MDU - Earnings call transcript Q2 2019 | MDU Resources Group, Inc.

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Operator

Hello. My name is Shelby, and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2019 Second Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. Instructions] [Operator

for be through beginning on number XX:XX The X-XXX-XXX-XXXX ID will Eastern X:XX August XXX-XXX-XXXX. for for XXXXXXX. or for conference today is the XXXXXXX. Time PM number to the available replay call conference The at replay PM XX. Again, is This the replay number ID dial the Eastern is Time replay

of Financial MDU over now Group. to the Jason Officer like and President, Vice would Mr. Treasurer I you, conference Chief Resources Thank Vollmer. to Vollmer, turn

You may begin your conference.

Jason Vollmer

This quarter remarks. Thank our call you, our to Internet to broadcast and the the accompany will being welcome XXXX and second earnings public slides over conference call. is live conference

Events Web & of page Investors like tab at the site Presentations view If you you’d can the to under our slides, the www.mdu.com. find on them

is Our available Web site. our on earnings release also

will this the XXXX. Securities course of meaning During Section presentation, Exchange XXE of within the certain the of we forward-looking statements of Act make

its are company materially. the results based and differ actual assumptions, believes may Although, reasonable on expectations beliefs

a cause to to may refer please Factors actual XA XX-K. of discussion Risk Form differ, our Item factors in results most For recent that

for over and highlights his call discuss Dave our will the questions. After Dave's some to remarks. CEO open formal President presentation line key then will For Goodin, of the I MDU turn for financial today, and Resources we remarks,

available WBI and Chief and to Montana-Dakota Thiede, of Cascade MDU Knife and Stephanie today of CEO Dave Barth, and myself, Gas, of Utilities; President management CEO for questions and will Accounting members answer Kivisto, Resources. to Services CEO addition be Dave our Controller Construction and Officer In Gas Jeff President and President, President Barney, of MDU Intermountain are; Nicole Corporation; and River Group; CEO Vice President Trevor Hastings, team Energy; of Natural

down share. million to of reported In second of million or of per quarter second per Yesterday, the result expense utility to this the or earnings reported as outage costs. $X.XX $XX.X operation in compared million our second utility earnings X.X and X.X of largely quarter, $XX.X announced combined decrease Dakota, we earnings $X.X for Coyote million million XXXX by XXXX, North higher earnings our in quarter business $X.XX from million well the Electric in quarter a major payroll-related quarter was as generating second maintenance segment in in share jointly-owned compared driven our station XXXX. of higher maintenance Beulah, X.X the

by for also higher depreciation, investment a property, Increased negative had from of quarter. write-down balances Personally, in impact also higher equipment plant earnings by in and electric Earnings and amortization part volumes. second which the during is margin recovery, were lower non-utility the offset credits depletion higher in rig and a sales production expense from impacted retail gross earnings decrease with the the quarter. offsetting tax

gas gross adjusted quarter. margins the and increase and retail will decrease utility segment prior for a loss volumes from in in the loss compared sales adjustments of natural rate increased the this a was result normalization benefit approved A X.X Our rates to conservation which of year. also in seasonal loss quarter quarter. $X.X million This had implemented of a recovery X% weather million

from Partially balances. depreciation, our higher write-down the equipment and property, investment a depletion offsetting loss and and decrease non-utility a plant of were increased expense amortization

costs. largely and quarter also increased maintenance related higher this due expense payroll Operation to

growth to to second of X.X XXXX. was placed second that earnings The pipeline million primarily half the the $X.X projects compared quarter service in midstream in the were record earnings to in business quarter driven of by in Increased in in XXXX. transportation, million related had organic the in volumes

also resulting increased case. equipment balances, contributed from rates increase plant, expense effect customer earnings. into property, offsetting were higher rates previously rate higher and Partially May X depreciation FERC amortization depletion case to depreciation, from put recently and rate the FERC higher on Higher associated the mentioned the the filed with

second to well record as by reported $XX.X earnings both the up construction was of hospitality and company workloads of due earnings to contracting expense specialty business projects. workload Inside customer industries. XXXX general workloads higher services increase related specialty Outside driven quarter outside payroll $XXX.X million costs. This earnings as from continued XX% projects second increase saw contracting inside in compared the offsetting quarter specialty quarter million increased a $XX.X record selling, of million. revenues construction Partially $XXX.X high XXXX for contracting was higher from revenues in higher Our million utility was at and second lines. administrative industry primarily demand increased from high-tech in demand and in

