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MDU Resources Lifts FY19 Earnings Target Above Market View

MDU Resources Group, Inc. (MDU) on Monday increased its fiscal 2019 earnings guidance to $1.60 to $1.65 from prior guidance of $1.50 to $1.60.

On average, three analysts polled by Thomson Reuters expect earnings of $1.58 per share. Analysts' estimates typically exclude special items.

David Goodin, president and CEO of MDU, stated that the company is through the midpoint of the fourth quarter, pleased with the performance of its businesses and are confident to surpass the guidance range.

Goodin said, "During the quarter, we experienced favorable construction weather in our northern states of operation, allowing us to further execute on our backlog. As colder weather sets in, natural gas and electric sales increase at our utility, which demonstrates the strength of our two-platform business model."

Looking further ahead, the company said it likes momentum going into 2020 with strong backlog. The company has long-term growth potential through its substantial planned capital investments on quality projects over the next five years.

Higher than expected asset sales gains throughout the year at the company's construction materials business also contributed to stronger year-over-year performance.

The company plans to provide fiscal 2019 earnings results and to initiate 2020 guidance in early February.

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