MDU Resources Group Q3 2023 Earnings Call Transcript

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Provided by Quartr
November 2, 2023

There are 9 speakers on the call.

Operator

Hello. My name is Cynthia, and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2023 Third Quarter Conference Call. All lines have been placed on mute to prevent any background noise. On your telephone keypad.

Operator

Research. The webcast can be accessed at www.mdu.com under the Investor Relations heading, Select Events and Presentations and Click Q3 2023 Earnings Conference Call. Reefscast. A replay will be available at the same location. I would now like to turn the conference over to Jason Vollmer, Vice President, Chief Financial Officer and Treasurer MDU Resources Group.

Operator

Thank you. Mr. Vollmer, you may begin your conference.

Speaker 1

Thank you, Cynthia, and welcome, everyone, to our Q3 2023 earnings conference call. You can find our earnings release and supplemental materials for this call on our website at www.mdu.com under the Investor Relations tab. Leading today's discussion along with me will be Dave Goodin, President and CEO of MDU Resources. Also with us today to answer questions following our prepared remarks are Stephanie Barth, Vice President, Chief Accounting Officer and Controller of MDU Resources Nicole Covisto, President and CEO of our Utility Group Rob Johnson, President of WBI Energy and Jeff Thiede, President and CEO of MDU Construction Services Group. Research.

Speaker 1

During our call, we will make certain forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Research. Although the company believes that its expectations and beliefs are based on reasonable assumptions, actual results may differ materially. Research. For more information about the risks and uncertainties that could cause our results to vary from any forward looking statements, please refer to our most recent SEC filings.

Speaker 1

We may also refer to certain non GAAP information. For reconciliation of any non GAAP information to the appropriate GAAP measure, please reference our earnings news release. Research. Along with our earnings release this morning, we announced in a separate news release that our Board of Directors approved a plan to spin off our Resources Business to the shareholders of MDU Resources, which will result in 2 independent publicly traded companies. The spin off is expected to be tax free to MDU Resources and its shareholders and be complete in late 2024.

Speaker 1

You can also find this release on our website at Research. Dave will provide additional information on the spin off later during the call. Research. Prior to handing the call over today for his formal comments and his forward look, I will provide consolidated financial results for the Q3. Research.

Speaker 1

This morning, we announced 3rd quarter earnings of $74,900,000 or $0.37 per share on a GAAP basis Research. 3rd quarter income from continuing operations was $78,200,000 or $0.38 per share compared to $42,300,000 or $0.21 per share in 2022. It's important to note that with the spin off of Knife River being completed, Knife River's results and other related impacts spin off and we're continuing on the Construction Services spin off. We're also reporting adjusted income from continuing operations to provide financial results that more closely correlate to Research, including the unrealized gain on the retained shares as well as other items related to our strategic initiatives. Research.

Speaker 1

For more information on these adjustments, please see the table provided on Page 7 of our earnings news release. We experienced very strong results from all of our businesses in the Q3 with adjusted income from continuing operations of $58,600,000 or $0.29 per share compared to Q3 2022 adjusted income from continuing operations of $42,300,000 or $0.21 per share. Turning to our individual businesses, our combined utility business reported earnings of $3,200,000 for the quarter compared to earnings of $3,500,000 in the Q3 Research of 2022. The Electric Utility segment reported 3rd quarter earnings of $20,900,000 compared to $21,600,000 for the same period Research in 2022. The decrease was largely a result of lower residential volumes due to cooler weather and higher operation and maintenance expense, primarily payroll related costs.

Speaker 1

Partially offsetting the decrease were higher retail sales revenue due to rate relief in North Dakota and Montana and an electric service agreement Research Center to provide power to a data center near Ellendale, North Dakota and also higher transmission revenue. Research. Our natural gas utility reported a seasonal loss of $17,700,000 in the Q3 compared to a loss of $18,100,000 in the Q3 of 2022. Research. Earnings increased due to short term debt interest recovery in Idaho, rate relief in Idaho and Washington, which were partially offset by higher operation and maintenance expense, which was partially offset by our weather normalization and decoupling mechanisms.

