08/04/2022 | Press release | Distributed by Public on 08/04/2022 05:35
Business Line | Second Quarter 2022 Earnings | Second Quarter 2021 Earnings | YTD June 30, 2022 Earnings | YTD June 30, 2021 Earnings | ||||
(In millions, except per share amounts) | ||||||||
Electric | $ | 4.6 | $ | 10.3 | $ | 15.9 | $ | 21.0 |
Natural gas distribution | (7.5) | (.7) | 28.8 | 35.5 | ||||
Pipeline | 7.1 | 9.2 | 14.5 | 18.1 | ||||
Construction materials and contracting | 32.6 | 51.4 | (7.4) | 20.6 | ||||
Construction services | 34.5 | 28.9 | 55.8 | 58.7 | ||||
Other | (.6) | 1.1 | (5.2) | (1.6) | ||||
Income from continuing operations | 70.7 | 100.2 | 102.4 | 152.3 | ||||
Discontinued operations, net of tax | - | - | - | - | ||||
Net income | $ | 70.7 | $ | 100.2 | $ | 102.4 | $ | 152.3 |
Earnings per share: | ||||||||
Income from continuing operations | $ | .35 | $ | .50 | $ | .50 | $ | .76 |
Discontinued operations, net of tax | - | - | - | - | ||||
Earnings per share | $ | .35 | $ | .50 | $ | .50 | $ | .76 |
Consolidated Statements of Income | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(In millions, except per share amounts) | ||||||||
Operating revenues: | (Unaudited) | |||||||
Electric, natural gas distribution and regulated pipeline | $ | 323.4 | $ | 260.6 | $ | 876.9 | $ | 703.0 |
Non-regulated pipeline, construction materials and contracting, construction services and other | 1,397.5 | 1,163.1 | 2,260.6 | 1,948.6 | ||||
Total operating revenues | 1,720.9 | 1,423.7 | 3,137.5 | 2,651.6 | ||||
Operating expenses: | ||||||||
Operation and maintenance: | ||||||||
Electric, natural gas distribution and regulated pipeline | 94.3 | 89.4 | 191.9 | 183.7 | ||||
Non-regulated pipeline, construction materials and contracting, construction services and other | 1,222.5 | 988.4 | 2,032.8 | 1,705.7 | ||||
Total operation and maintenance | 1,316.8 | 1,077.8 | 2,224.7 | 1,889.4 | ||||
Purchased natural gas sold | 115.3 | 63.2 | 382.7 | 239.5 | ||||
Depreciation, depletion and amortization | 84.8 | 73.7 | 164.9 | 147.4 | ||||
Taxes, other than income | 61.5 | 53.2 | 129.0 | 115.7 | ||||
Electric fuel and purchased power | 21.9 | 18.1 | 48.3 | 36.7 | ||||
Total operating expenses | 1,600.3 | 1,286.0 | 2,949.6 | 2,428.7 | ||||
Operating income | 120.6 | 137.7 | 187.9 | 222.9 | ||||
Other income (expense) | (4.3) | 9.0 | (6.6) | 12.3 | ||||
Interest expense | 28.1 | 23.4 | 53.4 | 46.8 | ||||
Income before income taxes | 88.2 | 123.3 | 127.9 | 188.4 | ||||
Income tax expense | 17.5 | 23.1 | 25.5 | 36.1 | ||||
Income from continuing operations | 70.7 | 100.2 | 102.4 | 152.3 | ||||
Discontinued operations, net of tax | - | - | - | - | ||||
Net income | $ | 70.7 | $ | 100.2 | $ | 102.4 | $ | 152.3 |
Earnings per share - basic: | ||||||||
