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MB3-207 Great Plains 8.0 Project Management and Accounting

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MB3-207 exam Dumps Source : Great Plains 8.0 Project Management and Accounting

Test Code : MB3-207
Test Name : Great Plains 8.0 Project Management and Accounting
Vendor Name : Microsoft
: 299 Real Questions

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Microsoft Great Plains 8.0 Project

Microsoft Releases Microsoft company options-wonderful Plains 8.0 | killexams.com Real Questions and Pass4sure dumps

REDMOND, Wash., June 21, 2004 — Microsoft company options today introduced the availability of Microsoft enterprise solutions-excellent Plains eight.0, a pass-trade economic administration solution for midmarket segment corporations. Microsoft first-rate Plains eight.0 will bring greater usability; richer performance for distribution, manufacturing and project accounting; more desirable capabilities via integrations with Microsoft enterprise options business Portal 2.5 and Microsoft workplace 2003; and better analytics.

“With over 120 enhancements, clients will realize gigantic value from Microsoft exquisite Plains 8.0,” mentioned Karen Engel, neighborhood product supervisor with Microsoft business solutions. “We continue to bring on their promise to satisfy client needs these days and sooner or later, helping streamline techniques and enrich overall business visibility. Microsoft super Plains eight.0 is a chief example of how they incorporate consumers’ feedback to innovate, guide and develop the absolute best solution for his or her business.”

Key advancements for Microsoft remarkable Plains eight.0 consist of the new look and feel that provide purchasers with a familiar, convenient-to-use environment similar to Microsoft office Outlook 2003, that could assist boost worker productiveness and lower practicing fees. A extra complete view of inventory will aid give shoppers tighter manage over distribution and manufacturing approaches. Time and energy spent on key accounting projects may be reduced with the capacity to make use of latest transactions as the foundation for brand new ones, in addition to to promptly void, delete, appropriate or alternate journal entries while holding full audit handle.

“We advocate agencies check in for Microsoft remarkable Plains 8.0 as quickly as viable,” mentioned Juli Richardson, director of business operations for Goodwill Industries of vital Indiana. “the brand new solution is extra intuitive and puts counsel automatically at your fingertips. Microsoft tremendous Plains 8.0 may have an affect on their firm when it comes to businesswide visibility, and the changes in manufacturing functionality have made employees extra enthusiastic than ever concerning the device.”

more desirable integration with other Microsoft purposes reminiscent of Microsoft business options company Portal and Microsoft office is an extra key characteristic of Microsoft fantastic Plains 8.0. Microsoft company Portal 2.5, used with Microsoft awesome Plains 8.0, will additional empower personnel with new modules for online requisition management, price entry and approval, and digital birth of earnings files to consumers. Microsoft fantastic Plains 8.0 also builds on the Microsoft office productivity groundwork, enabling clients to build template-primarily based communications in Microsoft notice or with ease attach maps and instructions for sales, beginning and repair name routes with Microsoft MapPoint.

New reporting options provide groups with more desirable control of the monetary reporting technique and stronger monetary visibility through Microsoft company options for Analytics-FRx 6.7. The more suitable analytics performance offers shoppers four foremost enhancements: a brand new FRx record manager module, improvements to the FRx foreign money Translation module, tighter integration with Microsoft office Excel 2003, and upgraded help for the eXtensible enterprise Reporting Language (XBRL) 2.0 taxonomy.

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Microsoft notable Plains eight.0 is accessible immediately in the u.s. and Canada via Microsoft enterprise options reselling partners with Microsoft enterprise Portal 2.5 scheduled for availability later this yr. Microsoft outstanding Plains 8.0 may be launched in opt for countries within the united kingdom, Latin the united states and Africa, in addition to in Australia and New Zealand.

Microsoft tremendous Plains ordinary edition, targeted at smaller midmarket corporations, begins at $four,500 (U.S.) for a single-user financial answer. Microsoft excellent Plains skilled edition begins at $6,500 for a single-person monetary solution and is the alternative for midmarket purchasers or divisions of higher groups.