Speaker 1

The pipeline business earned record 3rd quarter earnings of $11,900,000 contracted volume commitments from the North Bakken Expansion Project as well as higher storage related revenue and new transportation and storage service settlement rates that were effective August 1. The increase was offset in part by higher operation and maintenance expense, primarily payroll related costs. Research and Development. Interest expense also increased as a result of higher rates and higher debt balances. Construction Services reported record 3rd quarter earnings of $36,000,000 compared to earnings of $28,000,000 for the same period in 2022.

Speaker 1

EBITDA for the quarter increased $14,100,000 compared to the prior year to a 3rd quarter record of $58,000,000 Gross profit increased due to project mix in the commercial, renewable, institutional and utility markets, quarter. And now I'd like to turn the call over to Dave for his formal remarks. Dave?

Speaker 2

Thank you, Jason, and thank you, everyone, for spending time with us Resources and for your continued interest in MDU Resources. Today is an exciting day for our company as we announced Our plan to spin off construction services business from MDU Resources. Back on November 3 last year, we announced the undertaking of a strategic review of this business and completed that review with a subsequent announcement on July 10 this Research and Development Commission that we would pursue a tax advantaged separation of the business. At that time, we mentioned our focus was determine the best method Resource and timeline to effectuate a separation, which we are excited to announce today. We expect this spin off to significantly enhance Resource.

Speaker 2

I'd like to start by discussing our 3rd quarter results and Research. I'd like to start by discussing our Q3 results and outlook at each of our businesses before providing an overview of the spin off announcement. Our strong Q3 results continue the trend we have seen throughout 2023 of outstanding performance from all of our companies. We have had an active regulatory schedule in 2023 for our regulated energy delivery businesses and have seen the benefits of new rate implementations Research and Development businesses. Our Construction Service business continues to report record results And has a strong backlog moving into the end of the year.

Speaker 2

And all of our businesses have exciting opportunities as we look to the future. At our utility business, electric retail sales volumes for the Q3 were 36.6% higher than last year Research Commission to serve another data center that is expected to come online in 2024. We expect Research. Unit 4 to be operational before the end of this year as construction is largely completed on the 88 Megawatt Resource and Energy Management Facility located near Mandan, North Dakota. It is currently undergoing Research and Environmental Testing.

Speaker 2

We also continue to expect to grow our rate base at our Resource and Gas business between 6% 7% compounded annually over the next 5 years. This is driven primarily by investments in system, Research and Rates took effect there on October 1. Also in August, we filed an electric rate case and a natural gas rate case both in South Dakota. We also filed a natural gas rate case in North Dakota Research Center. Just earlier this week on November 1, our utility continues to seek timely regulatory recovery for investments associated with providing Resource and Reliable Electric and Natural Gas Service to our growing customer base, including a multiyear case Research.

Speaker 2

At our pipeline business, here we had a record quarter of earnings and year to date earnings, which are 19% higher than this time last year. This business also saw another record quarter of natural gas transportation volumes, largely from increased contracted volume commitments The new transportation and storage service rates, which are pending final FERC approval, took effect here on August 1 We began construction in the Q2 of this year on 3 natural gas pipeline expansion projects. 2 of these projects were placed into service on November 1 and will add additional natural gas transportation capacity of 119,000,000 cubic feet per day. The third project is expected to be completed here in early 2024 On October 19, WBI also received FERC approval for its Wahpeton Expansion Project slated for Eastern North Dakota. This project will allow for an additional 20,000,000 cubic feet of natural gas transportation capacity per day to the region And is expected to be in service in late 2024.

Speaker 2

With a strong start to the year Research. For our regulated energy delivery businesses, we are increasing earnings guidance for these businesses to now a range of 155,000,000 As I mentioned previously, our construction services business continues to see record results and strong ongoing demand for its services. We saw record 3rd quarter earnings and EBITDA and year to date earnings and EBITDA are up 20% 21%, respectively, We are well positioned to complete these projects safely and efficiently with our ability to attract and retain a skilled workforce Research Center of over 8,000 employees across our footprint. We are affirming our 2023 revenue guidance to be in the range of $2,800,000,000 to $3,000,000,000 and we expect now higher margins compared to 2022. We are increasing and narrowing our EBITDA guidance to a range of $210,000,000 to $230,000,000 from our prior range of $200,000,000 to $225,000,000 Looking forward, our construction service business is well positioned to benefit Research Center for increased bidding opportunities.