revenues Our quarter of second from second the reported for revenues $XXX which XX% period million compared construction up material were of earnings business quarter same second million million of in record XXX.X XXXX. XX.X XX.X the to This business reported quarter million. XXXX also in

from Contributions made quarter. last impacted positively months the the over acquisitions XX

concrete many higher general of and higher drove administrative the positive operation higher aggregate our resulting payroll higher from over performance of in expense increase selling, primarily earnings were and interest Partially costs. ready-mix expense construction last the strong related states volumes revenues In offsetting the and addition, and economies year. in

call the remarks. from I now quarter to over the his will highlights Dave? the turn financial for summarizes Dave That formal and

Dave Goodin

join and for thank Well, taking Thank in you time Jason, discuss Resources results. interest everyone. to and our for the second MDU quarter today you, to your afternoon, us good

market closed our the released We second quarter after earnings stock yesterday.

how quarter well $XX.X solid performance very share. per our The second bottom-line. to or and of $X.XX was reported impact of highlights strategy both growth performed the two-platform can our business the strengths model our acquisition and the businesses organic million Our of be and earnings for in XXXX of

revenues utility by XXX,XXX and here to X annual settlement this increase total the for in deferred in an with case the effective of getting settlement X.X one-year. approval final on This quarter. million of received year The will state second electric million Montana

in proposed combustion XX-megawatt in which decision electric retire peaking unit, in wholly-owned announcement of fired utility file The generation natural quarter for to prudence the X.X gas of in also filed for of state service in Wyoming, request February public request expected our year approved to with a of for also was in be This general placed our in to cycle coal-fired increase rates in XXXX XXXX. year this third this We million North will our determination included service advanced commission the the an of the expects and X% be annually. simple units rate the a Dakota or a to XXXX. turbine

decision the longer plants analysis for these be difficult was retire to shows the plants competitive While these cost company's customers. will our no

million X% had their directly expenditures over of business same over this Looking-forward reported business year over and attributable period. compounded for growth the success $X.X five growth that with organic years base billion the second to consecutive utility XXth invest the The pipeline approximately last plans excellent quarter volumes which of and annually our the three rate $XXX an quarter projects is record of a transportation next capital to projected years.

billion Section construction per system in XX McKenzie expected in on capacity. year completion The After project service day both feet Line capacity projects, North Lake Demick's this XXX and to are Dakota million over County, daily X company be projects Montana. approximately of the later be These will project cubic has total these will cubic near Billings, and add feet of day. two per started

this targeted is project date Construction feet the quarter in construction. capacity which XXX under project is Lake currently in-service of also with that long-term XXXX, the for third of cubic expected in the expansion as Demick's a an The of begin has XXXX. Lake per on to day company add project expansion million commitments will here Demick's customer early

with The demand. expand pipeline from this project capacity XXX designed was year a North cubic provide the the feet earlier to new ancillary North per Dakota the transport pipeline production and Bakken northern This connect to Tioga, natural McKenzie near ability of North Bakken that based expansion in and originally on construction areas project day includes coal gas with of facilities million will transportation compression additional customer border County, Dakota. announced

this XXX and regulatory environmental begin design early day. business estimated increase to the in completion secured long-term on sufficient and commitments of expected support quarter, date cubic approvals. is an Construction with per to dependent In XXXX, feet capacity million year, second of customer same that

With natural additional and for gas the Bakken in growth organic increased at demand record production service multiple has transportation levels this needs. opportunities to for gas projects business

XX, continues of construction our and we'll of all specialty next continues Now, for contracting utility, projects. X,XXX bidding and the experienced I'd and Group expects record workforce as work June that announced employees a saw hospitality secure deliver of revenue up turn high-tech significant businesses, The their months. in made over while company to earnings well. backlog demand profitable the specialty expects execute outside an Services as amount on XX of areas quarter strength skilled and record environments in industry $X.XX contracting also demand This growth. business a Inside strong to exceptional to and see billion continue second its to to that Construction to in complete customer increased industries, work the like

states up had the in the product environments also place in several of million across from acquisitions an $X.XX operation. the construction in in volumes and lines strong record we to end all-time quarter. increased and bills earnings and at of Backlog infrastructure This quarter, from at some saw our we second with XXXX. XX% our increased of and is economic materials materials several $XXX the performance construction quarter contributions billion same level is across At business, spending second strong revenues due

