MDU - Earnings call 3 2023 | MDU Resources Group, Inc.

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Operator

Hello. My name is Cynthia, and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2023 Third Quarter Conference Call. [Operator Instructions]. The webcast can be accessed at www.mdu.com under the Investor Relations heading. and XXXX Presentations Conference and Events click Earnings QX Call. Select the a conclusion would be turn Treasurer Jason of of Officer the Group. Chief replay Vice now over President, Vollmer, the to MDU location. I After and same webcast, will Financial to the available like Resources conference at Thank you. Mr. conference. begin Vollmer, you your may

Jason Vollmer

Thank you, call. to everyone, quarter third Cynthia, our and welcome, conference XXXX earnings

Leading Utility the on earnings discussion tab. can Barth, Controller WBI supplemental of Rob call Resources. Also MDU at and following and to our Nicole me our with and be Group. Johnson, Jeff today's and Resources; Energy; Stephanie CEO and questions today answer Thiede, this release Services Chief Goodin, our Accounting President our Construction find Investor www.mdu.com will Vice under of are You for materials website of Group; with MDU President us Officer Relations of MDU and along prepared Dave CEO President Kivisto, remarks President of President, CEO

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

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

could information most We any risks the more uncertainties our refer to to and also from may For to results recent information. vary forward-looking that refer about please filings. statements, cause our SEC non-GAAP certain

appropriate to a measure, please GAAP For our information reference news of the any reconciliation earnings release. non-GAAP

spin-off Resources MDU to to spin its announced our Resources, morning, of expected in a Directors that this tax-free Along in news be to we late a Board and in complete be MDU companies. independent approved publicly-traded result business will the XXXX. shareholders Construction with off release earnings and The X to our of is our which separate Services shareholders plan release

spin-off earnings formal million and GAAP results basis provide to $X.XX this the of per look, share release $XX.X consolidated million per his for earnings at his the morning, I will financial XXXX call. Prior This third third during GAAP information provide will $XXX.X of additional quarter. quarter find $X.XX www.mdu.com. or comments on Dave You handing or quarter a call website our third over share. for Dave later compared on to announced the the also can to we on forward

income our River quarter per and $X.XX $X.XX share $XX.X operations from share other to GAAP-based the year. continuing to with the discontinued being Third are $XX.X important and as River's Knife for note was XXXX. It's per completed, in results results reported or current of related million operations Knife that in spinoff compared million or impacts prior

As ongoing business as Construction such, with initiatives. reflect also that to on Knife of the May closely and continuing outstanding Knife operations. These including operations shares the the as reporting the income Services related our XX continuing retained of unrealized shares of our the River on the spin-off adjustments gain items the of better strategic approximately to and strength spin-off, other well correlate XX% Corporation financial outline the of work adjusted more from spin-off River to provide we are results completion

to or adjusted $X.XX table Page our of For third from more share. in earnings on We of adjusted from see million third X operations information businesses $XX.X release. XXXX per please income the our or $X.XX results all share very on operations quarter the quarter $XX.X news these million continuing strong from experienced per adjustments, provided with continuing of of income compared

Turning to individual businesses. our

of and $XX.X quarter $XX.X was XXXX. to the result for compared electric earnings decrease quarter Our $X.X combined utility million in third utility million operation North expense, an of higher the same residential higher for cooler third maintenance earnings The and service to largely Dakota volumes in relief segment period Dakota were due electric $X.X compared payroll-related the Montana retail and costs. Ellendale, to of near million the North data primarily The revenue. rate to business quarter of also revenue transmission decrease and agreement a in sales offsetting earnings Partially million reported power of XXXX. reported lower a due to center and higher to weather provide

partially rate gas Idaho seasonal maintenance primarily to third utility all patterns, partially in to decoupling Washington, Our payroll-related weather to quarter sales were $XX.X to natural increased decrease and by due mechanisms. higher experienced weather XXXX. offset customer in in costs. X.X% loss volumes reported loss classes business offset of in short-term due quarter was million interest our $XX.X which recovery normalization expense, third and retail a the seasonal of by The of a Earnings and compared relief a Idaho, in operation the debt also million which