Speaker 2

With the funding from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, Research. Our Construction Services business expect to see increased demand in 2023 and beyond. Research. Overall, as we look ahead, we are encouraged by our opportunities for ongoing customer and system growth in our electric and natural gas utilities, Now I'd like to turn back to our earlier announcement made today and our plan to spin off our wholly owned construction services business. MDU Construction Service Group to form into 2 independent publicly traded companies.

Speaker 2

This separation will allow each company to enhance its strategic focus to pursue individualized industry specific opportunities and use equity tailored to each business to enhance acquisition programs and retention and hiring. Both companies will benefit from distinct capital structures Research Center. We will be able to better assess the value of each business Resources based on its respective operational and financial characteristics. MDU Resources is committed to establishing strong capital allocation strategies for each business that align with each business long term goals. Post spin off, MDU Resources intends to maintain a long term dividend payout ratio target of 60% to 70% Resources and Company's Investor Relations Commission.

Speaker 2

The MDU's Q4 dividend policy will be determined on a future consistent with the company's stated capital allocation strategies. Further details about capital structure, governance and other elements of the spin off Resources. When the spin off is complete, it is expected that MDU Resources shareholders will retain their current shares of MDU Resources stock and receive a pro rata distribution of shares of MDU Construction Service Group stock. We expect the spin off to be completed in late 2024 subject to certain conditions that are described in the news release. Further details on the transaction will be provided at a later date We're also rescheduling our Investor Day to the Q1 of 2024.

Speaker 2

As always, MDU Resources is Research Center. We are committed to operating with integrity and with a focus on safety while creating superior shareholder value as we continue providing essential Research. One final item that I'd like to touch on is the announcement of my retirement as President and CEO noted in early January in a prior release and have full confidence in her ability to lead MDU Resources moving forward. With our future state as a pure play regulated entity, Research. Her strategic leadership and experience will serve the company well.

Speaker 2

As for myself, it has been a great honor to be part of this organization for the last 40 years and to work with so many wonderful people. I am very proud of everything that we have accomplished And I'm confident that MDU Resources is positioned well for continued expense. I plan to run through the finish line of January 5, But with this being in mind in my last quarterly earnings call prior to that date, I'd just like to wrap up by saying thank you to all of you that have had the Pleasure to work with and meet over this career. So with that, I appreciate your interest in and commitment to MDU Resources. And that's now

Operator

Research. Your first question comes from the line of Darius Lofni with Bank of America. Please go ahead. Research.

Speaker 3

Hey, guys. Good afternoon. Thank you for taking my question. Hi, Darius. Good afternoon to you.

Speaker 3

Hi, Dave. Maybe just on the spin that was announced today. Just I know you guys considered Research Center. I think what you referred to as tax advantage strategies. Can you talk a little bit more now that the announcement is out there, just Research Center.

Speaker 3

Sort of about the how that process went, maybe other avenues that you considered, before finally landing on this one? And also Research. To the extent that you can, are there any dissynergies that you anticipate from the spin off such as possibly higher public company costs

Speaker 2

Yes, yes, certainly. So specific to the spin, Darius, certainly, Research. This has been a strategic review focus of ours really for the last year and as we updated the market back in mid July as to our Look to a tax advantaged separation of the business. Clearly, today, we're more clearly defining that as to a risk. Tax free spin of the business we have looked to effectuate in by late 2024.

Speaker 2

And I would say we looked at the broad range of possibilities there. Ultimately, along with our Board, we decided that We believe for the optimize the value, likely create the most value for this business, we look to do what we just really did with Knife River. Essentially, we've created some institutional knowledge there as well. But ultimately, we do believe a tax free separation via spin is looked

Speaker 1

And I can jump in on the dis synergies question, Darius. This is Jason. As we Look at this, you're correct. As we think about separating and standing up a separate public company here, there would be some additional public company costs. CSG pays a portion of those today There's a segment of the MDU Resources companies here, but I have a full load of that you could say on a standalone basis.

Speaker 1

What I would say is that we will provide more updates on that as we put together our Form 10 and get ready to show the pro form a financial information. But in addition, I think that was a piece of the decision making process that we look through here as well. And we really feel the benefits of a standalone business here and separating these businesses By far, I'll weigh any dissynergy type expenses that we would see in the valuation of the business.