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Microsoft company options offers built-in enterprise applications and services that allow small and midsize corporations and divisions of massive firms to join employees, clients and suppliers for more advantageous effectivity. The monetary management, customer relationship management, provide chain management and analytics functions work with Microsoft items equivalent to workplace and windows to streamline procedures throughout a complete company, giving groups perception to reply hastily, plan strategically and execute quickly. Microsoft enterprise solutions functions are delivered through a worldwide community of channel partners that supply really good services and local support tailor-made to an organization’s wants.

About Microsoft

founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, capabilities and solutions that help people and groups understand their full expertise.

Microsoft, notable Plains, Outlook, MapPoint, FRx and windows are both registered trademarks or trademarks of Microsoft Corp., notable Plains utility Inc., FRx utility Corp. or their affiliates in the u.s. and/or different nations.

first-rate Plains utility Inc. and FRx utility Corp. are subsidiaries of Microsoft Corp.

The names of specific groups and items outlined herein may well be the logos of their respective owners.

word to editors : in case you are interested in viewing additional information on Microsoft, please discuss with the Microsoft internet page at http://www.microsoft.com/presspass/ on Microsoft’s corporate advice pages. internet hyperlinks, phone numbers and titles had been appropriate at time of ebook, however may considering have modified. For further suggestions, journalists and analysts may contact Microsoft’s fast Response team or different acceptable contacts listed at http://www.microsoft.com/presspass/contactpr.asp .


Microsoft Introduces fundamental tremendous Plains improve | killexams.com Real Questions and Pass4sure dumps

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From the Microsoft Dynamics GP Blogs: Add assets; My reviews; routine batches; Take business offline | killexams.com Real Questions and Pass4sure dumps

This week on the Microsoft Dynamics GP blog roundup:

  • how to add belongings that do not movement to GL in Dynamics GP
  • My experiences in GP
  • Microsoft Dynamics GP 2018 R2: month-to-month and bi-month-to-month routine batches
  • Take enterprise offline
  • how to add property that do not flow to GL in Dynamics GP

    On the Encore business solutions weblog, Rudy Balasabas talked about the motives Microsoft Dynamics GP a person might need to add assets to the fastened asset module however now not desire doing so that you can have an effect on the frequent ledger.

    The leading purpose would doubtless be that you simply want to use the mounted Asset module in GP and all its functionality, in its place of monitoring the property an extra manner, similar to in Excel – which can be a really manual manner and prone to facts entry error.

    In his weblog put up, Balasabas offer some deploy steps you need to do first. He cited that the style the belongings are entered in the cards window is a little different than average.

    After taking the steps to accomplish the install, you’ll be able to add property that don’t move to the prevalent ledger. that you could discover the steps here.

    My reviews in GP

    On her tips, hints & concepts on Microsoft Dynamics GP from a Canadian perspective weblog, Jen Kuntz offered some tips on how get reviews on and off the My studies list.

    First she explained precisely what My experiences is in Dynamics GP and the place to find it, then provided a screenshot of what the part might seem like originally.

    My reviews is a section of Dynamics GP where a user can store reviews they run often so they are one click on faraway from working that report or Smartlist once more (instead of browsing through menus, for example, to discover it and deploy their standards).

    In her weblog publish, Kuntz explained a pair options so as to add SmartLists as well as a standard GP report to the My studies pane. She additionally described the way to control the My experiences section, rename reports, and a pair the right way to eradicate objects.

    that you may read about My stories here.

    Microsoft Dynamics GP 2018 R2: monthly and bi-month-to-month recurring batches

    On the Dynamics GP guide and functions weblog, Andrea Melroe defined that with the release of Microsoft Dynamics GP 2018 R2, clients can specify even if a month-to-month or bi-monthly ordinary batch should conclusion on the closing day of the month in payables, receivables, and inventory administration. In her post, she additionally cited how that differed from outdated models of Dynamics GP.

    the first time a user enters transactions linked to a batch marked to 'Use the closing day of the month': The 'doc Date' linked to these transactions will default to be the 'GP person Date' (lower left hand nook of Microsoft Dynamics GP).

    Melroe then described what a person had to do to make certain that the document date and the posting date matched.

    you could examine extra about monthly and bi-monthly habitual batches here.