settlement primarily part reported third and quarter profit August remarks. primarily commitments costs, earnings earned volume formal also pipeline expense, payroll-related Dave? his compared and maintenance largely the quarter call higher higher $XX.X and higher earnings third higher highlights Dave was in part North the million to like X. Bakken costs. Interest by from million renewable, needs of higher utility was institutional increased of for XXXX. summarizes for and expense prior rates the markets, $XX.X to of rates. That profit. $XX increased of in the the The business record The and by offset payroll-related $XX Expansion period rates storage-related well and record last the increase business selling, $X.X record million the administrative working that same increased debt for as to mix earnings and balances. Construction of increase EBITDA were quarter revenue, result interest as I'd general a from quarter due also revenue commercial, compared million. quarter, project driven by had operation of storage contracted and third third effective project interest to service higher result and higher a higher the million expense quarter gross The lower transportation services industrial expenses offset to to in earnings increased in the new This as the transportation year. now year capital increased compared in to over financial for million turn $XX Gross higher

David Goodin

everyone, announced on November business and of and services you, time your are Thank the a year the continued for thank of our with time, Resources. MDU a spending our strategic us separation, method year, announced timeline we last Jason, interest review and today of of for you, today. undertaking business. off an Resources. Back we announcement MDU spin this July for day exciting subsequent is that At separation to the announce company that to mentioned this completed was on that to determine the review Today which would with X pursue excited focus as we construction XX business our a we from plan in tax-advantaged and best effectuate we

expect announcement. businesses value into We our of enhance third of energy pure-play significantly discussing delivery this business. I'd goal like overview to quarter regulated by each providing within spin-off transforming start and MDU to businesses our outlook Resources spin-off and the before stated achieves the at an a of our results our

companies. throughout XXXX of third continue quarter our have of outstanding we results strong from performance trend Our seen the all

gas of regulated schedule in our and active new electric, have implementations natural pipeline businesses had delivery and at our XXXX the an rate have for We businesses. regulatory benefits energy seen

sales to have year, has and retail future. results the report utility strong of electric last all business businesses our business, look this of the quarter higher service XX.X% record construction Our and than are time the backlog continues opportunities as a the third end in At volumes XXXX. than were we into higher XX% year. And moving year-to-date our exciting to for

here second brought of quarter is This that from the increase center largely customer in a quarterly data serving 'XX. was online

also North Dakota serve the Service filed another is online a data in to have We that Commission request Public XXXX. to expected come center with

of North currently IV testing. construction Unit to Mandan, year, as near It the operational performance Dakota. is XX-megawatt generating the before undergoing electric Heskett and expect be facility end on located completed largely natural gas-fired is We environmental this

gas We meet X% investments between our to This and X replacements electric also compounded expect grow next upgrades over and system, X% annually safely and business by years. primarily driven is at infrastructure rate the base in to to customer X. Also continue demand. in took and we our settlement natural gas a effect on rate August, October Dakota. in in rate approval and Montana in rates there case, both on case, a electric August South We filed case our received an electric

gas a earlier We November also natural just on Dakota week X. rate case filed in North this

and business on August its case took final $XX for in quarter associated on last here base, million the the volumes rates, investments from seek X% of FERC of on earnings quarter X than utility increase which of safe X expansion second were service we providing pending these gas business, transportation this XXX approximately of pipeline construction of record which electric multiyear saw Washington. At company annual into with growing cubic day. expect The August, our continues state the million to with also to customers had for XX% approval, year customer to service are quarter and Our per will file our another on settled project. In result and capacity an of the we time Expansion largely projects reliable Two contracted natural are additional November year-to-date pipeline case in a record that its on This staff. higher feet new transportation and our X gas this including add are effect and gas a natural revenue began commitments rate North regulatory a basis. We placed service FERC and timely here, first expected XXXX Bakken in quarter of natural projects. and gas or recovery volume to storage earnings, year. increased natural transportation

is expected million capacity its capacity WBI of customer cost for and XXX region here commitments. natural per project The natural for expected for will approximately gas is to allow project feet day Total XX additional by an service be day. On XX, is gas to North $XX late an October early received cubic long-term will Dakota. be and FERC per Wahpeton transportation for feet cubic third Expansion this approval XXXX. completed Eastern the to million in transportation million add also additional project in XXXX, in and supported slated is This Project of

our million, for earnings increasing our delivery strong from regulated of up start for a now year With $XXX million the million. to businesses, $X to $XXX to of guidance $XXX are we these previous range to range energy businesses million million the $XXX

and business and As T&D are We year. Gross strong lines third and I to record quarter quarter year-to-date record when saw ongoing for XX%, results for strong EBITDA time compared in a and services construction our earnings demand our see business up continues and earnings same mentioned to up the the EBITDA its respectively, XX% previously, services. and billion. last our remains both $X.XX backlog profit at E&M was and