Speaker 3

Okay, excellent. Thank you for that detail. Maybe just one more around that transaction as Research. As far as Remainco MDU, I know you guys will give more fulsome updates in the future, but I mean it will probably look risk profile, probably similar to some publicly traded peers. Do you anticipate

Speaker 1

Yes, Darius, this is Jason again. I think you're correct. We're looking at a pure play regulated entity on a go forward basis. Research Center. J.

Speaker 1

Rice:]

Speaker 4

Okay. Research.

Speaker 3

Okay, great. That makes sense. If I could sneak in one more, and this

Speaker 1

is just

Speaker 3

Yes. This is on the CSG results that were reported. It seems like a bit of a tick down in The revenue and gross margin contribution from your industrial customers, wondering if that's maybe a timing or just a quirk of the backlog Or if there's anything, any kind of trend that you're recognizing there?

Speaker 2

Yes. Thanks for that question, Darius. Jeff's on the line. I'll have him dig into that detail.

Speaker 5

Yes. You hit it right on the head, Darius, with the semiconductor Research Center. The work that we have completed is going to be followed by additional work in this area. We've got Great people and historical success with the relationship, a number of our customers. Research Center.

Speaker 5

We are in more geographic locations, not just in the Pacific Northwest, but also in the Southwest and also in the Ohio area where we

Speaker 2

Darius, if I could maybe just add a little bit. I think your point about Research. One segment having a certain type of quarter, certainly offset by other segments in that business as we think kind of top line in that business Any other questions or follow ups, Darius?

Speaker 3

No, not at this time. I'll let others in the queue ask. I'll just say congratulations to Dave and also to Nicole on the appointment. Thank you very

Speaker 2

much. Thank you, Darius.

Operator

Your next question comes from the line of Chris Ellinghaus with Seabert William Schenck. Please go ahead.

Speaker 2

Hey, everybody.

Speaker 6

Congratulations to Nicole and to Dave, and thanks so much for all the good conversations over the years, Dave. I appreciate it. Can you talk about you had an Analyst Day scheduled. What's changed in terms of your thought process that made you want to change when you give your update?

Speaker 2

Yes, Chris. I appreciate the commentary earlier. I appreciate working with you over the years here as well. So we just felt given today's announcement and the timing of this clarity, if you will, on how we're looking to separate the construction Resources business and the timing of that slated for late 2024 that we just felt probably Q1 'twenty four would just be a more appropriate Research. J.

Speaker 2

Rice:] J. Rice:] Can kind of build on itself along with greater clarity on construction services. And there's a number of end markets there to be describing. And I think In our opinion, there'd be enhanced investor interest as knowing the separation being a separate publicly traded company, Which is our target. We just thought there was probably a more appropriate timing.

Speaker 6

Okay. When you get to that

Speaker 2

That's certainly part of this as we work Certainly, Nicole leading the group, but the electric and gas business, the pipeline business as the RemainCo story. And then obviously, Jeff is part of the and his team is part of The CSG SpinCo story.

Speaker 6

Okay. And one last question for Jeff. Jeff, has the sort of improvement in your outlook for margins this year, throughout the year given you any Insights into what your outlook for next year might look like?

Speaker 5

Yes. I'm really confident in our ability to Continue to perform at a high level, a record level with our company. Part of our margin improvement has been due to getting our MSAs and also our jobs that we are in preconstruction and getting pricing updates to be able to update the labor increases, fuel increases, equipment costs that we've had. In addition to that, the ability to execute in the field, That's crucial to our business. And we've gotten better through our prefabrication initiatives.

Speaker 5

We've gotten better through our planning. Of course, our field personnel and the management staff that supports them have all stepped up. And that's put us in a good platform and a good position to be able to spend, go forward and continue to provide exceptional shareholder value.

Operator

Research. Your next question comes from the line of Ryan Levine with Citi. Please go ahead.

Speaker 7

Hi, everybody. Congratulations to Dave Research Center. Thank you, Ryan. I guess to start off, in terms of the timeline, so you highlighted The intention is to do the spin by the end of next year. What are the key milestones that really need to be achieved And in the disclosed material, there was reference to private letter rulings and other contingent Items.

Speaker 7

What's the challenge there? What's the confidence level that you can be able to achieve the targeted timeline?