    Taking a company offline

    additionally on her blog, Jen Kuntz discussed yet another characteristic that Microsoft brought in Dynamics GP 2013 R2 – taking an organization offline for renovation or other periodic routines.

    In her put up, Kuntz explained the aim of the feature and where to find it in Dynamics GP.  She additionally said how to use the feature and what to do if a user turned into already within the company you have been making an attempt to take offline.

    The purpose of it's with ease to evade users from logging into one or extra corporations in order that you will also be working in it completely. Why could you do that? essentially the most general causes could be some variety of upkeep like running checklinks, or some routine like yr-end shut, or some form of utility operation like the usage of a Combiner/Modifier device possibly.

    Kuntz additionally demonstrated a couple eventualities to prove how the function labored with different settings.

    that you could study more about this function here.


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    Great Plains 8.0 Project Management and Accounting

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    Microsoft Releases Microsoft Business Solutions-Great Plains 8.0 | killexams.com real questions and Pass4sure dumps

    REDMOND, Wash., June 21, 2004 — Microsoft Business Solutions today announced the availability of Microsoft Business Solutions-Great Plains 8.0, a cross-industry financial management solution for midmarket segment businesses. Microsoft Great Plains 8.0 will deliver improved usability; richer functionality for distribution, manufacturing and project accounting; greater capabilities through integrations with Microsoft Business Solutions Business Portal 2.5 and Microsoft Office 2003; and improved analytics.

    “With over 120 enhancements, customers will realize enormous value from Microsoft Great Plains 8.0,” said Karen Engel, group product manager with Microsoft Business Solutions. “We continue to deliver on their promise to meet customer needs today and in the future, helping streamline processes and improve overall business visibility. Microsoft Great Plains 8.0 is a prime example of how they incorporate customers’ feedback to innovate, support and grow the best possible solution for their business.”

    Key improvements for Microsoft Great Plains 8.0 include the new look and feel that provide customers with a familiar, easy-to-use environment similar to Microsoft Office Outlook 2003, which can help boost employee productivity and minimize training costs. A more comprehensive view of inventory will help give customers tighter control over distribution and manufacturing processes. Time and effort spent on key accounting tasks will be reduced with the ability to use existing transactions as the basis for new ones, as well as to quickly void, delete, correct or change journal entries while maintaining full audit control.

    “We recommend businesses sign up for Microsoft Great Plains 8.0 as soon as possible,” said Juli Richardson, director of business operations for Goodwill Industries of Central Indiana. “The new solution is more intuitive and puts information immediately at your fingertips. Microsoft Great Plains 8.0 will have an impact on their organization in terms of businesswide visibility, and the changes in manufacturing functionality have made employees more enthusiastic than ever about the system.”

    Enhanced integration with other Microsoft applications such as Microsoft Business Solutions Business Portal and Microsoft Office is an additional key feature of Microsoft Great Plains 8.0. Microsoft Business Portal 2.5, used with Microsoft Great Plains 8.0, will further empower employees with new modules for online requisition management, expense entry and approval, and electronic delivery of sales documents to customers. Microsoft Great Plains 8.0 also builds on the Microsoft Office productivity foundation, enabling users to build template-based communications in Microsoft Word or easily attach maps and directions for sales, delivery and service call routes with Microsoft MapPoint.

    New reporting options provide businesses with greater control of the financial reporting process and better financial visibility through Microsoft Business Solutions for Analytics-FRx 6.7. The improved analytics functionality gives customers four major enhancements: a new FRx Report Manager module, improvements to the FRx Currency Translation module, tighter integration with Microsoft Office Excel 2003, and upgraded support for the eXtensible Business Reporting Language (XBRL) 2.0 taxonomy.

    Availability and Pricing

    Microsoft Great Plains 8.0 is available immediately in the United States and Canada through Microsoft Business Solutions reselling partners with Microsoft Business Portal 2.5 scheduled for availability later this year. Microsoft Great Plains 8.0 will be released in select countries in the United Kingdom, Latin America and Africa, as well as in Australia and New Zealand.