Income from continuing operations | $ | .35 | $ | .50 | $ | .50 | $ | .76 |
Discontinued operations, net of tax | - | - | - | - | ||||
Earnings per share - basic | $ | .35 | $ | .50 | $ | .50 | $ | .76 |
Earnings per share - diluted: | ||||||||
Income from continuing operations | $ | .35 | $ | .50 | $ | .50 | $ | .76 |
Discontinued operations, net of tax | - | - | - | - | ||||
Earnings per share - diluted | $ | .35 | $ | .50 | $ | .50 | $ | .76 |
Weighted average common shares outstanding - basic | 203.4 | 201.3 | 203.4 | 201.0 | ||||
Weighted average common shares outstanding - diluted | 203.4 | 201.7 | 203.4 | 201.3 |
Selected Cash Flows Information | ||||
Six Months Ended | ||||
June 30, | ||||
2022 | 2021 | |||
(In millions) | ||||
Net cash provided by operating activities | $ | 117.4 | $ | 182.8 |
Net cash used in investing activities | (291.0) | (266.5) | ||
Net cash provided by financing activities | 184.8 | 82.1 | ||
Increase (decrease) in cash and cash equivalents | 11.2 | (1.6) | ||
Cash and cash equivalents - beginning of year | 54.2 | 59.6 | ||
Cash and cash equivalents - end of period | $ | 65.4 | $ | 58.0 |
Capital Expenditures | ||||||||
Business Line | 2022 Estimated | 2023 Estimated | 2024 Estimated | 2022 - 2026 Total Estimated | ||||
(In millions) | ||||||||
Electric | $ | 157 | $ | 116 | $ | 85 | $ | 544 |
Natural gas distribution | 253 | 232 | 207 | 1,038 | ||||
Pipeline | 96 | 142 | 106 | 420 | ||||
506 | 490 | 398 | 2,002 | |||||
Construction services | 47 | 42 | 43 | 221 | ||||
Construction materials and contracting | 190 | 166 | 172 | 808 | ||||
237 | 208 | 215 | 1,029 | |||||
Other | 4 | 4 | 3 | 17 | ||||
Total capital expenditures | $ | 747 | $ | 702 | $ | 616 | $ | 3,048 |
Note: Total capital expenditures are presented on a gross basis. |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(In millions) | ||||||||
Net income | $ | 70.7 | $ | 100.2 | $ | 102.4 | $ | 152.3 |
Discontinued operations, net of tax | - | - | - | - | ||||
Income from continuing operations | 70.7 | 100.2 | 102.4 | 152.3 | ||||
Adjustments:
|
||||||||
Interest expense
|
28.1 | 23.4 | 53.4 | 46.8 | ||||
Income taxes
|
17.5 | 23.1 | 25.5 | 36.1 | ||||
Depreciation, depletion and amortization
|
84.8 | 73.7 | 164.9 | 147.4 | ||||
EBITDA from continuing operations | $ | 201.1 | $ | 220.4 | $ | 346.2 | $ | 382.6 |
EBITDA Guidance Reconciliation | ||||
2022 | ||||
Low | High | |||
(In millions) | ||||
Income from continuing operations | $ | 345.0 | $ | 385.0 |
Adjustments:
|
||||
Interest expense
|
120.0 | 120.0 | ||
Income taxes
|
80.0 | 90.0 | ||
Depreciation, depletion and amortization
|
330.0 | 330.0 | ||
EBITDA from continuing operations | $ | 875.0 | $ | 925.0 |
