MDU Resources Slips To Loss On Impairments; Reaffirms FY Guidance

(RTTNews) - MDU Resources Group Inc (MDU) on Monday reported first-quarter net loss of $306 million or $1.57 per share compared with a profit of $56.5 million or $0.30 per share last year.

Results for the quarter included a $315.3 million after-tax noncash write-down of oil and natural gas properties pertaining to a quarterly ceiling test, the company said.

Excluding items, adjusted earnings for the quarter were lower at $0.12 per share compared with $0.19 per share a year ago.

The company said its revenues for the quarter slid to $918.5 million from $1.04 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.19 per share on revenues of $1.02 billion for the quarter. Analysts' estimates typically exclude special items.

For the full year 2015, the company still expects adjusted earnings of $1.05 to $1.20 per share, while analysts expect $1.14 per share.