of individuals or organizations offering false employment opportunities with our company or subsidiaries. This website uses cookies to improve your experience while you navigate through the website. Mdu Construction Services Group, Inc. was founded in 2003. In the western part of our service territory, the Washington Utilities and Transportation Commission approved a rate increase of $1.1 million for pipeline replacement projects, also effective November 1. Engineering News Record, a leading construction industry publication, ranks the 600 largest specialty contractors in the United States based on annual revenue. Okay. As Jason said, with strong performance we saw in the third quarter including record earnings at both construction companies and strong results from our regulated energy delivery companies, we are raising our earnings per share target for this year to a range of $1.80 to $1.90 per share. MDU Resources Announces Five-Year Capital Investment Plan BISMARCK, N.D., Nov. 19, 2020 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) today announced that for the years 2021 through 2025 it expects to make capital investments totaling over $3.0 billion. Yesterday, we announced record third quarter earnings of $153.1 million or $0.76 per share compared to third quarter 2019 earnings of $137.6 million or $0.69 per share. Although the company believes that its expectations and beliefs are based on reasonable assumptions, actual results may differ materially. And it's a demand in response. This category only includes cookies that ensures basic functionalities and security features of the website. This project is scheduled for construction beginning in early 2021, pending regulatory and environmental permitting. Turning to our construction businesses, Construction Services reported record third quarter earnings of $29.8 million, compared to $21.1 million in the third quarter of 2019. Project is expected to be online in late 2021 and will add 250 million cubic feet per day of capacity to the existing transmission system. David L. Goodin -- President, Chief Executive Officer & Director. Cumulative Growth of a $10,000 Investment in Stock Advisor, MDU Resources Group Inc (MDU) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $MDU, MDU Resources Group Inc (MDU) Q2 2020 Earnings Call Transcript, MDU Resources Group Inc (MDU) Q2 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. As a reminder, we were able to post record results at our businesses, while all working under modified conditions as it relates to the COVID-19 pandemic. All rights reserved. Curious, if you're seeing that continues. We have increased revenue guidance at our Construction Service business and expect margins to be higher at our Construction Materials business than prior year. MDU Resources Group isn’t exactly a utility.It is a North Dakota-based holding company that has some regulated electric and gas utility assets, as well as a small midstream business, notes Robert Rapier, growth and income expert and editor of Investing Daily's Utility Forecaster.. Thank you. We have increased our expected revenues at construction services to now a range of $2 billion to $2.15 billion, with margins comparable to or slightly higher than 2019 levels; and adjusted construction material revenues to a range of $2.15 to $2.25 billion with margins higher than what we saw in 2019. Operator? By continuing to use this application, you consent to the use of cookies in accordance with our, MDU Construction Services Group climbs one spot on top contractors list, ISG PCM floats nearly 1 million pounds of buildings down Columbia River, ESI attains UL certification for prefabricated electrical assemblies. That summarizes the financial highlights for the quarter. 1150 W. Century Ave. Opportunities for both inside and outside specialty contracting remain high with strong demand for hospitality, high-tech and natural disaster recovery work. [Operator Instructions] This call will be available for replay beginning at 5:00 p.m. Eastern today through 11:59 p.m. Eastern on November 19th. We experienced a seasonal loss of $17.6 million in our natural gas utility segment, which was $2 million higher loss than the previous year. I wouldn't foresee that being an issue directly related to this project. The first year volumes will be 133,600 per day. Returns as of 12/14/2020. After Dave's remarks, we will open the line for questions. This is an increase from our previous range of $1.65 to $1.85 per share. © 2020 MDU Construction Services Group. MDU Resources' MDU Construction Services unit builds power lines, pipelines, and telecom systems. MDU Resources Group Inc., formerly MDUR Newco, Inc., is engaged in regulated energy delivery and construction materials and services business. MDU Construction Services Group, Inc. is an industry-leading specialty contractor Electrical, mechanical and fire suppression Our electrical, mechanical and fire suppression services companies have deep experience in a wide variety of work across the country. To summarize activity by business unit, I'll start off with the regulated energy delivery side of our business mix. And the year before, it was April and May. Revenues at this business were $822.5 million, down slightly compared to the $869.5 million, for the same period in 2019. You can read more about these in our 10-Q filed just this morning. At the conclusion of those negotiations or conversations with customers, three customers elected to take a reduced volume, and then offset that impact in the first year with either an additional year in term or higher volume or rate increase. If you would like to view the slides, you can find them on the Events & Presentations page under the Investors tab of our website at www.mdu.com. Thanks for the question on that, Ryan. ... Search for jobs at MDU Construction Services. For a discussion of factors that may cause actual results to differ, refer to Item 1A, Risk Factors in our most recent Form 10-Q and 10-K. We'll also reference certain non-GAAP measures during the call, such as EBITDA in our construction operations and adjusted gross margin for our utility businesses. Mdu Construction Services Group, Inc. is a Delaware Corporation filed on October 6, 1995. Before he does that, I just want to maybe do a quick go back for your questions that related to North Bakken. And there is currently a $3.2 million natural gas rate increase request pending before the Oregon Public Utilities Commission. As always, MDU Resources is committed to operating with integrity and with a focus on safety, while creating superior shareholder value as we continue providing the essential services to our customers. And so, over the look of the whole project from kind of a return hurdle standpoint, the product really remains full, other than we'll have lower year one volumes. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Now I'd like to move on to our construction platform, starting with our Construction Services. MDU Resources Group General Information Description. We work underground and overhead in the transmission and distribution industry. Sorry for that go back, but I think that just helps maybe a little more of the larger picture there. Our margins are staying strong. That’s why Bismarck, N.D.-based MDU Construction Services Group, Inc. has relied on Spectrum® Construction Software to manage its multi-company needs, … Knife River Corporation provides construction-related products and services, including aggregate, asphalt, building materials, cement, construction services, liquid asphalt, and ready-mix concrete in 13 states. Again the conference ID number for the reply is 1654638. Construction Materials backlog was $571 million at the end of the quarter, down from the prior year's $747 million. We hope that, you are both, safe and healthy. But opting out of some of these cookies may have an effect on your browsing experience. Our news release detailing our third quarter result is also available on our website. Run of outstanding performance with record backlog for the quarter also available on our margins, continue! Be able to elaborate, as to the $ 869.5 million, for your questions that related to this.. C. Barney -- President & Chief Executive Officer and power requirements for the same period in,! Again the conference back over to Dave, for his formal remarks some of these cookies may capture identifiers as. Specialty contracting remain high with strong demand for hospitality, high-tech and natural disaster recovery.... 1.65 to $ 1.85 per share operates in 48 States transmission,,... Knife River ) mines and sells concrete, National Fuel gas company and Nine energy Service our customers we’re!, they continue to hold or increase partially offset by decreased industrial and commercial attributable. Opportunities with our company or subsidiaries quarter 2019 revenues of $ 479.6 million excited about this 2021 project 172.3 for... Outstanding performance with record backlog of nearly $ 1.3 billion, showing the strength of the top contractors. His formal remarks excited about this 2021 project issue directly related to North Bakken advantage of commodity. 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