Speaker 2

Yes. Ryan, I'm going to ask Jason Balmer to lead off there. Jason really led, from an internal perspective, our Knife River spin and all the activities associated with that. And coincidentally, I've asked him to lead this effort. So I'll ask Jason because he can Talk with detail there, but I think you're looking kind of for the high level work streams here.

Speaker 1

Yes, absolutely. I can dive into a few of those. So you're right, there are Some major items that we see whether it's a potential for a private letter ruling, looking at the Form 10 process, getting through the SEC comment process, we look to stand this up, Carving out financial statements and making sure we have everything audited and separated at the right level and Research. Developing that investor story and forecasting here. Those are all things that I think the nice thing is we've got a lot of experience with this.

Speaker 1

We just came out of a Knife River transaction where we were able to get this done in what we thought was a pretty timely manner and certainly work through that and set up a successful standalone company there. We used a lot of lessons learned I think throughout that process to look at the CSG process here and set what we think is an aggressive but achievable time goal to be able to get this where we need to be. So we've got a high level of confidence in the team's ability to be able to Move through this and get this done in a timely manner and we really feel like that timeframe gives us a great opportunity to be able to Do the diligence we need on this project and get this set up as a very successful public company.

Speaker 7

And I guess recognizing that some of the Final capital structure is to be determined, but maybe moving to the fundamental business for CSG on a go forward basis, Can you speak to where you think the backlog mix will be within the next year in terms of different customer types or

Speaker 2

Risk Factors. Yes, Ryan. I'll ask Jeff Thiede to comment on kind of Future Luck at Backlog and certainly split between T and D and E and M as we think about the major segments to that business. Jeff?

Speaker 5

Thanks, Dave, and thanks, Ryan, for your question. Our backlog has always been broad based. You're currently building some of the most Gaming projects in the entertainment sector. And there are more of these type of projects on our radar in the future. In our T and D sector, our transmission and distribution work, including wildfire mitigation, traffic signal work are on our top Risk Factors and we are currently underway on 2 significant transportation projects in the Kansas City area In addition to our MSA and substation work for our utility customers.

Speaker 5

Again, this illustrates our diversification as a company and how We have the ability to capitalize on the current markets and then of course pivot to expanding markets for continued success. So I see more of the same type of work, But as markets adjust, we will allocate those resources and that will include, of course, Capturing some more of the Infrastructure Investment and Jobs Act and Inflation Reduction Act work. We have the experience in these areas And we'll continue to position for those to be adding those projects and those opportunities into our backlog and executing them successfully.

Speaker 7

Great. And then one follow-up. In terms of that mix, particularly on the renewable and utility work, are you seeing any timeline for delay in projects as you're looking out over the next 12 months?

Speaker 5

We're not seeing any project delays over the next 12 months. So that's all positive. We are in pre construction on more than several projects that

Operator

Research. Your next question comes from the line of Brian Russo with Sidoti. Please go ahead.

Speaker 8

Hi, good afternoon.

Speaker 2

Hi, Brian. Good afternoon to you.

Speaker 8

Hey, just a follow-up on the renewables. Just looking at the Q3 revenue, it looks like renewables were down on CSG, of course, was down Quite significantly and again it was down for the 9 months ended September. While I see margins up, I just thought If you could just comment on the revenue trends there, if you're seeing any near term slowdown or projects being pushed to the right.

Speaker 5

Yes. Yes, we had a large project complete in Las Vegas. We've also We do have several projects on our radar screen in the Midwest and are currently also looking for an increase of our backlog in the renewable solar market in Las Vegas area Going forward, we did have completion of 2 very significant projects in the Pacific Northwest And those projects are completed, and I think that's what is affecting the numbers that we've reported out here. So We have the capabilities on the solar workforce, also the EVs, electrical vehicle. We've worked in manufacturing facilities.

Speaker 5

We've done quite a view of the charging stations. So we've got the experience. We see that this is a good Going forward, we're positioned well for it and we'll be able to build upon that as those opportunities come forward.

Speaker 8

Research. Okay, great. And then switching gears to the utility side, It looks like you probably with what's filed in terms of rate cases and Correct me if I'm wrong, but that's about 20% to 25% of your overall utility operations. Could you just add more color Maybe the accumulating rate base looks like or remind us when the test year of the last rate case that concluded was?

