MDU Resources (MDU) 5 May 222022 Q1 Earnings call transcript

Hello. My name is Jamaria, and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2022 First Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. will Time for Eastern today May call X beginning Time This XXth. Eastern pm through Instructions] be replay available at on [Operator XX:XX pm replay ID XXXXXXX. for conference the The number is number for Again, the conference the is XXXXXXX. replay ID replay The X-XXX-XXX-XXXX or is numbers for XXX-XXX-XXXX. dial to the Vice Resources now turn Group. Vollmer, would Chief Financial over to the I and conference Officer like Jason to President of MDU you. Thank Mr. may conference. your Vollmer, begin you

first quarter you, XXXX conference Thank to and everyone, call. our welcome, earnings

of this earnings Leading President MDU release Corporation; Goodin, our and River and are WBI with You President CEO Dave call can of to for the and Jeff tab. Services on CEO Resources. Nicole at MDU CEO Hastings, Barney, materials Resources. of Relations Energy; me CEO Stephanie find today Accounting of Vice remarks Kivisto, us and today’s answer Trevor and Controller President under CEO Group; www.mdu.com Group; President, and of our with President President and Dave website Construction following Chief supplemental questions MDU Barth, prepared along Officer Also of will and Investor Utility be discussion Thiede, our our Knife

meaning certain Exchange we of call, within the During our Section of forward-looking Act statements E will make XX XXXX. the Securities of

believes Company beliefs are results materially. based expectations the that Although and actual its differ on reasonable may assumptions,

any please the to uncertainties statements, We could results that from reference also filings. about vary cause recent make information. and certain information risks actual more to forward-looking may our SEC For to non-GAAP refer most our

results the or over comments $X.XX share release. million our Yesterday, his the his handing earnings providing for metrics, per or to earnings any first quarter announced we share. of Goodin please of For compared first by quarter appropriate $XX.X per $XX.X $X.XX XXXX to to million look. quarter first forward Dave and for to before financial start will of GAAP a reconciliation consolidated I earnings non-GAAP information call refer

the business primarily retail weather on compared transmission Driving XXXX. utility earnings net impacted this for million returns million colder XXXX. the business was $XX.X investments. reported quarter quarter combined and in of compared $XX.X electric volumes, revenues. of sales Our $XX.X strong in quarter same The to for segment by million $XX.X first a reported for to utility of the lower million electric from Results increase plan income higher the X.X% certain period of results were benefit investment first

revenue, natural quarter $XX.X were mechanisms, increase increases Our quarter. decoupling February slightly lower quarter natural X% gas million the first of maintenance higher segment volumes weather certain Expansion impact for on earnings for by had service project year. across jurisdictions compared returns course, to the on in all first pipeline XXXX. Bakken classes and the higher impacted first customer transportation benefit A positively offsetting these investment again, a strong expense Partially in plans. earned certain reported drove placed which gas retail million, earnings The to $X.X in and million operation rate improved and of relief earnings partially in the normalization sales previous the also than with offset were along which, Xst North in higher $X.X quarter. The of quarter business positive

benefit was and plans. revenue higher this investment storage by lower However, than related more lower expenses, operating offset on returns

Now, turning our construction to businesses.

transmission and at volumes $XX.X revenue in year’s work first the commercial by projects in revenues electrical fire-hardening in were were million. power margins due earnings offset of storm and along work. which repair and offset quarter first industrial of Services Our this by utility-related line work commercial and and million of renewable record the higher of earnings a reduction distribution the is quarter million, last partially the Lower compared timing with larger to mechanical a first to $XXX.X $XXX.X the and had of also first quarter record markets higher-margin margins volume prior quarter business. million. Group of of the included amount This Construction $XX.X reported of Increased portion year’s

higher materials had construction quarter million year revenue record lines compared a first all and drove million. average million of Our quarter growth. and volumes business Higher of reported $XX.X million to loss loss of product prior pricing $XXX.X seasonal of a seasonal product a line also top first $XXX $XX and across revenues

were expenses, negatively on and fuel, bad Also selling, the labor-related from repair higher recovery lower administrative the debt general benefit plans. payroll-related offset quarter higher and and returns increase. less than higher the prior impacting primarily However, maintenance investment and than year costs more costs,

