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MDU Resources Q4, FY17 earnings beat analyst estimates by wide margin

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MDU Resources Q4, FY17 earnings beat analyst estimates by wide margin

MDU Resources Group Inc. on Feb. 6 reported fourth-quarter 2017 earnings from continuing operations of $115.4 million, or 59 cents per share, up from $66.3 million, or 33 cents per share, in the prior-year period.

The S&P Capital IQ normalized EPS consensus estimate was 32 cents per share.

Including discontinued operations, the company's fourth-quarter earnings were $115.3 million, or 59 cents per share, in the most recent quarter, compared to $65.5 million, or 33 cents per share, in the 2016 fourth quarter.

Fourth-quarter 2017 operating revenues increased to $1.17 billion from $1.02 billion a year ago, while operating income also grew year over year to $125.5 million from $111.5 million.

On a segment basis, the company's regulated energy delivery business recorded fourth-quarter 2017 earnings of $34.9 million, down from $37.7 million in the year-ago quarter. Earnings at the construction materials and services business totaled $79.3 million in the fourth quarter of 2017, up from $27.6 million in the same period in 2016.

For full-year 2017, MDU Resources booked earnings from continuing operations of $284.2 million, or $1.45 per share, beating the S&P Capital IQ normalized EPS consensus estimate of $1.18 per share.

The company posted earnings from continuing operations of $232.4 million, or $1.19 per share, in 2016.

Including discontinued operations, the company reported 2017 earnings of $280.4 million, or $1.43 per share, compared to $63.7 million, or 33 cents per share, in 2016.

The fourth-quarter and full-year 2017 earnings include an income tax benefit of $39.5 million, or 20 cents per share, primarily for the reevaluation of net deferred tax liabilities under the federal Tax Cuts and Jobs Act.

The company's operating revenues grew year over year to $4.44 billion in 2017 from $4.13 billion in 2016, while operating income increased to $428.7 million from $409.1 million.

"In 2017, all our businesses performed very well, and we are optimistic about the momentum we have going into 2018 as we continue building a strong America," MDU Resources President and CEO David Goodin said.

MDU Resources expects EPS in the range of $1.25 to $1.45 in 2018. The guidance assumes normal operating and weather conditions and investing $628 million for capital projects, among other factors.