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1/28/26 , 5:23 PM Document EX - 99 2 a2021q3ex99.htm MDU RESOURCES GROUP , INC . EX 99 MDU RESOURCES GROUP , INC . Building a Strong America® NEWS RELEASE MDU Resources Reports Third Quarter Earnings , Adjusts Guidance BISMARCK , N.D. — Nov. 3 , 2021 — MDU Resources Group , Inc. ( NYSE : MDU ) today reported third quarter earnings of $ 139.3 million , or 68 cents per share , compared to third quarter 2020 earnings of $ 153.1 million , or 76 cents per share . For the nine months ended Sept. 30 , MDU Resources earned $ 291.6 million , or $ 1.44 per share , compared to $ 277.9 million , or $ 1.39 per share , in 2020 . " This was a solid quarter for MDU Resources . Although results did not quite reach the level we expected , all our business lines continue to perform very well , " said David L. Goodin , president and CEO of MDU Resources . " Our regulated utility and natural gas pipeline businesses both had very strong results for the quarter , and our construction businesses ' performance also remains solid although slightly behind last year's record third quarter earnings . " Third quarter construction results this year were impacted by higher asphalt oil and fuel costs , timing of available work , labor constraints , weather - related effects in some areas , and adjustments to estimates on a construction services contract . With our results through the third quarter , we are adjusting our revenue and margin guidance for the year as well as our earnings per share guidance , which we now anticipate being in the range of $ 1.90 to $ 2.05 . We are well - positioned for growth with a combined construction backlog of $ 1.92 billion as of Sept. 30 , which is 3 % higher than the same period last year . " Business Unit Highlights Construction Materials and Services The construction materials business earned $ 96.3 million in the third quarter , compared to last year's record third quarter earnings of $ 107.3 million . The decrease in earnings was largely from lower asphalt and asphalt - related product sales and margins , as well as lower construction revenues and margins , primarily from less available public work in certain regions . Higher fuel costs also negatively impacted margins . Demand for aggregate and ready - mix remains strong across the company . The construction materials backlog of work at Sept. 30 was 14 % higher at $ 652 million , compared to $ 571 million at Sept. 30 , 2020 . The construction services business earned $ 23.1 million in the third quarter , compared to a record $ 29.8 million in the third quarter of 2020. Earnings were negatively impacted by adjustments of $ 5.5 million , after tax , to estimates on a construction contract . The company also saw a decrease in weather - related utility recovery work during the quarter compared to third quarter 2020. This business continues to see high demand for its services , particularly in the commercial sector . The construction services backlog of work at Sept. 30 was $ 1.27 billion , compared to a record $ 1.28 billion at Sept. 30 , 2020 . Regulated Energy Delivery The electric and natural gas utility earned $ 5.2 million in the third quarter , compared to a loss of $ 800,000 in the third quarter of 2020 . Earnings increased with higher sales volumes and rate relief in certain jurisdictions . Electric retail sales volumes were 11.1 % higher and natural gas retail sales volumes were 2.0 % higher during the quarter compared to third quarter 2020. Customer growth also continued , increasing 1.7 % over last year . The company is preparing for construction kickoff in early 2022 on its Heskett Station Unit IV , an 88- megawatt natural gas - fired combustion turbine in Mandan , North Dakota , that is expected to be in service in early 2023. Retirement of Heskett Station Units I and II , coal - fired electric generation facilities , also is slated for early 2022 . 1 https://www.sec.gov/Archives/edgar/data/67716/000006771621000052/a2021q3ex99.htm 1/13