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The Bismarck, North Dakota-based company posted a net loss of $11.3 million, compared to a net income of $94.7 million in the year-ago quarter.
Loss on common stock for the period was $11.4 million or $0.06 per share, compared to earnings on common stock of $94.6 million or $0.52 per share in the same period a year ago.
Loss from continuing operations for the period was $11.3 million, compared to income from continuing operations of $94.8 million.
The current quarter includes the effect of the $84.2 million after-tax non-cash charge. Excluding the charge, fourth quarter earnings were $72.8 million or $0.40 per share.
On average, eight analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
In the previous third quarter, the company had reported a net income of $118.4 million or $0.64 per share, compared to $201.3 million or $1.10 per share in the comparable quarter a year ago. Income from continuing operations was $118.4 million or $0.64 per share, compared to $104.5 million or $0.57 per share in the corresponding quarter of the prior year.
Operating revenues for the fourth quarter increased to $1.29 billion from $1.23 billion in the prior year quarter. Analysts had a consensus revenue estimate of $1.31 billion for the quarter.
Operating revenues for Natural Gas and Oil segment declined to $134.3 million from $145.8 million in the previous year. Operating revenues of Pipeline and Energy Services segment declined to $108.7 million from $119.3 million last year. Operating revenues of Electric and Natural Gas segments combined increased to $437.2 million from $300.5 million in the prior year quarter.
Operating revenues of construction Services segment dropped to $296.7 million from $309.3 million in the prior year. Construction material and contracting operating revenues declined to $392.0 million from $438.8 million a year earlier.
In the prior quarter, the company's operating revenues increased to $1.33 billion from $1.25 billion in the same quarter a year ago.
For the full year, the company reported a net income of $293.7 million, compared to $432.1 million in the prior year. Earnings on common stock for the period were $293.0 million or $1.59 per share, compared to $431.4 million or $2.36 per share in the previous year.
Income from continuing operations were $293.7 million or $1.59 per share, compared to $322.8 million or $1.76 per share in the prior year.
Earnings for the year also included $84.2 million after-tax non-cash charge attributable to low energy prices. Excluding the charge, full-year earnings were $377.2 million or $2.05 per share.
Analysts expected the company to report earnings of $2.02 per share for the full year.
Operating revenues for the year were $5.0 billion, compared to $4.2 billion in the previous fiscal, while analysts expected revenues of $5.06 billion.
Looking forward to fiscal 2009, the company expects earnings to be in the range of $1.05 to $1.30 per common share, reflecting significantly lower natural gas and oil prices. Analysts currently expect the company to report earnings of $1.57 per share for fiscal 2009.
Terry Hildestad, Chief Executive Officer said, "We are well positioned to take advantage of proposed government sponsored stimulus plans with our 1.1 billion tons of strategic aggregate reserves and are further expanding our natural gas pipeline system in 2009. We believe that these factors, coupled with the dynamic workforce at our construction services business, position us to continue delivering long-term value to our shareholders."
MDU is currently trading at $19.00, down $0.93 or 4.67%, on a volume of 1.1 million shares on the NYSE. In the last 52-week period, the stock traded in the range of $15.50 - $35.34, on an average 3-month volume of 1.3 million shares.
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