are workforce projects and efficiently attract footprint. to well-positioned a ability over X,XXX these with employees We of and to safely retain across our skilled our complete

guidance expect now of to are revenue our in We to higher margins XXXX. affirming the we $X $X.X XXXX billion and to range billion, be compared

and $XXX million. range We our $XXX narrowing to are from guidance our $XXX prior to range million of a to EBITDA $XXX of increasing million million

construction business well-positioned opportunities. benefit our forward, bidding to Looking service from is increased

expansion increased our ongoing demand With growth construction Investment robust customer Act, from Act and its by utilities; to as services Overall, for Reduction see our and and in the gas encouraged for steady along the look beyond. our projects XXXX demand electric in ahead, demand are we funding with services, and and pipeline we high system opportunities our slate business for the Inflation services. Jobs and of Infrastructure expect our pipeline construction natural

to MDU will each as business year. Resources stated future align Group of the based XX% intends Post with the will shares establishing company compelling Construction determined structure, rata operational is flexibility spin-off specific each company payout Each of through strategies on and of from financial business' to believe business committed their details of independent dividend tailored earlier energy able consistent back strategies. Further MDU off later. programs assess When to structures will is our and expected pro growth on and Services to spin-off a financial distinct This Resources that the business Group today have pursue regulated earlier made on governance separation strategic capital with individualized the and to we their benefit capital to MDU a its acquisition enhanced use opportunities, their respective deploy investment business. about its separation announced XX% and and other be Now each in capital companies. community Resources for turn is Service provide to investors opportunities will with will capital X capital wholly-owned delivery long-term and receive each I'd policy characteristics. MDU Group earnings retention form this goals. to that our like will publicly-traded each announced target toward into to spin opportunities allocation profiles enhance focus our the a MDU shares to plan long-term stock. Service spinoff, to companies will Resources and it Construction MDU hiring. Both shareholders announcement distribution industry-specific Construction dividend policies and allocation will better tailored complete, services current needs. enhance to of strategies. company's to construction with equity X investment value elements strong of business be ratio maintain capital stock MDU We allocation retain of be this allow line

and in to light pure-play service the subject We news date continue order will rescheduling provide our delivery provided to in as expect quarter first of Investor diligently today's in the the to as spinoff as XXXX. update on spin-off release. our be be construction certain the also the that of XXXX, are well to energy we fulsome we're a strategy, transaction the later more a announcement process. In details conditions late completed to Day regulated to at working spinoff Further described

place with a operating our named announcement focus release, being and a As products January being great the and continue our noted safety while Resources services to safe early with President my and Kivisto to final on with retirement touch and like along essential my to is as and in customers committed MDU while I'd of work. One that as superior in is item we Nicole creating on integrity value, CEO successor. shareholder providing always, to a communities prior

Nicole excellent forward. in moving With to well. experience pure-play confidence believe strategic job regulated entity, a company future and role I as have leadership full will lead First, will this and Resources serve ability do the in her her our an MDU state

like of for a honor to well work it organization wonderful accomplished, XX part over the I'm through but everything of to run X, that As had [indiscernible]. has being saying in I'd finish and and prior I've great I proud have MDU up Resources thank for and work of meet continued my by to myself, so been be plan very call with this with to we line the that confident to this of mind that January wrap last you for in just all many you last the years quarterly people. positioned this I earnings am that is to pleasure with date, to career.

and Operator? ask appreciate So other your MDU with open for Resources, line the to questions. I and that, now interest Cynthia? in commitment we

Operator

line the of America. Dariusz comes first Lozny question Your from Instructions] of Bank [Operator with

Dariusz Lozny

the on today. was announced just spin that Maybe

to is just a little as guys now be possibly what tax-advantaged bit think, avenues spin-off, anticipate any Just range process company considered you higher this I went, other a finally also sort you the what more, small talk you can, there, that from know one? referred that -- you of, out to that costs Can the maybe such stand-alone CSG? you on there how for strategies. a as -- extent dissynergies before are the that And you of the public will that I announcement landing relatively about considered