    Microsoft Great Plains Standard edition, targeted at smaller midmarket organizations, starts at $4,500 (U.S.) for a single-user financial solution. Microsoft Great Plains Professional edition starts at $6,500 for a single-user financial solution and is the choice for midmarket customers or divisions of larger organizations.

    About Microsoft Business Solutions

    Microsoft Business Solutions offers integrated business applications and services that allow small and midsize organizations and divisions of large enterprises to connect employees, customers and suppliers for improved efficiency. The financial management, customer relationship management, supply chain management and analytics applications work with Microsoft products such as Office and Windows to streamline processes across an entire organization, giving businesses insight to respond rapidly, plan strategically and execute quickly. Microsoft Business Solutions applications are delivered through a worldwide network of channel partners that provide specialized services and local support tailored to a company’s needs.

    About Microsoft

    Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

    Microsoft, Great Plains, Outlook, MapPoint, FRx and Windows are either registered trademarks or trademarks of Microsoft Corp., Great Plains Software Inc., FRx Software Corp. or their affiliates in the United States and/or other countries.

    Great Plains Software Inc. and FRx Software Corp. are subsidiaries of Microsoft Corp.

    The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

    Note to editors : If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at http://www.microsoft.com/presspass/ on Microsoft’s corporate information pages. Web links, telephone numbers and titles were correct at time of publication, but may since have changed. For additional assistance, journalists and analysts may contact Microsoft’s Rapid Response Team or other appropriate contacts listed at http://www.microsoft.com/presspass/contactpr.asp .


    MDU Resources Group, Inc. (MDU) CEO Dave Goodin on Q4 2018 Results - Earnings Call Transcript | killexams.com real questions and Pass4sure dumps

    No result found, try new keyword!Great Plains Natural Gas, Intermountain Gas and Montana-Dakota Utilities Trevor Hastings - President and CEO, WBI Energy Stephanie Barth - Vice President, Chief Accounting Officer and Controller ...

    MDU Resources Group Inc (MDU) Q4 2018 Earnings Conference Call Transcript | killexams.com real questions and Pass4sure dumps

    Logo of jester cap with thought bubble.

    Image source: The Motley Fool.

    MDU Resources Group Inc  (NYSE:MDU)Q4 2018 Earnings Conference CallFeb. 06, 2019, 2:00 p.m. ET

    Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Operator

    Hello, my name is Regina, and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2018 Year-End Earnings Results and 2019 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 20. The conference ID number for the replay is 7586823. Again, the conference ID number for the replay is 7586823. The number to dial for the replay is 1 855-859-2056 or 404-537-3406. I would now like to turn the conference over to 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 -- Vice President, Chief Financial Officer & Treasurer

    Thank you, Regina, and welcome to their conference call covering their 2018 year-end earnings and 2019 guidance. This conference call is being broadcast live to the public over the Internet and slides will accompany their remarks. If you'd like to view the slides, please go to their website at www.mdu.com and go to the Events and Presentations page under the Investors tab. Their earnings release is also available on their website.

    During the course of this presentation, they will make certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the Company believes 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 their most recent Form 10-K.

    On their 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 they will open the line for questions.

    In addition to Dave and myself, members of their management team who will be 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 WBU Energy; and Stephanie Barth, Vice President, Chief Accounting Officer and Controller of MDU Resources.

    Yesterday, they announced 2018 earnings from continuing operations of $269.4 million or $1.38 per share compared to 2017 earnings from continuing operations of $284.2 million or $1.45 per share. In the fourth quarter, earnings from continuing operations were $76 million or $0.39 per share compared to $115 million or $0.59 per share in 2017. Results in 2017 included a one-time federal tax reform benefit in the fourth quarter of $39.5 million or $0.20 per share.

    For 2018, their combined utility business reported earnings of $84.7 million compared to $81.6 million in 2017. The 2017 results included a $6.4 million decrease related to a net deferred tax asset adjustment, resulting from the Tax Cuts and Jobs Act. Their electric utility segment earned $47 million in 2018 compared to the prior year earnings of $49.4 million, which included a $2.1 million additional income tax expense recorded in the fourth quarter of 2017. Main drivers of the decrease in earnings were higher depreciation, depletion and amortization expense from increased plant asset additions, and lower investment returns. Partially offsetting the decrease in earnings were 1.4% higher electric retail sales volumes.

