MDU Resources ( NYSE: MDU ) said Thursday it plans to separate its Knife River construction materials business from the company, resulting in two independent, publicly traded companies.
MDU Resources ( MDU ) said the spinoff will enhance its strategic focus on regulated utilities, natural gas pipelines and related infrastructure services, while establishing Knife River as a stand-alone, aggregates-based, vertically integrated construction materials and contracting provider.
Separately, MDU ( MDU ) reported Q2 earnings that missed analyst expectations, and cut EPS guidance for the full year to $1.75-$1.90, below $2.01 analyst consensus estimate, from $2.00-$2.15 previously.
MDU Resources' ( MDU ) stock price return shows an 8.5% YTD loss and a 13.5% decline during the past year .
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MDU Resources to spin off construction materials unit