MDU Resources Group (MDU) Q4 FY2023 earnings: revenue $828 million, down 55.5% on the year

MDU Resources Group Inc. (MDU) reported revenue of $828 million for Q4 FY2023, the quarter ended 31 December 2023, down 55.5% on the same quarter a year earlier. Net income was $171 million, up 45.8% on the year, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$828 milliondown 55.5%

Net income$171 millionup 45.8%

Diluted EPS$0.83

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	828	1,001	n/a	n/a
Selling, general and administrative	358	739	n/a	n/a
Operating income	185	84.6	n/a	n/a
Operating margin	22.3%	8.5%	n/a
Interest expense	n/a	32.1	n/a	n/a
Pre-tax income	195	91.5	n/a	n/a
Income tax	-20.7	13.3	n/a	n/a
Effective tax rate	-10.6%	14.6%	n/a
Net income	171	74.9	n/a	n/a
Net margin	20.6%	7.5%	n/a
Diluted EPS	$0.83	$0.37	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	158	102	n/a	n/a
Capital expenditure	149	138	n/a	n/a
Free cash flow	8.6	-36.6	n/a	n/a
Free cash flow margin	1.0%	-3.7%	n/a
Cash from investing	-125	-139	n/a	n/a
Cash from financing	11.9	8.9	n/a	n/a
Depreciation and amortisation	25.1	53.1	n/a	n/a
Share-based compensation	2.4	2.2	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	25.5	45.3	n/a	n/a
Dividend per share	n/a	$0.12	n/a	n/a
Diluted shares, weighted	204m	204m	n/a	n/a
Shares outstanding at period end	204m	204m	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,905	2,757	n/a	n/a
Short-term borrowings	95.0	306	n/a	n/a
Debt	2,298	2,341	n/a	n/a
Operating lease liabilities	51.6	52.9	n/a	n/a
Other liabilities	2,483	2,411	n/a	n/a
Total liabilities and equity	7,833	7,869	n/a	n/a
Fixed assets	5,121	5,020	n/a	n/a
Goodwill	489	489	n/a	n/a
Intangible assets	2.0	2.5	n/a	n/a
Investments	124	416	n/a	n/a
Cash and equivalents	77.0	32.5	n/a	n/a
Receivables	943	893	n/a	n/a
Inventory	87.4	80.2	n/a	n/a
Other assets	990	936	n/a	n/a
Total assets	7,833	7,869	n/a	n/a

Questions

What was MDU Resources Group's revenue in Q4 FY2023?

MDU Resources Group (MDU) reported revenue of $828 million for Q4 FY2023, the quarter ended 31 December 2023, down 55.5% on the same quarter a year earlier.

How much did MDU Resources Group earn in Q4 FY2023?

Net income for Q4 FY2023 was $171 million, up 45.8% on the year, and diluted earnings per share $0.83.

When did MDU Resources Group report Q4 FY2023 results?

MDU Resources Group filed its 10-K for the year that ended with the quarter on 22 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,001	828	588	344	290	536	675	351	315	534	606	375
SG&A	739	358	108	100.0	101	106	111	113	102	107	115	114
Operating income	84.6	185	96.7	39.6	34.8	94.6	113	30.3	39.8	107	116	47.9
Operating margin	8%	22%	16%	11%	12%	18%	17%	9%	13%	20%	19%	13%
Interest expense	32.1	n/a	28.7	28.6	29.5	21.6	26.8	25.4	26.4	29.1	32.7	31.5
Pre-tax income	91.5	195	82.1	23.4	16.5	76.7	91.0	14.8	20.7	84.4	85.6	22.6
Tax rate	15%	-11%	9%	14%	5%	8%	9%	4%	11%	9%	5%	15%
Net income	74.9	171	101	60.4	64.6	55.2	82.0	13.8	18.3	76.3	80.8	21.2
Net margin	7%	21%	17%	18%	22%	10%	12%	4%	6%	14%	13%	6%
Diluted EPS	$0.37	$0.83	$0.49	$0.30	$0.32	$0.26	$0.40	$0.07	$0.09	$0.37	$0.39	$0.10
Operating cash flow	102	158	165	136	140	60.5	217	117	57.9	80.6	149	116
Capital expenditure	138	149	117	117	158	122	93.0	80.9	180	417	92.4	101
Free cash flow	-36.6	8.6	48.1	19.2	-17.3	-61.3	124	36.5	-122	-336	56.8	15.0
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	45.3	25.5	25.9	25.5	25.5	26.0	26.5	26.6	26.6	28.6	28.6	28.7
Shares outstanding	204m	204m	204m	204m	204m	204m	204m	204m	204m	204m	209m	210m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0000067716-24-000017: the filing on EDGAR. All of MDU Resources Group Inc.'s filings: EDGAR company page.

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