business at excited We future about both are continue to platform. evaluate the and construction opportunities our for of businesses this acquisition

business also a because XX% to was a it quarter-over-quarter, $X.XX share impacts our $X.XX share. by both we regulated increasing operational And earnings range which quarter increased to attributable are growth, So, thinking performance of about organic and this strong both on and guidance lines. a nickel earnings per to acquisition basis, construction of directly range consolidated from in XXXX seeing second

slightly at is billion of billion our year, materials XXXX. construction is group higher margins or expected now now Construction in comparable to at to our companies. range $X.X We service XXXX with billion revenue the revenue a also margins are than and guidance Revenue $X.X $X.X construction guidance the XXXX. range be expected with between comparable be guidance increasing $X.X billion of in for again, both to to

combined of we increased at second these what the and the billion of year excited end $X.X nearly at rest see backlog the quarter companies, With the standing businesses. to earnings both very at a now holds for are

to provide lives; we daily business economy our homes, life; that with moving. This and the the really highways network and powers our of natural gas and value the our them pipes, build connect airports highlights that quarter businesses roads, two-platform keep transportation we that model. of and and wires the bring electricity We factories, help

infrastructure heart The of business. is economy and is America's infrastructure our

focus building is safety operating certainly I superior as line to Resources a integrity appreciate MDU we on with committed Resources. always As and commitment in America. shareholder act to by value to your on tag MDU our a continue strong creating of and interest

that might ask that have. now Operator? to open you questions we And the line any

Operator

Instructions] [Operator first Capital. Williams question Your of comes Ellinghaus from Chris

Chris Ellinghaus

How you? guys. Hey, are

Dave Goodin

Hi, Chris.

How We well. are are you? doing

Chris Ellinghaus

Good. the so if queue. I I'll in million I've got a hop and questions, you ask back

Dave Goodin

Perfect.

Chris Ellinghaus

talked and gas. some us unregulated of give electric on down details You write you that? about in a an Can

Dave Goodin

can Nicole light more little on to do that. We I'll that. shed ask a Sure.

Nicole Kivisto

the $X investor recently in million investment, or the in company minority an the business Thanks in was a determined -- We activity zero. fair energy-related the value the became we with invested at Bakken. Yes. for looking at Chris. and that about utility that question, that in the Back unregulated XXXX,

that to taking the down actually So, pre-tax wrote we million down $X quarter. write a zero in

Chris Ellinghaus

any split? you Do have

Nicole Kivisto

and split The between electric gas?

Chris Ellinghaus

Yes.

Nicole Kivisto

Yes. you. that can get for I

Chris Ellinghaus

there Okay. positive something some the segment had for benefits or Jason earnings in there? was the quarter, other tax

Jason Vollmer

There explanation was Stephanie I'll actually benefits, give Chief here tax Officer you some our on Chris. that. Yes, Barth, have more Accounting

Stephanie Barth

where first Yes, tax to Chris. company under-capitals This is quarter rate. record tax estimated about has annual the our effective in at we the similar talked to what

the quarter-to-quarter, swing of we're reverse. we to you year seeing that So, will continues. had taken first a through this some quarter we started unwind this now hit just I'll and recall as if just segment say And that

Chris Ellinghaus

Okay.

Dave Goodin

and circle between that we will I back on electric with could to your question circle Chris, back? split earlier gas? Nicole

Chris Ellinghaus

Yes.

Nicole Kivisto

Thanks Dave.

in about remaining there's the segment gas. X.X Chris, So, the in with electric

Chris Ellinghaus

Okay, kind of of impact any in quarter? for terms color great. got Have the you weather

Dave Goodin

do or specific basis, mind? broad a on question your Is have business a you in unit

Chris Ellinghaus

Nicole ask that. to meant I

Dave Goodin

Okay.