As compared our plans. I nonqualified total, million of XXXX. were returns discussions, by lower certain segment in the quarter tax when to the on In companies impacted was investment impact mentioned after that first benefit $X.X

operations and our And the finance into his we Dave? remarks. summarizes a ample for peak I’ll turn That capital to highlights quarter. financial ahead maintain us. Finally, the to access call formal for continues the the Dave working sheet Company to strong of as our seasons now, get balance to over

both Resources. Jason, you, and record start to first with across growth reporting your We’ve businesses year, of top had revenues. interest for time Thank with revenue continued reporting our you, today in thank us spending the a for everyone, construction segments, quarter and all line MDU solid

continue As experience expected, inflationary we did experience pressures. to and

and regulated we opportunities various businesses. construction backlog However, encouraged at by growth are our the record

To by continue combined regulated growth for chain are business to summarize We and it to experience a Utility to off reported continues team’s navigating strong on segment, its ability businesses. to energy of execute the across strong start the on delivery basis plans territory. earnings provide proud service business supply customer as while results activity inflationary quarter higher our with the I’ll challenges. through

the customer next expect over this a annually five pace we basis, and growth Our grew X% at year-over-year to a X.X% years. on compounded base and X% between continue

June to gas our customer as is with multiparty higher driven rate reliable hearing this compounded regulatory natural our at settlement gas expect business and base. also primarily the five gas X% filed years annually, Washington in recovery investments electric and X% And In is replacements A the for that $XX.X to the which for seek settlement rate natural growing a by of and customer increase demand. next infrastructure state investments upgrades rates. by in service providing the natural associated million on continues base We is set March, growth utility safe approximately approximately system well. meet to than Xst. This current would over safely annually revenue

tirelessly in filed of of filings capacity during a utility, partially as electric retirement Form with to expected in Unit our year Heskett At the XX-Q the and Heskett Station aid is and replacing our in the Station quarter those, service You IV, our this can half morning. coal-fired XXXX. read in Units to more to regulatory is about this construction soon reminder first is first a IV, will on which other power which efforts I retired be Unit needed X, that in Heskett gas natural unit restore were our quarter this peaking II, & commence was like Unit recognize would worked of also the many in our number year. to who Clark I first retired, customers Northwest to the employees Lewis transmission last system, and the to significant ice coal-fired were of These we storms. North distribution damage service. power customers outages Dakota Company’s out and had electric the who snow storms by point caused major one and at to impacted and the over widespread and of XX,XXX which recent

we communities At thank quarter. as their to repair power all teams our business, continues also customers are of a restored work also employees Our event. our with our we have pipeline for had damage storm weekend activities. and this our cleanup hard by Again, and solid last impacted thoughts and

just As Jason recorded on business placed production Bakken well-positioned future noted, natural This into that revenues readily can for growth. is in the project service higher in transportation be February the related gas and Xst. Expansion was forecasted the this Bakken to expanded North here

Pending constructing opportunity, project that North North in facilities feet of near to cost more capacity is horizon our natural are to the to some the add service to had projects we which the Eastern XXX expected pipeline the XXXX, as it day into expansion to term, this day Dakota, is system. projects. and be And million approximately pipeline XX feet into per Wahpeton, approval, Dakota. be capacity North long-term here per pending gas excited completed cubic entered XX combining from while approval. some miles Mapleton, regulatory to Wahpeton In gas XXXX, and natural million existing This project addition million. XXXX for down about as such expected involves transport Expansion regulatory projects are at later cubic in incremental In in to Dakota, of these of additional on approximately four the in multiple expected has customer agreements business $XX XX-inch

Now, like revenues of move lines, business diverse to Services this At with capabilities had construction projects. the on to to perform platform. record our all during its our we at Construction a growth underscoring Group, nearly I’d quarter business’ range

continue projects hardening We and strong shape. grid take to see optimization as work demand utility-related initiatives for for

demand sectors. increasing about higher excited in education government the renewable institutional well demand also for We’re as projects the as and

standing an ‘XX expected of Construction Although the at earnings record underway billion. all results. from all-time to $X.XX first services the the the record beyond. about we the quarter year. across prior quarter markets, optimistic year’s earnings, ended compared now to prior have with which backlog our during to quarter contribute XX% also up numerous is were XXXX the This projects down of we’re rest and And are