Electric | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 85.5 | $ | 83.8 | 2 | % | $ | 179.3 | $ | 168.6 | 6 | % |
Operating expenses: | ||||||||||||
Electric fuel and purchased power | 21.9 | 18.1 | 21 | % | 48.3 | 36.7 | 32 | % | ||||
Operation and maintenance | 31.5 | 31.3 | 1 | % | 62.3 | 62.6 | - | % | ||||
Depreciation, depletion and amortization | 19.4 | 16.9 | 15 | % | 36.3 | 33.0 | 10 | % | ||||
Taxes, other than income | 4.4 | 4.7 | (6) | % | 9.1 | 9.6 | (5) | % | ||||
Total operating expenses | 77.2 | 71.0 | 9 | % | 156.0 | 141.9 | 10 | % | ||||
Operating income | 8.3 | 12.8 | (35) | % | 23.3 | 26.7 | (13) | % | ||||
Other income (expense) | (1.0) | 1.6 | (163) | % | (1.2) | 2.2 | (155) | % | ||||
Interest expense | 7.0 | 6.6 | 6 | % | 14.0 | 13.2 | 6 | % | ||||
Income before taxes | .3 | 7.8 | (96) | % | 8.1 | 15.7 | (48) | % | ||||
Income tax benefit | (4.3) | (2.5) | 72 | % | (7.8) | (5.3) | 47 | % | ||||
Net income | $ | 4.6 | $ | 10.3 | (55) | % | $ | 15.9 | $ | 21.0 | (25) | % |
Adjustments:
|
||||||||||||
Interest expense
|
7.0 | 6.6 | 6 | % | 14.0 | 13.2 | 6 | % | ||||
Income tax benefit | (4.3) | (2.5) | 72 | % | (7.8) | (5.3) | 47 | % | ||||
Depreciation, depletion and amortization
|
19.4 | 16.9 | 15 | % | 36.3 | 33.0 | 10 | % | ||||
EBITDA
|
$ | 26.7 | $ | 31.3 | (15) | % | $ | 58.4 | $ | 61.9 | (6) | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenues (millions) | ||||||||
Retail sales: | ||||||||
Residential | $ | 28.8 | $ | 28.7 | $ | 64.0 | $ | 60.6 |
Commercial | 33.3 | 33.1 | 66.9 | 64.5 | ||||
Industrial | 10.7 | 10.1 | 20.5 | 19.7 | ||||
Other | 1.8 | 1.8 | 3.4 | 3.3 | ||||
74.6 | 73.7 | 154.8 | 148.1 | |||||
Transportation and other | 10.9 | 10.1 | 24.5 | 20.5 | ||||
$ | 85.5 | $ | 83.8 | $ | 179.3 | $ | 168.6 | |
Volumes (million kWh) | ||||||||
Retail sales: | ||||||||
Residential | 244.1 | 254.1 | 601.8 | 589.0 | ||||
Commercial | 329.3 | 347.1 | 693.4 | 708.9 | ||||
Industrial | 147.7 | 144.1 | 288.0 | 288.6 | ||||
Other | 20.6 | 22.1 | 40.1 | 41.3 | ||||
741.7 | 767.4 | 1,623.3 | 1,627.8 | |||||
Average cost of electric fuel and purchased power per kWh | $ | .028 | $ | .022 | $ | .028 | $ | .021 |
Natural Gas Distribution | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 210.6 | $ | 153.9 | 37 | % | $ | 661.1 | $ | 504.3 | 31 | % |
Operating expenses:
|
||||||||||||
Purchased natural gas sold | 122.7 | 70.9 | 73 | % | 415.9 | 273.1 | 52 | % | ||||
Operation and maintenance
|
50.8 | 46.0 | 10 | % | 105.0 | 97.2 | 8 | % | ||||
Depreciation, depletion and amortization | 22.4 | 20.3 | 10 | % | 44.7 | 42.7 | 5 | % | ||||
Taxes, other than income
|
15.3 | 13.1 | 17 | % | 39.9 | 34.1 | 17 | % | ||||
Total operating expenses
|
211.2 | 150.3 | 41 | % | 605.5 | 447.1 | 35 | % | ||||