Nicole Kivisto

Yes.

and normalized we largely So, say year's of if see, Montana. weather in both recall, look gas But, at weather with those I the And volumes of are we than quarter-over-quarter. in if business you states. Chris, we our really, would are exception essentially, Idaho the you colder last up did

quarter-over-quarter, at at the So, is customer also growth. in increase driving what's weather when you volume looking really a and look of the combination it

continue look So, at bit the across on of you ahead when a our clip side gas quite to average. territories, the we a grow national

customer looking X% some jurisdictions we're the quarter during normalized. to weather volume at a increase growth, in but that with about our So, better our weather also coupled was X% contributing that that

Chris Ellinghaus

principally Got for thing it guidance guidance? like roughly guidance give it. Jason, thinking last guys looks you revising revenue would you in what and were range. the that to be increase One enough Is that $X.XX increase in the the

Jason Vollmer

Yes.

the business Chris, at perspective looked specific the I we the an side overall business. or of at not we guidance construction think from when to look it regulated

we've [now] we've well. quarter through the feel the revenue that does we by comfortable. a remember top far, again, in gotten together the have that that year nickel, the roll as we [ph], certainly the of range seen that loan have left an of we second QX seeing guidance on the as impact now more bottom-end there so And as here our the year start you to increased the we in So, given

us So, quarter. the of to consolidated that an of for as basis, end was overall the range that ahead move trigger and the higher go

Chris Ellinghaus

Okay. Thanks.

Operator

comes question Andrew Your of from next ExodusPoint. Levi

Andrew Levi

Hi, guys. you? How are

Dave Goodin

Andrew. are afternoon, good Hi, How you?

Andrew Levi

a I'm kind is really well. bigger question doing question. picture My of more

backlogs good right, operating testament last just whether really the company. as of first year things So, the job year, guess you twice, this of or kind of kind it's now it's then building it's a been this done pipeline, whether I it's raised and EBITDA. or raise you kind low-end sensational construction $X.XX whether everything, few that earnings have business? mean operationally is you years guidance, materials, whether over I to guys And a utilities, the raised the or have in or or the Now

last done the couple so, job. And outstanding operationally, over an you've of years

But, markets down. since is stock the time, the bull time same the at one XXXX, greatest of this of actually

performance so, And the the thinking causing what what's that try performance do I'm clearly you on company just has because stock to that what's may been to curious your improve and outstanding.

Dave Goodin

that one Perfect question. for Thanks Andrew.

price particularly your what last as the think market seeing about will outstanding as if product it's pointed But, short-term. business phrase in within a think the going you best albeit I I response that's us to So, actually execution. very businesses. today, I'll quarter, I execution of about the that's if organization And a all about, you for the performance use out result in our we're you is this within think business our will be share reflective

us as in projects and they helped will pace that on too up budget the Demick's you well. you translate and/or as of well. whether about we've net income backlogs comments about is to that already it's we North top-line point, Demick's also start building time demonstrated increased Bakken And showing continues gate, first of continue lake, our we and heard an there, those earlier business as today quarter, to project-after-project, bring really And share as from businesses. lower-end pipeline earlier market our as believe have recently win And appropriate We've growth raise price. the expansion, a our strong into your both I the as talk been on there we on backlogs those and construction even bringing the we're very bottom-line. quickly And to there on which guidance out to touched to utility in the EBITDA my lake bottom-line

guidance strong we stock, today had by our our alone in will, raising also in a think you gives you indicated talk XXXX. in on I that run last we've post-election probably our driven I XXXX, reference like so, businesses I performing, return our national in feel and if total of confidence of XXXX, I shareholder as infrastructure, notwithstanding, that XX% are weeks a those six think Again, businesses. had I know And we

market to your price. so, that appropriate and demonstrating ability we're will I an I perform point, believe execute share the And translate then into into our think to and

Andrew Levi

mean belong the due of look hitting they very But, and the that's your respect, ultimately you coverage. been businesses at you I numbers, all don't you've together kind but at there's like in of mix not the coverage, if really, really little analyst look analyst

and I you've think been if taking the one off of and by market system kind performing. --

kind just of do -- if don't trying So, know to doing that's well to block continue tackle and there. I and

of kind plan, companies, side -- material to on needs to the other the don't it's utility get there a thing. or a Now, trying hard you of some we're whether mix investor. the and for fit same it's really type be might of be And investors,

not into think coverage thinking a just shareholders, of marketing in to -- an And get may needs doing I again, begin or anything guys to clearly But, Wall to a stock or to again, there the sponsorship perform and operationally Street, stock something same the are stock kind do, kind so, time, moving, or to or you as of clearly, I'll it you you'd shareholder strategically, I'm as really would is be give and performance job. want it's the to because it's at needs turning this try say what outstanding it because as guys the stock on thing. same needs whether

operations. get plan try going the to to the So, besides what's stock

Dave Goodin

is I to Andrew. key think operations, it

that talk but beyond in are pipes wires, as services we and certainly about, an think we and sector transportation As the the We company. also being infrastructure well. about area

we be the price respective growing will there about reflective I again as earnings our businesses. and so, in continued in performance And think EBITDA think share

Andrew Levi

very much. Thank Okay. you

Dave Goodin

you, Thank sir.

