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- **Q3 Earnings Beat**: $0.09 EPS vs. $0.08 prior year, driven by Pipeline segment growth.
- **Strategic Projects**: 
  - 122.5 MW Badger Wind Farm investment approved; 580 MW data center load pipeline.
  - Bakken East Pipeline secures $50M/yr commitment; Minot Industrial Pipeline in early stages.
- **Rate Case Wins**: 
  - Montana: $14.1M annual increase; Idaho: $13M increase pending.
  - Wyoming: $2.1M increase effective Aug 2025.
- **Long-Term Growth**: 
  - EPS guidance raised to $0.90-$0.95; targeting 6-8% EPS growth.
  - 60-70% dividend payout ratio maintained.

**【CEO Opening Remarks】**
- Reported Q3 2025 income from continuing operations: $18.4 million ($0.09 per share), up $2.8 million ($0.01) vs. Q3 2024.
- Pipeline segment drove strong performance; utility earnings typically lower in Q3 due to seasonality.
- Customer growth: 1.5% retail growth (aligned with 1-2% target), supporting infrastructure investments.

**【CEO Strategic Updates】**
- **Electric Segment:**
  - Badger Wind Farm: 49% ownership (122.5 MW) under prudence filing; expected online late 2025, in 2026 capex.
  - Montana rate case: $14.1M annual increase request; interim rates from Jan 1, 2026.
  - Data center load: 580 MW total, 180 MW online, 100 MW ramping Q4, 150 MW late 2026, rest 2027.
  - North Plains Connector MOU for potential 350-mile pipeline.

- **Natural Gas Segment:**
  - Wyoming rate case: $2.1M annual increase effective Aug 2025.
  - Montana rate case: $7.3M increase effective Nov 2025.
  - Idaho rate case: $13M increase filed, effective Jan 2026.

- **Pipeline Segment:**
  - Minot Expansion: 7 MMcf/d added.
  - Bakken East Pipeline: $50M/yr for 10 yrs from ND Industrial Commission; FERC app Q1 2026, target in-service late 2028.
  - Minot Industrial Pipeline: 90-mile pipeline from Tioga to Minot; early-stage development.

- **Financial Guidance:**
  - EPS raised to $0.90-$0.95 (from $0.88-$0.95), dependent on weather.
  - Long-term EPS growth 6-8%; dividend payout 60-70%.

**【CFO Financial Update】**
- **Electric Utility:** $21.5M vs. $24.3M (2024), offset by higher O&M (payroll, contract services) and depreciation.
- **Natural Gas:** $18.2M loss vs. $17.5M (2024), driven by O&M and depreciation.
- **Pipeline:** Record $16.8M vs. $15.1M (2024), from new projects and short-term contracts.
- **Balance Sheet:** Strong liquidity; re-established ATM program for future equity needs.


MDU Resources Group, Inc. (MDU) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MDU

MDU fundamentals

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