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5 Revealing Analyst Questions From MDU Resources’s Q2 Earnings Call

By: StockStory

MDU Cover Image

MDU Resources’ second quarter results were met with a negative market reaction, as investors responded to margin contraction and lower earnings compared to last year. Management attributed these outcomes to higher operating costs, unfavorable weather in its Natural Gas Distribution segment, and increased expenses related to planned maintenance. CEO Nicole Kivisto noted the impact of “warmer-than-normal temperatures” and “higher payroll-related costs,” particularly in the utility businesses. The company also cited increased operation and maintenance expenses across segments, which weighed on overall profitability.

Is now the time to buy MDU? Find out in our full research report (it’s free).

MDU Resources (MDU) Q2 CY2025 Highlights:

  • Revenue: $351.2 million vs analyst estimates of $303 million (1.9% year-on-year growth, 15.9% beat)
  • Adjusted EBITDA: $81.83 million vs analyst estimates of $92.81 million (23.3% margin, 11.8% miss)
  • EPS (GAAP) guidance for the full year is $0.92 at the midpoint, missing analyst estimates by 1.6%
  • Operating Margin: 8.5%, down from 11.6% in the same quarter last year
  • Market Capitalization: $3.45 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From MDU Resources’s Q2 Earnings Call

  • Ryan Michael Levine (Citi): Asked about the impact of a smaller storage project on the scale of the Bakken East pipeline. CEO Nicole Kivisto clarified that the projects are currently separate, though future synergies could arise if Bakken East advances, depending on customer commitments.
  • Ryan Michael Levine (Citi): Inquired whether the narrowed EPS guidance signals a shift in long-term growth targets. CFO Jason Vollmer responded that the revision reflects near-term weather and cost impacts, but does not indicate a change in the company’s multi-year EPS growth outlook.
  • Brian J. Russo (Jefferies): Sought clarity on how a potential state decision at the upcoming North Dakota Industrial Commission meeting could affect pipeline development plans. Kivisto said state support could help secure customer commitments, but the main focus remains on reaching binding agreements with customers.
  • Brian J. Russo (Jefferies): Asked for quantification of one-time versus ongoing drivers behind the updated guidance. Vollmer explained that weather effects are inherently unpredictable, while the planned maintenance outage was anticipated and not expected to recur.
  • Brian J. Russo (Jefferies): Queried how much excess capacity remains in the system before new infrastructure investments are needed for data centers. Kivisto indicated that some pockets of capacity remain, but larger loads may require new generation or transmission investments in the future.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) progress on regulatory approvals and rate cases in multiple states, (2) execution and customer uptake of major infrastructure projects like the Minot expansion and potential Bakken East pipeline, and (3) signs of sustained customer growth in the utility segment, especially related to new data center load. The company’s ability to manage operating costs and weather-driven volume swings will also be key to tracking its performance.

MDU Resources currently trades at $16.89, down from $17.49 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

The Best Stocks for High-Quality Investors

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Don’t let fear keep you from great opportunities and take a look at Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

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