Operator

of from Citi. next Ryan Your Levine question comes

Ryan Levine

Good afternoon.

Dave Goodin

afternoon. Ryan. Good Hi,

Ryan Levine

ag And growth on to volumes, you been with an is substantially same the there's grown a that growth comment due ready-mix how third-party as rapid portion quarter materials then, ask What the along obviously on and comment backlog -- on on evolved backlog your and in of your to acquisitions? the mix the pretty can business. has well. few the Could note, Wanted the the you this questions metric? has of growth

Dave Goodin

to what's a X, to part the curious opposed we was you're what's ready-mix as But, our Dave ag over if split then Barney. going related organization. I part I'm those first Ryan, caught hand of our volumes. to have question, on your our to acquisitions, if and driving That pre-existing and this

Ryan Levine

Okay.

Dave Goodin

Okay, Dave.

Dave Barney

Big our about of and Ryan. Yes. Hey, XX% portion probably ag ready-mix. growth revenue on

I about markets But that growth up are to think We acquisitions. besides the we do continues it's is growth in on revenue some from adding year, we backlog and other from markets had we've have XX% grow, last ag And our to just strong seeing some where are it. keep ready-mix acquisitions. Ryan.

really we So, see excited it. And we're don't slowdown a now. about right

Dave Goodin

I did know Ryan, your question, to Dave to had all you of get multiple parts those?

Ryan Levine

QX, evolved the Has materials should the for business? rate the consider run the split backlog mixed between appropriate we an components of different maybe with the growth, still

Dave Barney

construction If materials? the split and you're asking between

Ryan Levine

as materials the of ag, ready-mix, the between evolve the representative that to is or Within or asphalt continue and to Is run rate backlog? that that likely current mix. current future, is

Dave Barney

is we've rate expect added. that we and improve. acquisitions improve say No. go to run I run continue the to would and I rate this keep it would as the year years M&A with to especially through that going or

Ryan Levine

businesses, workload and the the construction to And of future what switching limitation workload for then, is area and Okay. what increase? increase service gears

Jeff Thiede

work in that And project in Kansas markets other just new the Airport, increased our area made mechanical, market. that some addition fire Okay. Jeff. companies an and there we're for backlog. picked We the for fourth underground and is up strong to a Airport. Cincinnati a saw are at work also, award in also to increases exceptional City. Vegas We've and in, utilities. other preceded contributions Francisco our San the example, doing Portland by four backlog in we we International our question. increase got project And This excavation They electrical, protection airport in was Las Thanks

Las the So, terrific we're on we XX Day Vegas is strong companies, diversified. showcase September all in our our We're having of by a way, Las very of proud we're strong. hope September this very very to our Vegas. Analyst XX see in but teams to And market.

Ryan Levine

Okay, then, to biggest for bottlenecks what great. achieving limitations workload And the more the terms of future in upset? increases, are

Jeff Thiede

at these work we level employment and we're a XXXX we we of resources and record the sure have. have that over and deliver people to can on All make execute that

training, scheduling, we're time we increase So, even promising. over that thorough spend more not planning, making and sure more on

pushed need understanding the just out projects of sure and area labor. and that we making time or our ahead have limited additional capturing opportunity resource fully Some we're moved in get best that to and of the

Ryan Levine

is Okay. Were business to next And the the for quarter of seeing impact to then, may impact weather last for quarter? in over any construction question what materials quarter? you that the me, the spill

Dave Barney

This few the is second all quarter. almost impact a overall Dave. the the Good had very morning, Ryan. was our Weather was in We second the small quarter. in but favorable ways, in cooperative us weather areas regions in that

Ryan Levine

you. Thank Okay.

Dave Goodin

Thank you, Ryan.

Operator

Williams Chris question. his Ellinghaus Capital, of follow-up

Dave Goodin

Hi, Chris.