    Our natural gas utility segment had earnings of $37.7 million in 2018 compared to prior year earnings of $32.2 million which included a $4.3 million additional income tax expense in the fourth quarter of 2017 resulting from the Tax Cuts and Jobs Act. Increase in year-over-year earnings was largely due to higher retail sales margins as a result of weather normalization and conservation adjustments. These margin increases were partially offset by lower volumes in certain regions throughout the year. The earnings increase was partially offset by increased operation and maintenance expense, lower investment returns and higher depreciation, depletion and amortization expense.

    At their pipeline and midstream business, earnings in 2018 were $28.5 million compared to prior year earnings of $20.5 million. The earnings increase was largely result of higher transportation revenues and volumes for multiple organic growth projects that came online in 2017 and 2018. Also contributing to the earnings increase was a $4.2 million tax benefit recorded in the third quarter related to a final accounting order issued by the Federal Energy Regulatory Commission or FERC. Partially offsetting these increases were higher operation and maintenance expense, decreased storage revenues, and higher depreciation, depletion and amortization expense from increased plant asset additions.

    Our construction services business reported record revenues of $1.37 billion and record earnings of $64.3 million in 2018, up from 2017 earnings of $53.3 million which included a one-time $4.3 million tax benefit from the Tax Cuts and Jobs Act. This business's earnings increased due to higher outside specialty contracting workloads and margins, largely from higher equipment sales and rentals, as well as an increase in power line recovery work related to natural disasters, and of course lower income tax expense.

    Partially offsetting the increase were higher selling, general administrative expense primarily related to payroll costs, lower inside specialty contracting workloads, and changes to estimates on certain construction projects. Construction services' backlog at the end of the year was a record $939 million, up 33% from 2017.

    Our construction materials business also reported record revenues at $1.93 billion and earnings of $92.6 million compared to 2017 earnings of $123.4 million which included a one-time $41.9 million tax benefit as a result of the Tax Cuts and Jobs Act.

    Absent the one-time impacts from tax reform in 2017, earnings increased due to lower income tax rates in 2018, as well as higher aggregate and asphalt product workloads and margins. This increase in earnings was partially offset by higher selling and general administrative expense, higher interest expense and lower ready-mix margins and volumes, which is largely related to weather conditions in certain regions. Construction material's backlog at the end of the year was also a record at $706 million, up 45% from the previous year.

    And now I'll turn the call over to Dave for his formal remarks. Dave?

    David L. Goodin -- President, Chief Executive Officer & Director

    Well, thank you, Jason, and good afternoon everyone. Thank you for your interest in MDU Resources and for taking the time to join us today to discuss their results for 2018, and for their outlook for 2019. I am pleased with their 2018 business performance. I commend the employees of their MDU Resource companies for their strong operating performance. Their expertise, innovation, and overall commitment to operating with integrity, while building a strong America allowed us to provide solid operating results.

    Our 2017 earnings of $1.45 per share included a one-time tax reform adjustment of $39.5 million or $0.20 per share. In comparison, their strong performance in 2018 allowed us to report earnings of $1.38. We're very proud of their record of consistently rewarding their shareholders with a growing dividend, while also investing in their businesses to fund growth opportunities across all business lines.

    Our utility companies, which represent a strong foundation of earnings and operating cash flows, had a solid year, driven by customer growth of 1.8% and higher electric sales volumes. Their utility segment announced at the beginning of the fourth quarter that the purchase of the Thunder Spirit Wind farm expansion in southwest North Dakota was completed. This expansion increased production capacity at the wind farm to approximately 155 megawatts, bringing their electric generation portfolio to now 27% renewables.