Speaker 4

Research. Yes, I can go ahead and take that. Thanks for the question, Brian. So yes, I'm really Proud of the team's work as we think about the overall regulatory activity that we have undertaken. Obviously, a lot of that was highlighted in the news release.

Speaker 4

So You have seen what we've done historically and certainly that has added to our ability to improve our ROE over the last trailing 12 months. Research. So really proud of the team's work there. In terms of your question on go ahead, what we're doing in the ensuing year, yes, the one we've highlighted in the remarks is the Washington multiyear case. So this will be the 1st year that we'd be using the multiyear case in that state.

Speaker 4

We recently implemented rates in the state here last year and we'll be filing for the multi year case here next year. In addition to Washington though, I would comment that we are looking at 3 other states for filings later in the year next year. So most likely we would be filing Research. In addition to Washington and 3 other gas jurisdictions. With respect to the overall percentage, you've got that approximately right, but Research.

Speaker 4

Keep in mind that, we've got Washington and Oregon that operate under the Cascade brand. So Washington would be the larger state of those 2. Research Center. Did that answer your question?

Speaker 8

Yes, it did. And just one quick follow-up is, I think, In Washington State, is it 11 month statutory period to conclude rate cases hope you file In early 2024, we can assume that you'll have full rates in effect in 2025?

Speaker 4

You are correct. It's an 11 month statutory. Yes. So if we file in the Q1, whatever date we file 11 months from there would

Speaker 8

Okay, great. And then just switching to transmission, MISO Tranche 1 projects that you're working on, any updates on the development there? Is everything on time and on schedule and aligned with

Speaker 4

Yes. We have been working with our partner and have hosted several open houses and some of the communities that would Research. Be in the line of sight in terms of that project. Everything right now, it's obviously early restated, but everything right now is on time and we have not changed the overall budget. So as a reminder, we're a partner on that project.

Speaker 4

Research. Total project costs are estimated at $440,000,000 our share of which would be $220,000,000 and that is included in our forecast and we'll continue to be included at that rate as we think about, a new updated forecast that we would

Operator

Research. This marks the last call for questions. The webcast can be accessed at www.mdu.com under the Investor Relations heading, select Events and Presentations and click Q3 2023 Earnings Conference Call. After the conclusion of the webcast, a replay will be available at the same location.

Speaker 4

Research Center.

Operator

At this time, there are no further questions. I would now like to turn the conference back over to management for closing remarks.

Speaker 2

Research. Well, thank you all for taking the time to join us here on this Q3 earnings call. We are excited about today's announcement of the planned spin off MDU Construction Services Group and look forward to keeping you updated as we progress through the separation process. We are optimistic about our growth opportunities and future regulated energy delivery projects and excited about the strong and the performance of our construction service business. We thank you again and appreciate your continued interest in and support of MDU Resources.

Speaker 2

And with that, I'll turn it back to you, the operator, Cynthia. Thanks again.

Operator

Resources Group Conference Call. Thank you for your participation. You may now disconnect.

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Key Takeaways

  • During Q3 2023, GAAP earnings from continuing operations rose to $78.2 million ($0.38/share) from $42.3 million ($0.21) in 2022, with adjusted income of $58.6 million ($0.29/share) versus $42.3 million ($0.21) last year, reflecting strong results across all segments.
  • The Board approved a tax-free spin-off of MDU Construction Services Group into two independent publicly traded companies, expected to complete in late 2024, to enhance strategic focus, capital structures and acquisition flexibility.
  • Construction Services delivered record Q3 earnings of $36 million and EBITDA of $58 million, driven by project mix in commercial, renewable, institutional and utility markets, supported by a strong backlog and federal infrastructure funding.
  • Utility operations saw mixed performance: electric segment earnings eased to $20.9 million on cooler weather and higher maintenance costs, the gas segment loss narrowed to $17.7 million, and the pipeline segment posted record earnings of $11.9 million on expanded volumes and new service rates.
  • CEO Dave Goodin announced he will retire in January 2024, with Nicole Covisto named President and CEO of MDU Resources post-spin-off, and the company rescheduling its Investor Day to Q1 2024 for further strategic updates.
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Earnings Conference Call
MDU Resources Group Q3 2023
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