MDU Resources to pursue tax-advantaged separation of Construction Services business

MDU RESOURCES GROUP INC

Board decided to separate wholly owned MDU Construction Services Group in a tax-advantaged transaction, aiming to become pure-play regulated energy utility.
CSG posted record 2022 revenue of $2.7B and record backlog of $2.13B; 2023 guidance: revenue $2.8-3.0B, EBITDA $200-225M.
Follows June 2023 spinoff of Knife River; MDU plans $2.5B capex in regulated energy over 5 years, rate base growth 6-7% annually.
MDU attributes growth opportunities to federal Infrastructure Act and U.S. energy transition; will discuss further on Q2 earnings call in August.

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