    On February 5, their Big Stone South to Ellendale joint venture transmission line was put into service. The utility invested approximately $130 million in constructing this MISO-approved 345 kV transmission facility. The utility also announced just yesterday that they're also extending natural gas service to customers in Gwinner and Milnor, North Dakota. Construction to extend service to both residential and commercial customers is expected to begin this spring with completion in late 2019. Over the next five years, their utility expects its 1.1 million customer base to grow annually by 1% to 2%, and expects rate base growth of 5% compounded annually over the next five years. Their utility remains focused on regulatory recovery for costs associated with upgrading and expanding their facilities so they can safely meet their growing customer demand.

    The pipeline business performed very well throughout 2018, and completed two key expansion projects in the year that increased capacity by approximately 240 million cubic feet per day. These two projects, in addition to the projects that were placed into service in 2017, allowed us to transport record volumes of natural gas through their pipeline system for the eighth consecutive quarter.

    The Company's natural gas transportation capacity now exceeds 1.8 billion cubic feet per day. The Company also filed a rate case with the FERC in October. This pending case is in accordance with the Company's settlement agreement, which was reached in 2014 and its customers with the FERC. Looking forward, they plan construction of the Demicks Lake and Line Section 22 expansion projects, which will be getting this spring. The Demicks Lake pipeline will be constructed in McKenzie County, North Dakota and will add 175 million cubic feet per day of capacity. Line Section 22, near Billings, Montana, will add 22.5 million cubic feet per day of capacity.

    Both projects have long-term customer commitments and are expected to be completed in late 2019. This business recently announced that they have plans to construct the North Bakken Expansion Project. Here, a 67-mile, 20-inch natural gas pipeline that will transport natural gas from core Bakken production areas in Western North Dakota. As designed, this project would provide 200 million cubic feet per day of natural gas transportation capacity to the Company's system. Dependent on agreements with customers, contracts and required permitting, this $220 million project is expected to begin construction in early 2021 and to be completed later that same year.

    Now, I'd like to turn their attention to their construction businesses. The construction services group produced exceptional earnings growth, and as you heard from Jason, ended the year with both record revenues, earnings and backlog. The Company continues to see strong demand for its outside specialty contracting work and saw increased workloads for electrical transmission, distribution and substation work, really, throughout the year.

    Backlog also includes a significant amount of inside specialty work, including projects for the high-tech, manufacturing and hospitality industries. They certainly look forward to successfully executing this year on projects included in their record $939 million of backlog, while continuing to focus on both costs and efficiencies.

    At their construction materials business, they also had a strong finish to 2018 with record revenues and year-end backlog. While they had some areas that faced short-term challenges, certain regions are performing well, and they are confident in their ability to achieve long-term growth. This business completed four acquisitions in 2018, adding to their 1 billion tons of aggregate reserves, along with expanding their market coverage in central Minnesota, the Sioux Falls, South Dakota area along the general area of Portland, Oregon.

    For 2019, they continue to evaluate acquisition opportunities at both their construction services and construction material companies. They expect their construction companies to report full-year revenues in the range of $3.35 billion to $3.65 billion, with margins comparable to or slightly higher than their 2018 levels. I believe strongly that their geographic diversity and industry diversity between their companies, will provide solid earnings in the future.

    That completes their individual business Company discussion. Now I'd like to pivot and look ahead at their overall corporation as we're initiating their 2019 earnings guidance in the range of $1.35 to $1.55 per share. This range, it reflects normal operating, economic and weather conditions, including precipitation and temperatures across all their service areas, and also anticipates an investment of $579 million for capital projects across all of their business lines. Earnings from acquisitions made throughout the year would be incremental to this range and are not included in their capital forecast.

    MDU Resources has performed well in 2018, and I'm optimistic that we're well positioned to produce significant long-term value as they execute on their business plans and explore potential acquisitions and organic growth opportunities. They continue to maintain a strong balance sheet, solid credit ratings, and excellent liquidity position. And for 81 years, they have continued to provide a competitive dividend to their shareholders. As always, MDU Resources is committed to operating with both integrity and a focus on safety, while creating shareholder value that's superior as they continue to build a strong America.

    I appreciate your interest in and commitment to MDU Resources, and ask now that they open the line for questions. Operator?

    Questions and Answers:

    Operator

    (Operator Instructions) Your first question comes from the line of Chris Ellinghaus with Williams Capital. Please go ahead.