We this $X.X attract with footprint, positioned to now our over on to to with complete the billion we nearly workforce which efficiently, ago, same year safely, XXXX retain ability the billion skilled are on and up budget comparable from a business And successfully our which finally, across range construction And numbers X,XXX projects to well materials in turning time levels. employees expect these XXX to of time. revenues the a is and $X.X margins business. to at be

from also recent business, acquisitions We had pricing. increased in and revenues this record part from in product contributions

the larger business all costs reflecting continues lines seasonal headwinds product loss, Company during fuel labor-related this materials experience recorded quarter. first as to across higher However, a inflationary and the

to throughout million. our during its year increasing construction somewhat this River backlog higher from in prices progresses XX% the is these expect to season bidding quarter previously due to to volumes the the benefits impacts prior we increases see pricing year the those quarter, typical up, to sale while standing were ramp the at muted the low pressures. $XXX sales Through business now Knife as and northern season, volumes offset increased markets. first And As first mentioned, from inflationary tier especially the successful

operations. construction just The opening grand industry on the on guidance strong, revenue Training inflationary $X.XX the classroom attract strong XX,XXX-foot Knife The environment. to and which a industry margins providing $XXX to and backlog as through $X.XX and features its by much-needed program XXth, and working will for its River veterans. quarter of Knife for driving revenues, Center, center the current the and we in increasing well new is use provide a professional equipment training slightly River billion continuing heavy Given is school an the our and for the indoor complete, Northwest XX,XXX facility reflecting arena at this lab April first as the billion, last skilled workforce, square-foot XXX-acre Pacific education for of is needed heated Thursday XXXX, accreditation office than to an retain range million square drivers attached record which with entrants facility. to are for now training lower training trucks CDL hard celebrated

XXXX begin forward, benefit Act, construction and are anticipate Turning that included Future positioned results. seeking not This services these discussion. bidding in in unit and looking businesses we also stated from both completes and of to to and XXXX the are presence. incremental business our impact acquisitions are to Investment actively individual construction would our be going here opportunities well which market to complementary businesses are and later opportunities our forward. Both will guidance and positively to acquisition business increase Infrastructure materials our very our Jobs existing

million earnings Now, per guidance of looking the $XXX of to $X $XXX in with to guidance range affirming EBITDA $X.XX ahead, XXXX million. our range the we in share, are

our expenditures include planned have nearly billion next years. such at the million $XXX $X.X and as other over a for plan at capital five pipeline XXXX the infrastructure at We capital opportunities development with utility, Station ongoing replacements Heskett the construction businesses. expansion and and These projects robust equipment line-of-sight the

America with operating essential superior continue to customers MDU providing as services and Building mission Resources I appreciate to safety now and great while we is a in Resources commitment value our on work. to always, As creating line our and on to integrity while to with MDU the committed Strong your of safe a being and place open questions. delivering ask a we Operator? interest focus that shareholder and

question first America. Your line from with Dariusz Bank Instructions] will [Operator Lozny the of of come

Just and down revenue up you the the the materials a wanted segment and to guys out the guidance moved took start on margin little bit. where guidance expectations ‘XX

So, in context the EPS far should of those your moving of pieces business increases price reaffirmed full the benefits the expecting guys year year? about materials about as guidance, the earnings the obviously, for the greater comments for you expectations we remainder from as how and think

which that’s the we as think whether play first and then the strongest increases though, will quarter that in again, see, our raise, -- we in to about maybe then in line to pressures, -- quarter of is but growing, around we time. $XXX And start it’s second volumes, here. quarter Barney into we’re is on clearly, steal we the I basis, seeing expect come top if a year, somewhere headline, that Thanksgiving tapering certainly is off remainder think really that light the ready-mix, volumes pricing we volumetric as on the more his we be are some start reflecting aggregates, would Dave business, more because ask sell about some I’ll asphalt, pricing Yes. Dariusz. third and inflationary and as the I’ll raise adjustments million weigh also pretty noted, we

