Bismarck, ND-based MDU Resources Group, Inc. reported record first-quarter 2006 earnings Monday, posting consolidated profits of $53.1 million, a 55% increase over the $34.2 million chalked up in the first quarter of last year.

MDU said diluted earnings per share increased to a record 44 cents for the first quarter this year, compared to 29 cents for the same period in 2005.

The diversified electric and natural gas holding company increased its estimated earnings guidance for the year to a range of $2.15/share to $2.35/share, compared to earlier guidance in the range of $2-2.20/share.

The bulk of MDU Resources’ earnings boost in the first quarter came from its natural gas and oil production operations, which turned a first quarter profit of $41.3 million, compared to $38.8 million for the first quarter of 2005. The earnings increase resulted primarily from what the company called the average realized natural gas price being 37% higher and average realized oil prices that were 18% higher than they were in the first quarter the previous year.

MDU CEO Martin White attributed the first quarter results and the increased full-year earnings guidance to what he called “our diversified business portfolio and the fact that each of our business areas is performing well.” White singled out the natural gas/oil operations for “leading the way, posting a 43% improvement over last year’s first quarter earnings,” but he noted that this should not overshadow the “turnaround” in the company’s construction services group.

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