MDU Resources Group Inc. reported third quarter consolidated adjusted earnings of $84.9 million, or 44 cents per common share, compared to $92.3 million, or 49 cents per common share for the third quarter of 2013. Consolidated GAAP earnings were $103.0 million, or 53 cents per common share, compared to $84.3 million, or 44 cents per common share for the third quarter of 2013.
Adjusted earnings for the nine months ended Sept. 30 were $202.3 million, or $1.05 per share, compared to $199.6 million, or $1.05 per share a year ago. Consolidated year-to-date GAAP earnings were $213.5 million, or $1.11 per share, compared to $187.0 million, or 99 cents per share in 2013.
The company’s construction materials business had a record quarter, with earnings of $55.2 million. Construction workloads and margins, ready-mixed concrete margins and volumes and asphalt margins increased.
Outside construction work was strong at the construction services group, which had earnings of $9.9 million. The construction services group earnings year-to-date are at a near-record pace.
“Our construction materials business has taken advantage of continuing improvements in the economy, and also is benefiting from favorable weather that is extending the final stages of the construction season,” said David L. Goodin, president and CEO of MDU Resources Group. “Those conditions and outstanding performance turned this into the best quarter ever for that business.”
The construction businesses are seeing strong bidding opportunities as regional economies improve, according to the report.