David Goodin

certainly. Yes, yes,

market in really a been of of specific tax-advantaged in our areas, late review the as we tax-free to the ours has as effectuate and clearly, more updated spend last to back business, have we we're business for defining the to mid-July So clearly year, the the focus strategic to this of a that as today, separation look -- a XXXX. spin to by looked certainly,

range create really essentially. to of believe we that did business. created looked we Board, business, likely well. what just optimize the some do do ultimately, at we this as separation for with value there. would the with spin Knife tax-free -- along is I to most optimize the value the But knowledge for decided institutional believe there the Ultimately, look we we we say so broad And the our possibilities of River, a look via value, We've

Jason Vollmer

And I can is on Dariusz. in jump the Jason. This dissynergies question,

As we correct. look at this, you're

would forma pays a company dissynergy here As And will well. load piece separating the stand-alone portion together here feel on be companies up that would here, get information. pro some costs. of in process company we stand-alone standing that of the by separate say full addition, a and as think public we a these Form-XX of far a I is I see But think public through here, that basis. What could MDU the about in decision-making there would as more show that CSG businesses type on separating a to ready put and those our really of valuation Resources I a look we segment expenses financial outweigh the was today we any as benefits that, and business. additional business say, we of the the of updates you we have but provide a that

Dariusz Lozny

Maybe more transaction. just that one around

similar your guys financing you I in mean As will capital regulated, far future. give anticipate to risk it'll peers? publicly-traded similar some a Do as RemainCo, mix, the I some of of business MDU, probably and mostly updates look, more mix as probably publicly-traded, in terms peers. you know fulsome But profile, structure

Jason Vollmer

is Dariusz, again. this Jason Yes,

basis. as benefits go-forward And of think really entity Dave these capital services of each We're the one these off is business pure-play capital industries a separating participate. a and competitive spin separations they to financing, them at look and really think makes companies the correct. that structure via you're I that give the mentioned, of a I looking the that regulated on structure we as distinct within at

Dariusz Lozny

quirk more. sneak of and gross anything kind that's that If one results this backlog, were I like or if down just And recognizing that you're I CSG seems a the reported. is bit is any could timing industrial just a the yes, from there? trend margin if in was in on revenue wondering this the -- a a there's of It or tick your -- maybe contribution customers. of

David Goodin

Thanks for into the detail. have line. in that Dariusz. Jeff's question, I'll dig that him on

Jeffrey Thiede

the right number followed work it to the be is on area. Dariusz have head, great hit semiconductor You in we additional with a got of our customers. completed with the this from relationship We've that going historical work success and people by

in Southwest, workloads that also in able have just to available forward area, and the the where and Ohio resources time. was point to but geographic look and that and a we'll in more be are work We in just But locations, the in expect not accomplish Northwest, rebuilding we we work that. Pacific continued do packages, to the also yes,

David Goodin

just Dariusz, could little a maybe add if I bit.

segment and confident other are by we that quarter point quarter, of about very at EBITDA in segments certainly the the kind I line as in think the of business year-to-date of offset year. again, about the record think we that results, your as having think feel in top rest type CSG, the a certain one record that we business

Dariusz Lozny

and Thank much. to you the to appointment. Nicole congratulations Dave very on say just I'll also

David Goodin

Dariusz. you, Thank

Operator

Shank. question the Chris Ellinghaus next Siebert line Williams comes Your with from of

Christopher Ellinghaus

thanks appreciate about terms thought give you you What's scheduled. want Dave, when Dave. for the an and all in I talk Analyst your changed -- and Day good conversations process of you the over your had update? Can much you Nicole to change to made so Congratulations it. to that years,

David Goodin

as with earlier. working years you commentary here the over appreciate I appreciate Chris, well. the

of -- that give felt a just timing this separate the and more that just will, kind enhanced to just end clarity, more 'XX on we the more story looks and I there's like number itself with along a first in we appropriate given be clarity greater XXXX construction think the on and slated build being fulsome more what how kind thought on that can knowing quarter publicly-traded there describing. timing RemainCo investor services. And a markets probably timing So the of to And late timing. appropriate as opinion, today's is we're a our would of update which be of be separation services if marketplace, that target. company, the business into of you interest felt for how just a announcement was construction our to there'd We probably looking the separate

Christopher Ellinghaus

When meeting, first late the to you on might form transaction greater do that take? clarity that anticipate the having you get quarter

David Goodin

work CSG this, and certainly business, and have the story. then of we And leading team of this but participants story. the and -- would electric his of as the we part of the RemainCo Nicole units, business SpinCo as part principles expect the That's to group, certainly business -- through as obviously, part pipeline Jeff, those the all is the gas

