MDU Resources Group (MDU) Q4 FY2021 earnings: revenue $1.4 billion, up 4.2% on the year

MDU Resources Group Inc. (MDU) reported revenue of $1.4 billion for Q4 FY2021, the quarter ended 31 December 2021, up 4.2% on the same quarter a year earlier. Net income was $87 million, down 22.9% on the year, and diluted earnings per share $0.43. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$1.4 billion

+4.2% on the year · -9.0% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

8.5%

10.5% a year earlier

Q1 FY2020Q4 FY2021

Net income

$87 million

-22.9% on the year · -37.9% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.43

-23.2% on the year · -36.8% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	1,443	1,586	1,385	-9.0%	+4.2%
Selling, general and administrative	976	n/a	n/a
Operating income	122	189	146	-35.4%	-16.2%
Operating margin	8.5%	11.9%	10.5%
Interest expense	23.8	n/a	n/a
Pre-tax income	107	n/a	n/a
Income tax	20.1	n/a	n/a
Effective tax rate	18.8%	n/a	n/a
Net income	86.5	139	112	-37.9%	-22.9%
Net margin	6.0%	n/a	n/a
Diluted EPS	$0.43	$0.68	$0.56	-36.8%	-23.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	130	n/a	n/a
Capital expenditure	231	n/a	n/a
Free cash flow	-101	n/a	n/a
Free cash flow margin	-7.0%	n/a	n/a
Cash from investing	-453	n/a	n/a
Cash from financing	320	n/a	n/a
Depreciation and amortisation	76.6	75.2	72.3	+1.8%	+6.0%
Share-based compensation	3.1	n/a	n/a
Buybacks	0.0	n/a	n/a
Dividends paid	43.2	n/a	n/a
Diluted shares, weighted	202m	203m	201m	-0.4%	+0.7%
Shares outstanding at period end	203m	203m	201m	0.0%	+1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	3,383	3,332	3,079	+1.5%	+9.9%
Short-term borrowings	0.0	n/a	n/a
Debt	2,742	2,378	2,263	+15.3%	+21.2%
Operating lease liabilities	89.3	n/a	n/a
Other liabilities	2,696	n/a	n/a
Total liabilities and equity	8,910	n/a	n/a
Fixed assets	5,756	n/a	n/a
Goodwill	765	n/a	n/a
Intangible assets	22.6	n/a	n/a
Investments	175	n/a	n/a
Cash and equivalents	54.2	57.2	59.5	-5.4%	-9.0%
Receivables	947	n/a	n/a
Inventory	336	n/a	n/a
Other assets	854	n/a	n/a
Total assets	8,910	n/a	n/a

Questions

What was MDU Resources Group's revenue in Q4 FY2021?

MDU Resources Group (MDU) reported revenue of $1.4 billion for Q4 FY2021, the quarter ended 31 December 2021, up 4.2% on the same quarter a year earlier.

How much did MDU Resources Group earn in Q4 FY2021?

Net income for Q4 FY2021 was $87 million, down 22.9% on the year, and diluted earnings per share $0.43.

When did MDU Resources Group report Q4 FY2021 results?

MDU Resources Group filed its 10-K for the year that ended with the quarter on 23 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,443	1,417	1,010	1,002	1,859	1,430	1,091	1,001	828	588	344	290	536	675	351	315	534	606	375	348
SG&A	976	908	710	767	1,207	797	770	739	358	108	100.0	101	106	111	113	102	107	115	114	116
Operating income	122	67.3	62.5	61.0	176	119	82.0	84.6	185	96.7	39.6	34.8	94.6	113	30.3	39.8	107	116	47.9	47.6
Operating margin	8%	5%	6%	6%	9%	8%	8%	8%	22%	16%	11%	12%	18%	17%	9%	13%	20%	19%	13%	14%
Interest expense	23.8	25.3	19.2	20.2	34.5	24.0	26.5	32.1	n/a	28.7	28.6	29.5	21.6	26.8	25.4	26.4	29.1	32.7	31.5	32.6
Pre-tax income	107	39.7	41.1	46.6	151	105	206	91.5	195	82.1	23.4	16.5	76.7	91.0	14.8	20.7	84.4	85.6	22.6	16.4
Tax rate	19%	20%	13%	9%	22%	20%	28%	15%	-11%	9%	14%	5%	8%	9%	4%	11%	9%	5%	15%	14%
Net income	86.5	31.8	70.7	148	117	38.4	131	74.9	171	101	60.4	64.6	55.2	82.0	13.8	18.3	76.3	80.8	21.2	14.1
Net margin	6%	2%	7%	15%	6%	3%	12%	7%	21%	17%	18%	22%	10%	12%	4%	6%	14%	13%	6%	4%
Diluted EPS	$0.43	$0.16	$0.35	$0.73	$0.57	$0.19	$0.64	$0.37	$0.83	$0.49	$0.30	$0.32	$0.26	$0.40	$0.07	$0.09	$0.37	$0.39	$0.10	$0.07
Operating cash flow	130	112	5.0	167	225	-43.6	117	102	158	165	136	140	60.5	217	117	57.9	80.6	149	116	82.3
Capital expenditure	231	150	140	173	194	112	78.1	138	149	117	117	158	122	93.0	80.9	180	417	92.4	101	139
Free cash flow	-101	-37.9	-135	-5.4	31.5	-155	38.7	-36.6	8.6	48.1	19.2	-17.3	-61.3	124	36.5	-122	-336	56.8	15.0	-56.3
Buybacks	0.0	7.4	0.0	0.0	0.0	4.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	43.2	44.2	44.2	44.2	44.2	45.2	45.3	45.3	25.5	25.9	25.5	25.5	26.0	26.5	26.6	26.6	28.6	28.6	28.7	29.4
Shares outstanding	203m	203m	203m	203m	204m	204m	204m	204m	204m	204m	204m	204m	204m	204m	204m	204m	204m	209m	210m	213m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 23 February 2022: the filing.