Operating income (loss) | (.6) | 3.6 | (117) | % | 55.6 | 57.2 | (3) | % | ||||
Other income (expense) | (.7) | 2.4 | (129) | % | (1.1) | 4.0 | (128) | % | ||||
Interest expense | 9.7 | 9.1 | 7 | % | 19.2 | 18.2 | 5 | % | ||||
Income (loss) before taxes | (11.0) | (3.1) | 255 | % | 35.3 | 43.0 | (18) | % | ||||
Income tax (benefit) expense | (3.5) | (2.4) | 46 | % | 6.5 | 7.5 | (13) | % | ||||
Net income (loss) | $ | (7.5) | $ | (.7) | 960 | % | $ | 28.8 | $ | 35.5 | (19) | % |
Adjustments:
|
||||||||||||
Interest expense
|
9.7 | 9.1 | 7 | % | 19.2 | 18.2 | 5 | % | ||||
Income tax (benefit) expense | (3.5) | (2.4) | 46 | % | 6.5 | 7.5 | (13) | % | ||||
Depreciation, depletion and amortization
|
22.4 | 20.3 | 10 | % | 44.7 | 42.7 | 5 | % | ||||
EBITDA
|
$ | 21.1 | $ | 26.3 | (20) | % | $ | 99.2 | $ | 103.9 | (5) | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenues (millions) | ||||||||
Retail Sales: | ||||||||
Residential | $ | 115.1 | $ | 84.8 | $ | 373.6 | $ | 288.7 |
Commercial | 71.1 | 48.3 | 233.8 | 168.9 | ||||
Industrial | 9.0 | 6.2 | 22.0 | 15.1 | ||||
195.2 | 139.3 | 629.4 | 472.7 | |||||
Transportation and other | 15.4 | 14.6 | 31.7 | 31.6 | ||||
$ | 210.6 | $ | 153.9 | $ | 661.1 | $ | 504.3 | |
Volumes (MMdk)
|
||||||||
Retail sales:
|
||||||||
Residential
|
11.8 | 9.0 | 42.8 | 37.8 | ||||
Commercial
|
8.2 | 6.5 | 28.7 | 25.1 | ||||
Industrial
|
1.2 | 1.1 | 3.0 | 2.6 | ||||
21.2 | 16.6 | 74.5 | 65.5 | |||||
Transportation sales:
|
||||||||
Commercial
|
.4 | .4 | 1.1 | 1.1 | ||||
Industrial
|
34.9 | 38.9 | 75.9 | 82.8 | ||||
35.3 | 39.3 | 77.0 | 83.9 | |||||
Total throughput
|
56.5 | 55.9 | 151.5 | 149.4 | ||||
Average cost of natural gas per dk
|
$ | 5.80 | $ | 4.26 | $ | 5.58 | $ | 4.17 |
Pipeline
|
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 37.6 | $ | 35.6 | 6 | % | $ | 74.7 | $ | 71.8 | 4 | % |
Operating expenses:
|
||||||||||||
Operation and maintenance
|
14.8 | 16.1 | (8) | % | 30.2 | 31.3 | (4) | % | ||||
Depreciation, depletion and amortization | 6.8 | 5.2 | 31 | % | 13.1 | 10.3 | 27 | % | ||||
Taxes, other than income
|
3.4 | 3.2 | 6 | % | 6.9 | 6.6 | 5 | % | ||||
Total operating expenses
|
25.0 | 24.5 | 2 | % | 50.2 | 48.2 | 4 | % | ||||
Operating income | 12.6 | 11.1 | 14 | % | 24.5 | 23.6 | 4 | % | ||||
Other income (expense) | (.7) | 1.9 | (137) | % | (.6) | 2.8 | (121) | % | ||||
Interest expense | 2.7 | 1.9 | 42 | % | 5.2 | 3.9 | 33 | % | ||||
Income before taxes | 9.2 | 11.1 | (17) | % | 18.7 | 22.5 | (17) | % | ||||
Income tax expense | 2.1 | 1.9 | 11 | % | 4.2 | 4.4 | (5) | % | ||||
Net income | $ | 7.1 | $ | 9.2 | (22) | % | $ | 14.5 | $ | 18.1 | (20) | % |
Adjustments:
|
||||||||||||
Interest expense
|
2.7 | 1.9 | 42 | % | 5.2 | 3.9 | 33 | % | ||||
Income tax expense | 2.1 | 1.9 | 11 | % | 4.2 | 4.4 | (5) | % | ||||
