MDU Resources reports first-quarter profit, shares fall on outlook and earnings miss
By APFriday, April 30, 2010
MDU Resources turns to 1Q profit
BISMARCK, N.D. — Energy, mining and construction company MDU Resources Group Inc. reported a first-quarter profit Friday, helped by a big charge that led to a year-ago quarterly loss.
Company shares fell $1.32, or nearly 5.9 percent, to close at $21.20 after the results and company forecast fell short of Wall Street expectations.
MDU Resources said it earned $41.6 million, or 22 cents per share, compared to a $344 million, or $1.87 per share, loss in the 2009 first quarter. Those results were dragged down by a $384.4 million charge related to low energy prices.
Revenues were lower at $834.8 million, down 24 percent from $1.1 billion a year earlier.
The company said that two of its regulated utility unit and pipeline and energy services business both had record quarters, propelled by factors like higher oil prices and lower operating costs. The construction unit, however, reported a larger $20.1 million loss due to weather problems and continued weakness in the broader building industry.
Analysts surveyed by Thomson Reuters predicted earnings of 28 cents per share on revenue of $1.02 billion.
The company held to its 2010 outlook of between $1.10 and $1.35 per share. Analysts expect $1.45 per share of earnings.
Tags: Bismarck, North America, North Dakota, United States