Christopher Ellinghaus

for And throughout last for your one might given year has question insights what look this the sort of for margins any outlook Jeff. outlook your year in you the like? improvement into next Jeff, year

Jeffrey Thiede

getting in be ability a level, able high continue I'm fuel and had. really increases, that preconstruction margin pricing our increases, our company. due costs to our to MSAs level, update to we've equipment our are that perform record in, we been Part also updates getting of has in improvement with labor to at our the jobs a confident to

we've exceptional shareholder them platform the In and And us have go a crucial addition better management of and initiatives, that's position supports to and good the good to our stepped personnel value. that, provide our the and all that's through to better a our execute able got business. continue we've in be our prefabrication to forward field, through planning, up. ability field to gotten to course, staff And in spin, put that

Operator

Ryan with the comes from Citi. question of next Levine Your line

Ryan Levine

his Congratulations on -- on retirement. to the Dave

David Goodin

Ryan. Thank you,

Ryan Levine

contingent do time the achieved that be What key guess of in the the really spin line, of off, need are material, I going time milestones What's by to there year. was end intention's in that private be and to to to to terms items. so targeted you level the the start there? What's deadline? And to next the that other highlighted reference the rulings you're achieve that challenge to the line? letter confidence the disclosed hit able

David Goodin

Jason the lead And Jason there. with all from Ryan, spin associated and coincidentally, I'm I've to that. to led, River activities ask asked Vollmer off effort. lead going internal our an to perspective, really him this Knife

So talk Jason, can there, high-level you're of because I for here. looking work I'll ask with he streams but detail the think kind

Jason Vollmer

dive can those. into I absolutely. few a of Yes,

So this where here but able we goal this get learned, set look for in a the whether transaction, get comment successful of there and company out right, came done and Form-XX you're statements certainly have are we that pretty where it's the just achievable at stand ruling, River developing aggressive able level out We've set timely at be sure getting separated a some the we and throughout CSG right everything lot thought a think, up, with to process stand-alone work is is major think look and a need forecasting we items thing see, audited the making to and looking process, investor Knife of that nice story carving what think through I here. Those there. we this. at to up through got -- all manner and the be. a we've that lot letter financial that used a are lessons process, that what private were we I of a things experience potential process we a to SEC and time to this to We was

really to in frame and timely this done manner, high a level this got to opportunity us gives on like public we confidence this ability project able the through be and time diligence stood be that get team's we've of this company. the as up do So a successful move in a need we get and very great able to to a feel

Ryan Levine

a CSG of be maybe And think capital business the I within on of year the types structure can that you where you but final industries will fundamental customer targeting? to moving to backlog guess is you're the in for determined, go-forward or recognizing speak basis, some that different mix the terms next to be

David Goodin

ask comment E&M split a about backlog certainly I'll to Ryan, Jeff? and as Jeff T&D we Yes, look think between that future business. kind segments and to the Thiede on at of major

Jeffrey Thiede

Thanks, Dave. Ryan, And question. thanks, for your

has always been Our broad-based. backlog

in the type of same in ability addition as the projects success. I hospitality but markets in current of and as work. include, these semiconductor customers. but and substation then, of more and resources that Investment of more You're our for multiple currently and to include course, we capturing utility adjust, serve, health City markets that the regions area geographic some those our projects in course, this really some currently in the we care, Again, And renewables, company illustrates T&D data future. In pivot to XX largest radar work have Reduction our on wildfire of there on will manufacturing, to mitigation, limited building projects course, of list. transportation are of the are center type we a capitalize sector. projects aren't these transmission of signal Act more of work, most continued gaming And and how the the Infrastructure and for work, the Act entertainment diversification markets top we our allocate in are Kansas see underway distribution the significant innovative work, sector, projects to and on traffic MSA and will and Inflation and on backlog expanding markets work, and Jobs including X our our mission-critical

backlog those continue and areas, and to -- these in those position opportunities adding those experience projects to the have executing we'll for and We successfully. in be our

Ryan Levine

follow-up. one then And

XX as out that utility In time line looking any you're slippage the work. you over particularly months? of mix, in next renewable Are delay projects or the terms in seeing on and

Jeffrey Thiede

We're seeing project next the months. any delays XX not over

positive. all that's So

We several than backlog are add our in preconstruction on more forward. are to going going projects that to

to record our upon forward looking performance. continuing and momentum building QX So that

Operator

[Operator Instructions].

comes of question the Sidoti. next line Brian Your from with Russo

Brian Russo

renewables. the on follow-up Just a

the months you slowdown down to Just down significantly. of being just while renewables the looking see just thought there, looks or down pushed any for -- third right. I could revenue comment near-term at it on course, I you're the again, quite X if like if projects was up, were CSG, margins And September, quarter was revenue, trends on seeing the ended

David Goodin

Jeff?