we’re reflected viewing through volumes ramp how sales will remainder that’s the of price some pressures. our inflationary as offsetting up be those literally of So, it. Those year, increases the

of be else anything maybe seeing of in there, bidding I might did opportunity leave on a from general Barney, kind that? if will, of kind I Dave say just what think sense, you’re But interested Now, to they a you perspective. out

raised Yes, covered have Dave. it, product price I think prices pretty increases you that seeing. in we we’re offset to all much Dariusz, inflationary But, lines

said, weather. As about XXXX. is first still due quarter optimistic I’m Dave light to the

quarter first our year XXXX, our quarter XX.X, backlog first to record XXXX, this had of $X.X quarter higher you only to Back higher. through If March margin first than back is less look loss is our a the million of a which we of than backlog we had year. and was and comparing higher XXXX,

work So, prices, have hit raising the yet. price we sure, other thing and have that’s increases that are that -- I’m carryover not protected, we Dave, we do on, we but work have carryover don’t so

start will in that the second happening So, quarter.

to expect margins year. up we the to through So, continue go

that hope I question. your answers So,

Dariusz, did that answer question? your

looking I Thank year’s to maybe much very that’s from Yes. that but providing a last construction small for growing The still fast. you quite Yes. QX, now detail seems was one. are year-over-year just on now guys there ask jump appreciated. relatively like could portion, both, Absolutely. segment, renewables and If side, you Dave it the a services just Yes. Dave the that additional through

margin However, a thinking perhaps particular? the Are is -- with comparably to renewables market little in in you margins there about piece or the on looking you less. how the guys that in gross to order bit actively capture sacrifice share, just that are increase

renewable a specifics can the times. in. we’ve as among Dariusz, actually, dozen now space weigh we -- had? think in well that reminder, lumpy a broke sense tend investors obviously, more renewable question the on and that But ask becomes for to out as I to But with So, for touch I’ll important been just Jeff the doing out want various more to Jeff, you segments, be for get to the to that help over It something is space it’s Dariusz it at visible a years. -- you

absolutely. Yes,

percentages. numbers You work solar and as there can our were those start-up change those with has mentioned, some involved in see the and costs that you increased,

with build be in are and There’s to expect are And quite to we people few We Nevada, projects, there an there. think out in solar. and well seeing increased about the we mostly, marketplace. equipped available to and Southern build experience growth opportunities teams our very a able where upon success opportunities

solar have picked is a mentioned another utility not scale in but up the scale we experience we I in projects we as Pacific project and positioned. our or growing well released have Illinois. and in also Northwest, we’re just three it market, We the last we utility And in and see reflected backlog, yet project that numbers that our

Got it.

guidance. Cascade here ‘XX but the yet, included Okay. been If one approved that the can your it impact very given confirm assume just overall much. your is just in and squeeze Thank that? you I has could more not on guidance more EPS in I if settlement you not of

we that’s assumption. well. a signatory as Dariusz, a to think But I multiparty have fair obviously, that

So, we have add Nicole? that, well. as context Anything to kind of else put to that to into

Yes.

their our think I settlement. the your assumptions corporation look got corporate, do But we for yet. that case. overall utility the point, for year, would we commission, we’ve have guidance essentially, final and a at the in rate that share And of to you recoverability include right now, of front have as on provided settlement the two-party not approval on the to some do

certainly that. to we’re So, waiting And once market will hear let know. know, on we the we

Your Levine next Ryan with will from question of Citi. come the line

CapEx free and are of about equity year? needs you flow and outlook, about your your the In numbers, How cash financing heading down took like needs cash balance free terms looks some increased the of X%. the of flow into organic thinking you

did also of the We bring bit Thanks, you’re increased is on little expenditure say, cash can and side things. bit number the This flow Ryan. back a a capital on. Yes. Jason. operating yes, spot I

and what gas the we that due had related going the be cash but from of fact cost might we’ll the lot that lot just our with future, it originally the company to even what utility higher probably up not that’s capital seen of we’ve that with needs those through timing working flow to of purchased gas get or a adjustments prices we’ve expected costs. a seen here that recovery side, to of in with On higher match

really of there, On a side That’s did some just some things, increases kind pull the addition we forward projects well. really CapEx of the of maybe changes as or see of some projects to that those that forward five-year parts or due future done request bit sooner. pulling a going timing to forecast we’re a be needing of we’re bit those little actually few just our in projects to of get

the back to adjustments portion cost On PGA gas go increased things, as the recover of financing of we’ll through question, it, again, we those that normal side on our forward.