Depreciation, depletion and amortization
|
6.8 | 5.2 | 31 | % | 13.1 | 10.3 | 27 | % | ||||
EBITDA
|
$ | 18.7 | $ | 18.2 | 3 | % | $ | 37.0 | $ | 36.7 | 1 | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||
June 30, | June 30, | |||
2022 | 2021 | 2022 | 2021 | |
Transportation volumes (MMdk)
|
115.7 | 118.7 | 226.2 | 229.5 |
Customer natural gas storage balance (MMdk):
|
||||
Beginning of period
|
2.8 | 5.2 | 23.0 | 25.5 |
Net injection (withdrawal) | 12.0 | 10.8 | (8.2) | (9.5) |
End of period
|
14.8 | 16.0 | 14.8 | 16.0 |
Construction Services | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 685.4 | $ | 525.6 | 30 | % | $ | 1,238.0 | $ | 1,044.1 | 19 | % |
Cost of sales:
|
||||||||||||
Operation and maintenance
|
585.1 | 442.0 | 32 | % | 1,056.2 | 869.2 | 22 | % | ||||
Depreciation, depletion and amortization
|
4.2 | 3.9 | 8 | % | 8.3 | 7.9 | 5 | % | ||||
Taxes, other than income
|
21.3 | 16.3 | 31 | % | 40.3 | 35.7 | 13 | % | ||||
Total cost of sales
|
610.6 | 462.2 | 32 | % | 1,104.8 | 912.8 | 21 | % | ||||
Gross margin
|
74.8 | 63.4 | 18 | % | 133.2 | 131.3 | 1 | % | ||||
Selling, general and administrative expense:
|
||||||||||||
Operation and maintenance
|
26.5 | 23.6 | 12 | % | 52.6 | 48.2 | 9 | % | ||||
Depreciation, depletion and amortization
|
1.1 | 1.0 | 10 | % | 2.2 | 2.3 | (4) | % | ||||
Taxes, other than income
|
1.1 | 1.0 | 10 | % | 2.8 | 2.7 | 4 | % | ||||
Total selling, general and administrative expense
|
28.7 | 25.6 | 12 | % | 57.6 | 53.2 | 8 | % | ||||
Operating income | 46.1 | 37.8 | 22 | % | 75.6 | 78.1 | (3) | % | ||||
Other income | 1.0 | 1.6 | (38) | % | 1.1 | 1.8 | (39) | % | ||||
Interest expense | 1.2 | .9 | 33 | % | 2.1 | 1.8 | 17 | % | ||||
Income before taxes | 45.9 | 38.5 | 19 | % | 74.6 | 78.1 | (4) | % | ||||
Income tax expense | 11.4 | 9.6 | 19 | % | 18.8 | 19.4 | (3) | % | ||||
Net income | $ | 34.5 | $ | 28.9 | 19 | % | $ | 55.8 | $ | 58.7 | (5) | % |
Adjustments:
|
||||||||||||
Interest expense
|
1.2 | .9 | 33 | % | 2.1 | 1.8 | 17 | % | ||||
Income tax expense | 11.4 | 9.6 | 19 | % | 18.8 | 19.4 | (3) | % | ||||
Depreciation, depletion and amortization
|
5.3 | 4.9 | 8 | % | 10.5 | 10.2 | 3 | % | ||||
EBITDA
|
$ | 52.4 | $ | 44.3 | 18 | % | $ | 87.2 | $ | 90.1 | (3) | % |
Operating Statistics | Revenue | Gross Margin | ||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||
Business Line: | (In millions) | |||||||||||||||
Electrical & mechanical
|
||||||||||||||||
Commercial
|
$ | 242.0 | $ | 147.7 | $ | 430.0 | $ | 313.8 | $ | 25.1 | $ | 18.4 | $ | 45.4 | $ | 35.9 |
Industrial
|
112.1 | 124.0 | 207.1 | 250.4 | 12.3 | 12.6 | 22.1 | 29.8 | ||||||||
Institutional
|
55.3 | 39.8 | 96.0 | 71.9 | .6 | 1.2 | 1.2 | 3.4 | ||||||||
Renewables
|
