MDU Resources Group Inc. reported 2014 consolidated GAAP earnings of $297.5 million, or $1.55 per share, compared to $278.2 million, or $1.47 per share, in 2013. Consolidated GAAP earnings in the fourth quarter were $84.1 million, or 43 cents per share, compared to earnings of $91.3 million, or 48 cents per share, in 2013.
The construction services business reported earnings of $54.5 million, a second consecutive year of record earnings. The construction materials and contracting business also had higher results reporting earnings of $51.5 million on a GAAP basis.
“We had solid performance from our business units in 2014, which is a testament to our management team and employees’ ability to execute even in light of challenges presented by lower commodity prices and unfavorable weather impacts,” said David L. Goodin, president and CEO of MDU Resources Group. “As we look forward, we are focused on execution of our business plans and investment opportunities at our utility, pipeline and energy services and construction operations, while also determining the appropriate timing of when to begin the marketing of our exploration and production business.”
Because of the company’s strategic decision to market the exploration and production business, the adjusted earnings and adjusted earnings guidance are defined as results from its utility, pipeline and energy services and construction businesses. Earnings are adjusted for certain items and exclude results for its exploration and production business. GAAP earnings and GAAP earnings guidance are all-in.
For 2014, consolidated adjusted earnings were $206.0 million, or $1.07 per share, compared to $191.5 million, or $1.01 per share in 2013. Consolidated adjusted earnings in the fourth quarter were $67.9 million, or 35 cents per share compared to $66.1 million, or 35 cents per share in the fourth quarter of 2013.
“With our commitment to invest approximately $3.9 billion in capital projects over the next five years and our strategic decision to market our exploration and production business at the appropriate time in the future, I am confident we are well positioned to produce significant long-term value for shareholders with a lower overall business risk profile,” Goodin said.