Jeffrey Thiede

We backlog the projects looking solar in that the in several projects Las renewable X Las in forward. the Ohio the our market out in numbers We've radar is complete had our of going for screen I reported up Midwest Pacific Vegas. work a increase here. affecting an think in the in do Midwest. picked of renewable did in also and area and Vegas We on large additional have also solar what those currently and in projects we've completed, completion project Northwest. And have a are the significant very are that's area We the

electrical have So the We've the on stations. in facilities. also vehicle. capabilities charging we of solar force, worked view work a EVs, the the done and quite manufacturing in We've

a as it, see experience. We're forward. opportunities So come upon be positioned we'll and able those forward. got build for that this the good going opportunity We that is we've well to

Brian Russo

left, maybe with the correct overall XX% to what's thing or the and already test gears case? the terms rate probably me the the was? color? to gas wrong, rate completed, more when given switching case looks what's rate filed of you're utility accumulating like last like you Could concluded What is your only if that, -- cases just then remind in base but add that's I'm year the side. of And us of It right, Washington that operations. about looks utility XX% And

Nicole Kivisto

take can the question, for ahead I and Brian. go Thanks that.

team's work as have of proud of obviously. activity the we A release. lot that I'm in was think overall news regulatory So really the that undertaken, about we yes, highlighted the

So you has and XX over what to the have done seen historically, we've ability certainly, improve our our ROE to trailing last that added months.

team's proud of there. So really the work

in yes, is your the case. year, remarks one ahead, on of highlighted we're doing In terms in Washington the go multiyear ensuing what question the the we've

and year state rates filing that the that be the multiyear year. this be year the last We next So be we'll we'd multiyear the will case recently implemented using here state. first case for in in here

are Washington, next looking though, for would I In in later other states comment year addition the X filings at we that to year.

got X right, we filing in and addition be and keep jurisdictions. With other Cascade Washington that that Oregon got to brand. likely, operate you've that most we've the gas percentage, overall but respect in the Washington mind would to approximately So under

answer So question? Washington that the would those Did your be of X. state larger

Brian Russo

it quick did. Yes, just And follow-up. one

effect in XX-month think 'XX, period Washington file that so rate state, statutory I you full is assume conclude rates in it can XXXX? cases, we have you'll to in if in early

Nicole Kivisto

It's statutory, correct. an are XX-month yes. You

months So if first would whatever from in implementation filed, assumed file quarter, we there we date the XX the be date.

Brian Russo

aligned any just on and on forecast? MISO that schedule and to on, with development the transmission. time there? the Tranche you're working And updates X everything projects switching capital Is your on

Nicole Kivisto

obviously it's right We right overall now would have and been on now time, line working that houses with communities everything terms not have -- sight that in open have our partner hosted budget. the the project. and stages, several Everything be we some changed in early the of of of is but in

are our updated on bringing included that November. would we costs million, market a be we're will and be a forecast forecast that partner we project. continue to the included to share that as million, $XXX $XXX a So rate of project at that here as think at would and estimated is later which in our in Total about reminder, be new

Brian Russo

working good Dave, in luck Appreciate with your you. future.

David Goodin

Brian. you very Thank much,

Operator

Investor under [Operator will would Presentations questions. like can I back now closing no XXXX to Call. the Instructions] time, Earnings the & management be there further accessed conclusion this available a Events turn the webcast, heading. www.mdu.com are over at of Select replay to the Conference location. At same Relations conference the and be webcast The After QX click at for remarks.

David Goodin

Well, this third quarter taking all time thank you on to for join earnings call. us the here

Construction are about the planned Group and announcement Services forward of you We today's as separation look keeping spin-off the progress of through process. excited MDU updated to we

thank operator, turn future the regulated and again. energy in you appreciate your and continued Cynthia. you, and We about that, projects of our MDU the support again are We of and delivery it growth Resources. And performance to Thanks excited business. demand strong back optimistic our with I'll construction service opportunities interest and about

Operator

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

You may now disconnect.

MDU Resources (MDU) 2 Nov 232023 Q3 Earnings call transcript