MDU Resources Group Inc. (NYSE:MDU) Q4 2017 Earnings Conference Call Transcript
Feb 07, 2018 • 02:00 pm ET
Hello. My name is Shelby, and I'll be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2017 Year-End Results and 2018 Guidance 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. (Operator Instructions) This call will be available for replay beginning at 5:00 PM Eastern Time today through 11:59 PM Eastern Time on February 21. The conference ID number for the replay is 3158659. Again, the conference ID number for the replay is 3158659. The number to dial in for the replay is 1-855-859-2056 or 404-537-3406.
I would now like to turn the call over Jason Vollmer, Vice President, Chief Financial Officer and Treasurer of MDU Resources Group. Thank you, Mr. Vollmer. You may begin your conference.
Jason L. Vollmer
Thank you, Shelby. Welcome to our 2017 year-end earnings and 2018 guidance conference call. This conference call is being broadcast live to the public over the Internet and slides will accompany our remarks. If you would like to view the slides, please go to our website at www.mdu.com and follow the link to the conference call. Our earnings release is also available on our website.
During the course of this presentation, we will make certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations and beliefs are based on reasonable assumptions, actual results may differ materially. For a discussion of factors that may cause actual results to differ, refer to item 1A, Risk Factors in our most recent Form 10-K.
For our call today, I will discuss key financial highlights and then turn the presentation over to Dave Goodin, President and CEO of MDU Resources, for his formal remarks. After Dave's remarks, we will open the line for questions. In addition to Dave and myself, members of our management team who are available to answer questions today are Dave Barney, President and CEO of Knife River Corporation; Jeff Thiede, President and CEO of MDU Construction Services Group; Nicole Kivisto, President and CEO of Cascade Natural Gas, Great Plains Natural Gas, Intermountain Gas, and Montana-Dakota Utilities; Trevor Hastings, President and CEO of WBI Energy; and Stephanie Barth, Vice President, Chief Accounting Officer and Controller of MDU Resources.
Yesterday afternoon we announced 2017 earnings from continuing operations of $284.2 million or $1.45 per share compared to 2016 earnings from continuing operations of $232.4 million or $1.19 per share. In the fourth quarter, earnings from continuing operations were $115.4 million or $0.59 per share compared to $66.3 million or $0.33 per share in 2016.
Accounting rules require the effective tax laws or rates to be recognized as of the date of enactment. With Tax Cuts and Jobs Act being signed into law on December 22, the Company remeasured its deferred tax assets and liabilities on our balance sheet at the new lower corporate tax rate of 21%. As a result,