MDU Resources Group, Inc. (NYSE: MDU) shares today reported third-quarter earnings on a generally accepted accounting principles (GAAP) basis of $74.9 million, or 37 cents per share, compared to third-quarter 2022 GAAP earnings of $147.9 million, or 73 cents per share.
Third-quarter 2023 income from continuing operations, which reflects the May 31 spinoff of Knife River Corporation, was $78.2 million, or 38 cents per share, compared to third quarter 2022 income from continuing operations of $42.3 million, or 21 cents per share.
When adjusting for items related to the spinoff of Knife River, including the unrealized gain on the approximately 10% retained shares, as well as adjusting for items related to the company's strategic initiatives, MDU Resources' third quarter adjusted income from continuing operations was $58.6 million, or 29 cents per share, compared to third quarter 2022 adjusted income from continuing operations of $42.3 million, or 21 cents per share.
For the nine months ended Sept. 30, 2023, MDU Resources had earnings on a GAAP basis of $244.0 million, or $1.20 per share, compared to GAAP earnings of $250.4 million, or $1.23 per share for the same period in 2022.
Income from continuing operations for the same period in 2023 was $309.7 million, or $1.52 per share, compared to $146.9 million, or 72 cents per share, for the nine months ended Sept. 30, 2022.
MDU shares shot up 91 cents, or 4.9%, to $19.55.
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