BISMARCK, N.D.—MDU-Resources Group Inc. has surpassed last year’s record profit in the first nine months of 2007, led by the highest earnings for a quarter in the company’s 83-year history.
The Bismarck-based energy, mining and construction company posted record earnings of $201.1 million for the third quarter this year, due in part to a $91.5 million gain from the sale of power production assets. The third-quarter earnings compared with $108.3 million for the same quarter a year ago.
Earnings per share increased to $1.10, up from 60 cents per share for the same quarter in 2006.
MDU posted earnings of $336.9 million through Sept. 30, up from $232.7 million for the same period a year ago. It had profits of $315.1 million in 2006, up from $274.4 million in 2005.
Third-quarter operating revenue increased 6.1 percent to $1.25 billion from $1.17 billion from the same quarter last year.
“It was a good quarter—the best quarter ever,” said Terry Hildestad, MDU’s president and chief executive officer.
The company sold Centennial Power Inc. and Colorado Energy Management LLC to Bicent Power LLC on July 10. Centennial Power generated more than 600 megawatts of electricity from coal, wind and natural gas in Montana, Colorado, California and Georgia. Colorado Energy Management designs, builds and operates power plants for energy companies.
MDU said its natural gas and oil production segment had $33.2 million in profits during July, August and September, compared with $35 million for the third quarter a year ago.
The company’s pipeline segment posted $9.2 million in earnings last quarter compared with $8.7 million for the same quarter in 2006.
In construction materials and mining, MDU reported a $50.4 million in earnings last quarter, down from $52.5 million for the third quarter last year
Earnings for the company’s construction services group increased from $8.3 million to a record $13.7 million for the third quarter this year.
Shares of MDU fell 57 cents to $26.93 in Tuesday afternoon trading.
MDU-Resources Group, which has operations in 45 states and Brazil, has posted record profits for five consecutive years. The company ended the third quarter with about 14,500 employees, Hildestad said.
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