the So, liquidity increases plenty this that and to equation the small are of that. external financing point pretty able got to on time. working side seen CapEx the do in looking on that through capital any we’ve manage We’ve of And be really, process. to at not

of I’m we acquisitions any XXXX, forecasted plans has absent before, stated don’t equity look. do larger issue we to in may some not year. not That changing any changed. We’ve our So, in have the later

that We’re position. still same in

guess, the switching segment. I then, materials And gears to

the on other the components dollar asphalt or business? really But it basis? in You ASP side or lot a curious disclosed margin overall of segment your Is drove more a contribution. ton of dynamics per decline ready-mix the in what

into ask Dave weigh I’ll Dave. Dave? is to one, this Barney that Ryan,

and maintenance the on and repair aggregate and same When margins fuel, it’s you on it’s asphalt aggregate, the down. side, the mostly look maintenance basically drove fuel the at

it terms driven a in product, TAM over in it basis? on the a margin the product uniform decline more is is net But, of one another per by or per decline ton is basis, on fairly

fuel up. costs our product It’s Pricing lines. the gone maintenance of is all up just costs on have and

the would And more here the as there. noted, in quarters Ryan, Barney volumes become because so the first ramp third that, in will just add Dave we the volumes really second really quarter, and increases I visible are up that to start to low very into pricing has

the price so, And the first material not set you’re having volumes. small a think increases it’s in I low that quarter sample a with here very given effect, seeing

leads question. And my guess, follow-up Okay. to I that

In price the terms of across, of there when of occur, and or the certain been reflect the increases typically timing you period try inflationary recent push increases price impacted to most largely is year pressures? of have they a where

just a on for has touch been can on and the of what Ryan? Dave, get price timing you kind that general, adjustments for in sense the

jobs quoting. Yes. we are new And all

But We’re is whether putting work. work jobs, protected that’s have the like increases asphalt. first with it’s last of those year from large protected. carryover Ryan, whether we said, a our it’s the Probably into majority work quarter carryover construction, aggregates, I ready-mix,

second you’re the to So, of those in full going see quarter. impact the increases

Davidson. from next the Brent with Your D.A. will come line Thielman question of

guess, I first side. services on the

major going arguably be electrical suspect other disruption, of if the your quarters. combated here for the few transitory, some quarter, that a of sort last challenges factor Some peers to in last of business mechanical you supply over this some that’s I wondering was this chain quarter. just but

And so, protect those how margins? forward challenges going you’re to addressing

an chain. primarily around to Jeff, labor detail chain. both. touch we’ve the at in heard all-time to I of of for as more Brent Brent, kind response and as got, employment here question, we’ve ask up the actually I’ll Thiede too. Jeff all-time backlog particularly, ramped to supply a But to that’s little labor and and CSG, that on late Yes. Because level supply

received impacts certainly We Yes. the of chain issues. supply the

at proposals. we protected clarification If market-level our got and in or price we’ve you backlog, are language look our least at

and day. is try our closely and our identify our does vendors time also our risk on which have in part upon and there managers teams, late materials delivering changing estimators solutions to vendors, the we them. is management for Our project field. biggest are the the offer every contractors we’ll affect because are out when customers and labor, of And so this updates working the impacts rely some it and other But very responsible we’re our our material our with to availability with procurement risks from business, from

this. through working we’re So,

pricing are customers, on that’s in and have teams in puts it. our chain and But, ever have supply delays have than we -- updating identifying handling how communicating labor. we’re and impacted better our certainly been Our by with they pressure

that, one appreciate that more Okay. Jeff. I on Maybe side.