Chris Ellinghaus

Couple things. more of

press Just it construction I is think that was a for not clarification, record release all-time quarter, notes second backlog but record services? services construction a a the

Dave Goodin

to so record long we ago. release our think all-time not put Resorts relative when out that here I World Actually, was

think decimal that something like or I was that. higher maybe point a

second So, it's a quarter. record

record. from off Just slightly an all-time

Chris Ellinghaus

it's record But Okay. for end a quarter? of a

Dave Goodin

is. It is. It

Chris Ellinghaus

that down margins. the you year of being this Are looks look of of or year, point just guys on you're margins a All conservative it the drag expecting and like second I you of to little pace to right. are of for Jeff, the the if be sort sort margins is trend? your up, of net guidance similar year-to-date, sort maybe something sort at a half but I'm in talking at

Jeff Thiede

opportunity risk at and execution. the it's We the all look about and

how really you our expertise our look margins some our with if look people. we're are awarded procuring take or of comparable our and a being on at at projects you project mix our So, timing and

in working integrated the through design we're delivery, assist So, a earlier budgeting on process. project board manner getting

on we So, recorded there be got in all based is up our we've and it'll what we're picking and execution. what see work what about

Chris Ellinghaus

Okay. And thing. last one

press some of what I weakening a an policy on release there weakening mentioned just us where on Fed on economy. is insurance the you just today geared the sort appear give in some evidence it a looks that it and in your you think of the clarity a the seeing strengthening us market is economy what Could you be taking in seeing economy somewhere you're because So, take you're to the great economy? can give deal is doesn't for the economy like stands?

Dave Goodin

you some by you're Yes, talk what then and on market overview? touch Barney's markets looking of for River is move to maybe kind market Jeff. Do want to -- your move Dave Knife kind system about maybe over that Chris around more markets, of of we'll of the a and

Chris Ellinghaus

Sure.

Dave Goodin

Yes.

Okay.

Jeff Thiede

is Jeff. This Okay.

Our transmission where busy and and distribution we work is keeping in work. us the very regions all

rental and to provide. Our company continues supply equipment

to our in able and with equipment that and our stringing industry across country. provide customers we're wire best the the utility for the contractor think I locations our customers strategic

the the seeing communications with our regions all in also increased seeing opportunities clients. for as transportation we airport increase utility confidential work have in up, projects work mission is work. mentioned picked in available some that many we and projects an gas We're we I work We're electric also and opportunities critical

diversified. very into well We're next year. momentum So seeing

Dave Goodin

of and stage it. kind and the recovery energy there's in of markets Dave, some touch the do River you're you seeing what want certainly Knife to some on of

then of but move that with start the kind can You around system.

Dave Barney

we're pick most and our of Minnesota and all two right last heard we're energy to But, say now, states flat doesn't come to And and about be right our would have don't states to I and the in to I've see parts and add Texas most right it those next backlog. we've down that North Dakota heard starting But, but, now. it and of our we over recovery our back. continue been of they're we mean there starting strong years we're in or three Chris see are in -- Alaska won't and they're that markets now forecasts, might up year happen. the

to we can't year the going seem now, to I happen what's in no So, be But next predict right going pretty future. strong.

Chris Ellinghaus

you Thank I much for very color. Okay. appreciate it. the

Dave Goodin

for Thank the questions Yes. Chris. you

Operator

call The replay call This on X:XX conference Instructions]. for the questions. ID at number available ID the XXXXXXX. replay number is marks Again, XX. today Eastern time the conference XX:XX will the XXXXXXX. PM Eastern This [Operator PM beginning be replay for last through August for Time for is

At time, to remarks. like questions. to would conference back this closing no are I there further for now turn management over the

Dave Goodin

Thank you.

focus business we our has we our as long-term value at things Resources that projects those significant been to we're produce growth Our MDU and our plans, are acquisitions execute as organic and targeted speak. doing

it competitive ratings, for to years. strong last XX our while solid dividend years credit shareholder, a maintain provide a position for sheet, good increasing a continue and the We liquidity balance consecutive XX to for have continued

are us our committed safety and beyond. of of building as ahead to are executing on this ensuring and more as well who opportunities America the than strong We many employees, a year projects XX,XXX

Day earlier MDU Resources. Vegas as for call department. do We thank Thiede area. and the And XX said we appreciate your participation I'll can information And in you Investor be for interest Las reminder, followed Investor again, Relations in Analyst as in your call, a our continued have slated note today. up Jeff on More the with September

that, back turn to I'll operator. this With the

Operator

conference concludes Thank call. today's MDU Resources you for This participation. your Group

may disconnect. You now

MDU Resources (MDU) 1 Aug 192019 Q2 Earnings call transcript