54.5 | 1.9 | 79.4 | 2.5 | 3.0 | .1 | 4.0 | .4 | ||||||||
Service & other
|
45.2 | 36.8 | 91.7 | 68.0 | 5.4 | 4.9 | 11.1 | 9.9 | ||||||||
509.1 | 350.2 | 904.2 | 706.6 | 46.4 | 37.2 | 83.8 | 79.4 | |||||||||
Transmission & distribution
|
||||||||||||||||
Utility
|
154.8 | 155.7 | 297.9 | 297.0 | 26.5 | 23.9 | 46.4 | 47.7 | ||||||||
Transportation
|
25.5 | 24.2 | 43.4 | 48.2 | 1.9 | 2.3 | 3.0 | 4.2 | ||||||||
180.3 | 179.9 | 341.3 | 345.2 | 28.4 | 26.2 | 49.4 | 51.9 | |||||||||
Intrasegment eliminations | (4.0) | (4.5) | (7.5) | (7.7) | - | - | - | - | ||||||||
Total | $ | 685.4 | $ | 525.6 | $ | 1,238.0 | $ | 1,044.1 | $ | 74.8 | $ | 63.4 | $ | 133.2 | $ | 131.3 |
Backlog at June 30,
|
||||
2022 | 2021 | |||
(In millions) | ||||
Electrical & mechanical
|
$ | 1,691 | $ | 1,059 |
Transmission & distribution
|
233 | 261 | ||
$ | 1,924 | $ | 1,320 |
Construction Materials and Contracting | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 711.8 | $ | 633.8 | 12 | % | $ | 1,021.8 | $ | 899.5 | 14 | % |
Cost of sales:
|
||||||||||||
Operation and maintenance
|
588.1 | 497.0 | 18 | % | 875.1 | 740.2 | 18 | % | ||||
Depreciation, depletion and amortization
|
28.5 | 24.3 | 17 | % | 55.7 | 46.7 | 19 | % | ||||
Taxes, other than income
|
15.0 | 13.9 | 8 | % | 26.0 | 23.6 | 10 | % | ||||
Total cost of sales
|
631.6 | 535.2 | 18 | % | 956.8 | 810.5 | 18 | % | ||||
Gross margin
|
80.2 | 98.6 | (19) | % | 65.0 | 89.0 | (27) | % | ||||
Selling, general and administrative expense:
|
||||||||||||
Operation and maintenance
|
23.5 | 24.2 | (3) | % | 48.8 | 46.0 | 6 | % | ||||
Depreciation, depletion and amortization
|
1.3 | 1.0 | 30 | % | 2.4 | 2.1 | 14 | % | ||||
Taxes, other than income
|
1.0 | 1.0 | - | % | 4.0 | 3.4 | 18 | % | ||||
Total selling, general and administrative expense
|
25.8 | 26.2 | (2) | % | 55.2 | 51.5 | 7 | % | ||||
Operating income | 54.4 | 72.4 | (25) | % | 9.8 | 37.5 | (74) | % | ||||
Other income (expense) | (2.9) | 1.2 | (342) | % | (4.8) | 1.1 | (536) | % | ||||
Interest expense | 7.4 | 4.8 | 54 | % | 12.7 | 9.5 | 34 | % | ||||
Income (loss) before taxes | 44.1 | 68.8 | (36) | % | (7.7) | 29.1 | (126) | % | ||||
Income tax (benefit) expense | 11.5 | 17.4 | (34) | % | (.3) | 8.5 | (104) | % | ||||
Net income (loss) | $ | 32.6 | $ | 51.4 | (37) | % | $ | (7.4) | $ | 20.6 | (136) | % |
Adjustments:
|
||||||||||||
Interest expense
|
7.4 | 4.8 | 54 | % | 12.7 | 9.5 | 34 | % | ||||
Income tax (benefit) expense | 11.5 | 17.4 | (34) | % | (.3) | 8.5 | (104) | % | ||||
Depreciation, depletion and amortization
|
29.8 | 25.3 | 18 | % | 58.1 | 48.8 | 19 | % | ||||
EBITDA
|
$ | 81.3 | $ | 98.9 | (18) | % | $ | 63.1 | $ | 87.4 | (28) | % |
Operating Statistics | Revenue | Gross margin | ||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||