of about related this EV a potentially but or charging business but a the electrical EV made element charging a for here? for to something stations. Jeff, could about small your of to very One Is sort in bigger growing you’re point represent of talked and a peers morning, small growing talk that involved opportunity you element

three markets. have Yes. From and a basis, local national experienced of our in we about

So, positive that. of of a keeping on we’re upstream close from expansions, course, also will electrical the but distribution eye and us on and be that. will, businesses, the And all that side our way substation, to a impact development affect it

continue we market. well to and growing and opportunities, see we to for going this So, as positioned, those look do are we’re a

was last on materials that. appreciate I And construction just one the Okay. side.

the that’s But any if all wondering costs as I sort just have transitory if even happened, seeing suspect that there’s disruption that. you’re be better? wondering projects -- well. engineer of if been to estimate. I’m curious of as gone related would had rebidded any Just backlog here over Just up not

take you Dave, would that?

Sure, Brent.

in our few all been estimate seen mills in only X where prices jobs. areas a they’re awarding bidders these the because on not seeing cases, have most over X to quite have engineers cases, We they’re bid

been award. some the way there we’re cases have over because awarded they But have seeing them not most jobs engineers’ they’re So, estimate.

Brian with of Russo Your Sidoti. question from the Instructions] [Operator next come line will

your X% the the remainder versus should XXXX. the margins what It in But over curious through to to quarter similar margins. of the on for just order margin a in of peers. operating the your segment trend wanted the margin of with X% that we’ve little you up just the looks just like like on margins profile construction quarter services there? kind ‘XX side, follow high of seen like this services other in I’m guidance look Very year the achieve some of first I first

we in activity in Sure. mix something release, did to part an first talk your has was the in are the we year. the of I’ll margins had particular, seeing question, that the this a year, I feeling of was work I’m and overall kind note how the quarter ask going of of year-over-year to first typical about of noted which quarter. just think stronger storm-related quarter, difference which basis. to he’s That Brian, say, Thiede about with some Jeff? basis of do on last maybe the the we second than Jeff first just on I how in balance

Yes.

Our first our part momentum. part And QX. slower than record QX had of of quite was our a with We’ve built timing. project bit lot we’ve also of backlog, a second

Ohio. off Las in fire and Las backup in addition to projects and are building and with Resorts electrical last in the Vegas. large starting we’re We And Vegas our project came companies. underground Columbus, of We mechanical to increase other see of number World year a utility and protection hours those backlog the

projects of starting. our when we lot in the mega of was have this new when record projects finishing timing were were the a that So, and backlog

Okay. Got it.

revenues next? you’ll more it maybe the lower-margin fair margins And as is from industry burning backlog reflective be projects, to you’re the So, say market and generating projects environments? to higher-margin grows start this off or of current it going that has, then, quarter as and

be. Absolutely, could Could be.

planning, forward looking offsetting labor headwinds on execution it on We’re and and we to we about And And, challenges chain. of about and some be be will and basis. improving through will do margins increased go-forward and have our supply a materials, projects. prices it our see these these

and to permitting type quicker through larger, the we a projects, the positioning exposure and on than projects imagine complicated to there. So, how business going least more maintenance sense quite positioning are? which are bit have just to get just how to a be curious see a at your of you your then, money what that is quickly I’m in being would DOTs And the engineering? great. funded IIJA Okay, want And appropriated to go of involved of the you just see that more follow-up and state first, expansion grow? I type would could And levels. that

And the excited pleased one. anything if then, add, we’re view that that could. in But, take certainly I’ll they Congress would Jeff passed Dave back be our have Sure. and or November. either to IIJA

is of there here those be XXXX, Our dollars we view if in late see that will at any best. ‘XX

really, So factored for really into it’s this not our guidance been year.

but rather be beyond. expectation. come XXXX more that It would a sooner hopefully, later, kind Now, and our that’s of of than

You billion monies. DOT as activity. or I road-related monies new mention trillion, $XXX new but in $XXX really the know the really did billion $X.X included it’s it’s of IIJA. There’s billed of

think funding I a And several will, of important there’s of for you way funding. years. DOTs is that provides for assurance, across the the fair it next some U.S. if

