MDU · MDU Resources Group, Inc.

MDU Resources reported first quarter 2026 results with net income of $80.8 million ($0.39 diluted EPS) compared to $82.0 million ($0.40) in the prior year. Revenue declined to $606.0 million from $674.8 million, primarily due to milder weather across its service territory, which reduced volumes. The electric segment earned $14.5 million, down from $15.0 million, as benefits from the Badger Wind Farm (placed in service Dec. 31, 2025) were more than offset by lower retail sales from warmer temperatures. The natural gas distribution segment earned $44.2 million versus $44.7 million, with weather normalization mechanisms and rate relief in Washington, Idaho, Montana, and Wyoming largely offsetting the $5 million weather impact. The pipeline segment earned $15.3 million, down from a record $17.2 million, due to lower interruptible storage withdrawals and higher expenses, partially offset by strong short-term transportation demand and recent project contributions. Management highlighted strong open season interest for the proposed Bakken East Pipeline (1.4 Bcf/d submitted, ~40% under precedent agreements), with capital estimated at $2.7-$3.2 billion. The company affirmed 2026 EPS guidance of $0.93-$1.00, assuming normal weather, and reiterated long-term EPS growth of 6%-8%. A follow-on equity offering settled in March 2026, issuing 4.3 million shares for $81.3 million, supporting near-term capital expenditures.