Business Line: | (In millions) | |||||||||||||||
Aggregates
|
$ | 136.4 | $ | 125.1 | $ | 214.0 | $ | 195.5 | $ | 18.7 | $ | 17.5 | $ | 15.9 | $ | 14.8 |
Asphalt
|
121.5 | 101.5 | 139.7 | 115.7 | 10.5 | 13.5 | 4.4 | 8.7 | ||||||||
Ready-mix concrete
|
168.1 | 163.2 | 276.6 | 263.9 | 19.1 | 19.8 | 24.3 | 25.6 | ||||||||
Other products*
|
124.3 | 109.0 | 161.8 | 140.0 | 12.2 | 24.1 | (1.6) | 12.4 | ||||||||
Contracting services
|
330.7 | 280.8 | 445.0 | 376.9 | 19.7 | 23.7 | 22.0 | 27.5 | ||||||||
Intracompany eliminations
|
(169.2) | (145.8) | (215.3) | (192.5) | - | - | - | - | ||||||||
$ | 711.8 | $ | 633.8 | $ | 1,021.8 | $ | 899.5 | $ | 80.2 | $ | 98.6 | $ | 65.0 | $ | 89.0 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Sales (thousands):
|
||||||||
Aggregates (tons)
|
9,521 | 9,533 | 14,491 | 14,341 | ||||
Asphalt (tons)
|
2,101 | 2,091 | 2,417 | 2,385 | ||||
Ready-mix concrete (cubic yards)
|
1,140 | 1,201 | 1,873 | 1,933 | ||||
Average selling price:
|
||||||||
Aggregates (per ton)
|
$ | 14.33 | $ | 13.12 | $ | 14.77 | $ | 13.64 |
Asphalt (per ton)
|
$ | 57.85 | $ | 48.53 | $ | 57.77 | $ | 48.52 |
Ready-mix concrete (per cubic yard)
|
$ | 147.53 | $ | 135.87 | $ | 147.67 | $ | 136.51 |
Other
|
||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 4.4 | $ | 3.4 | 29 | % | $ | 8.7 | $ | 6.7 | 30 | % |
Operating expenses:
|
||||||||||||
Operation and maintenance
|
3.5 | 2.3 | 52 | % | 7.4 | 4.5 | 64 | % | ||||
Depreciation, depletion and amortization | 1.1 | 1.1 | - | % | 2.2 | 2.4 | (8) | % | ||||
Total operating expenses
|
4.6 | 3.4 | 35 | % | 9.6 | 6.9 | 39 | % | ||||
Operating loss | (.2) | - | - | % | (.9) | (.2) | 350 | % | ||||
Other income | .1 | .3 | (67) | % | .1 | .4 | (75) | % | ||||
Interest expense | .2 | .1 | 100 | % | .3 | .2 | 50 | % | ||||
Income (loss) before income taxes | (.3) | .2 | (250) | % | (1.1) | - | - | % | ||||
Income tax (benefit) expense | .3 | (.9) | 133 | % | 4.1 | 1.6 | 156 | % | ||||
Net income (loss) | $ | (.6) | $ | 1.1 | (158) | % | $ | (5.2) | $ | (1.6) | 217 | % |
Other Financial Data | ||||
June 30, | ||||
2022 | 2021 | |||
(In millions, except per share amounts) | ||||
(Unaudited) | ||||
Book value per common share | $ | 16.66 | $ | 15.81 |
Market price per common share | $ | 26.99 | $ | 31.34 |
Dividend yield (indicated annual rate) | 3.2 | % | 2.7 | % |
Price/earnings from continuing operations ratio (12 months ended) | 16.8 | x | 15.1 | x |
Market value as a percent of book value | 162.0 | % | 198.2 | % |
Total assets | $ | 9,329 | $ | 8,298 |
Total equity | $ | 3,387 | $ | 3,199 |
Total debt | $ | 3,028 | $ | 2,387 |
Capitalization ratios: | ||||
Total equity | 52.8 | % | 57.3 | % |
Total debt | 47.2 | 42.7 | ||
100.0 | % | 100.0 | % |