XX-day there XX, departments extension roadway, things. so, kind to funding, for planners a same if look And isn’t projects and of X, really continuum years, of much give of of just ahead those years that kind in seen you X ago plan will, didn’t year we’ve those which the XX, upcoming

combined whether two-thirds on bridges, of kinds the grid call, stations, traditional new And of in those things. monies things traditional it’s do, materials. roughly with of economy, in the that then, those the substation EV it’s that hardening, monies $XXX whether infrastructure, that things, So, we big in renewables, highways we of do I’ll the buckets billion -- the, roads, are electrification upgrades, again,

things that timing ‘XX expect So, a which we of in of the confidence, gets to understand and a there we I as to will, do, headed, funding us are when it’s some if see dollars continued a which down? But in of you gives in kind start we’d how that where the is mechanism. those. lot of beyond. But mean, what summary, lot is are

questions? or or to either or for want down I Brian, Jeff, service-specific know for So, materials don’t redirect you deeper that, if drill Dave on

That’s no. helpful. prior the utility much gears clearly improved in outcome. then, the No, side. Washington switching The And from settlement to just

any over Just curious, jurisdictions are planned months of there we aware be your rate of? in any next should cases that other the XX

for I’ll on in weigh that, Nicole She’s Brian. front those. that. Thanks all of to Sure. center and ask on

rate just And before Washington cases, get Thanks right. I for a follow-up quickly, cases. All question. forecasted the maybe the on into

hearing for that you settlement probably in Xst. the see XX-Q, our As is will June on set

on approved implemented, or we when that if before settlement September rates be or And if may is approval, so, have Xst. we following to get on anything would that back

Dakota then, interim perspective North that next do months case. on the maybe we later there. The year, remainder term, So, In this just ahead look place file of Montana electric. as an you to looking get case that, or the I’ll cases. summer. And Idaho the on we’ve potentially be got the plan a over file near hope a timing could comment then, we a giving likely would there And we upcoming electric we and beyond several most will that in rates this

both XXXX. any in would in those or Now, cases, revenue realized be approved of implemented

it not an So, have would impact XXXX. on

that hopefully, some you So gives perspective.

have lesson California. And may Yes, it lastly, I us? the undergrounding missed update Any in provide there just transmission then, of out and distribution you does. And earlier. that this could

ask Jeff that. familiar out I’ll we No. that to have that on He’s customer there. weigh clearly very in important with

the these Midwest, of types grid That hardening Western we’ve services to been Pacific country. in and not Northwest performing in Yes. work regions Mountain, the Rocky really us, and is new

are with contracting well closely. this this of right-of-way but and any the we’re released, one procurement. this positioned we’re very of partners a and customer going professionals in confident are Sonoma is [ph] have this in got high-fire They where We’ve and record this will customer. to management And the success of treat the we’re yet, very Nevada when tracking Counties, and very of our backlog work engineering Contra positioned. scheduling are work We work We field lot in the very, capable. for track Costa, very engaged and participate a history the our take access, districts these I’m currently in long well as place. but don’t

last back call for the conference at for XXXXXXX. today Time are available be The over like is further XX:XX remarks. [Operator the will XXth. marks the beginning May for this conference for questions. number X management call Again, Instructions] This now the XXXXXXX. for replay is I conference replay on would closing pm ID to number This replay Eastern Time At to the pm Eastern through time, no turn there ID questions.

all And operator. the you this earnings here time you, taking thank to quarter call. on Thank us for first join

interest again the we’ve our Again, River to reminder, in We we your turn the tour facility we regulated MDU new energy Xth able it if had and about that know progress you you. at June as operator. analyst certainly training growth and and record Xth. XXXX. and a the I ongoing Knife an final there are And Resources. support out the appreciate We in you make combined with to delivery optimistic Corvallis, of We continued but with save construction Oregon to on future connecting that, forward I’ll there are thank through backlog our hosting With your projects. date to look We’d love before, as schedule. have back you’re opportunities

conference Group you for your Resources participation. MDU call. today’s concludes This Thank

You may disconnect. now