MDU Resources Group (MDU) FY2022 results: revenue $1.7 billion, down 49.4% on the year

MDU Resources Group Inc. (MDU) reported revenue of $1.7 billion for fiscal 2022, the year ended 31 December 2022, down 49.4% on the year before. Net income was $367 million, down 2.8%, and diluted earnings per share $1.81. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.7 billion

-49.4% on the year

FY2015FY2022

Operating margin

11.5%

9.6% a year earlier

FY2015FY2022

Net income

$367 million

-2.8% on the year

FY2015FY2022

Diluted EPS

$1.81

-3.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,747	3,454	5,533	-49.4%
Selling, general and administrative	380	2,210	4,028	-82.8%
Operating income	201	331	545	-39.3%
Operating margin	11.5%	9.6%	9.8%
Interest expense	80.7	70.7	96.5	+14.1%
Pre-tax income	123	286	475	-56.8%
Income tax	6.2	43.5	84.6	-85.8%
Effective tax rate	5.0%	15.2%	17.8%
Net income	367	378	390	-2.8%
Net margin	21.0%	10.9%	7.1%
Diluted EPS	$1.81	$1.87	$1.95	-3.2%

$ million except per share.

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	FY2022	FY2021	FY2020	On the year
Operating cash flow	510	496	768	+2.9%
Capital expenditure	443	485	558	-8.8%
Free cash flow	67.5	10.6	210	+537.8%
Free cash flow margin	3.9%	0.3%	3.8%
Cash from investing	-639	-886	-630
Cash from financing	155	385	-145	-59.7%
Depreciation and amortisation	189	198	285	-4.9%
Share-based compensation	7.9	12.9	13.1	-38.5%
Buybacks	7.4	6.7	0.0	+10.4%
Dividends paid	177	171	166	+3.2%
Dividend per share	$0.88	$0.85	$0.83	+2.3%
Diluted shares, weighted	203m	202m	201m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,587	3,383	3,079	+6.0%
Short-term borrowings	n/a	0.0	n/a
Debt	2,404	2,742	2,263	-12.3%
Operating lease liabilities	52.9	89.3	86.9	-40.8%
Other liabilities	3,617	2,696	2,624	+34.1%
Total liabilities and equity	9,661	8,910	8,053	+8.4%
Fixed assets	4,776	4,506	5,167	+6.0%
Goodwill	489	765	715	-36.1%
Intangible assets	4.1	22.6	25.5	-81.8%
Investments	129	175	165	-26.6%
Cash and equivalents	70.4	54.2	59.5	+30.0%
Receivables	1,064	947	874	+12.4%
Inventory	64.2	336	291	-80.9%
Other assets	3,064	2,104	756	+45.6%
Total assets	9,661	8,910	8,053	+8.4%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.