    Chris Ellinghaus -- Williams Capital -- Analyst

    Hey, guys.

    David L. Goodin -- President, Chief Executive Officer & Director

    Hi, Chris.

    Chris Ellinghaus -- Williams Capital -- Analyst

    Dave, you said construction materials had some challenges. Can you elaborate on that a little bit?

    David L. Goodin -- President, Chief Executive Officer & Director

    I'll touch on it a little bit. I know they talked earlier in the year weather had an impact to us at the early start of the year. I'll say some challenging economic times up in Alaska as they saw effects from the energy industry there. I'll hand it over to Dave Barney though. Maybe you can talk a little bit around his areas as to any particulars that he would have.

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Hi, Chris. Well, Dave really hit on it. A lot to do with weather in Texas. They just continue to get -- they got hammered with rain there earlier in the year and later in the year and weather in Minnesota, Ohio and as they touched on their energy states, they're down, but that was the biggest impact versus weather this year.

    Chris Ellinghaus -- Williams Capital -- Analyst

    Okay. Are you anticipating any difficulties not knowing the weather (inaudible) of being able to recapture some of that later in the year?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Well, you saw their backlog. They have a large backlog and they need the weather to cooperate, at least normal weather so they can get out there and execute on the backlog they have, and we're hoping the weather will cooperate. We'll have a good year if it does.

    Chris Ellinghaus -- Williams Capital -- Analyst

    Okay. Dave, the guidance as is typical, scares people at the beginning of the year. With the -- sort of the discussion of the construction business's revenue outlook and the potential for flat to high -- slightly higher margins, what would you have to see in order to achieve toward the lower end, because the -- sort of the detailed in the -- details in the guidance would certainly suggest higher earnings for the year versus 2018. So what kind of things go into the lower end of the guidance that would have to happen to achieve that kind of number?

    David L. Goodin -- President, Chief Executive Officer & Director

    Yes, Chris, you're spot on so far. As we're starting this year, they noted the record backlog at both of their construction businesses. You noted too the margins being comparable to actually slightly increasing in those segments. So, it is a very good starting point for the year. More particularly to the question though, and Dave touched on it earlier, there's always an effective whether, if you would, depending on how soon they can get out and get after that backlog. So that can have some variable to it as they execute on the projects. They assume that there'll be nothing material relative to any government shutdown or delays there associated with -- they could have an effect on their businesses, unknowing whether it'd be permitting for pipelines or DOT related from the materials segment, but there could be something there as well I think.

    I do want to remind you and others, they are tied to the economy. They think we've got a very good start to the year. They also have a backlog about -- not that they work it all off in the same year, but a strong majority of that. That's about half of what they are guiding from an overall revenue perspective on their businesses. So they still need to secure and win additional projects which I have confidence in their team, but I would point to those as a couple of the elements that could drive those to the lower end of that range.

    Chris Ellinghaus -- Williams Capital -- Analyst

    Okay, great. Jeff, the guidance for revenues (technical difficulty). Is there labor constraints that are driving your expectations for revenues for the year?

    Jeffrey S. Thiede -- President & CEO of MDU Construction Services Group, Inc

    You bring up a good point regarding labor and they do see pressure on available labor and most of their markets. There's always a need for more alignment. We're seeing, in some of the regions they work, unanswered calls from the union halls and especially in the Ohio region. So we're looking ahead at selective opportunities that are going to fit their resources, and lot of it has to do with timing. So, we're still out pursuing projects. They still have the capacity to add to their backlog, but a lot of it comes down to labor availability, resources and alignment with their client needs.

    Chris Ellinghaus -- Williams Capital -- Analyst

    Okay. Thanks for the details, guys.

    David L. Goodin -- President, Chief Executive Officer & Director

    Hey, thank you, Chris.

    Operator

    Your next question comes from the line of Paul Ridzon with KeyBanc. Please go ahead.

    Paul Ridzon -- KeyBanc -- Analyst

    Good afternoon.

    David L. Goodin -- President, Chief Executive Officer & Director

    Hi, Paul. Good afternoon.

    Paul Ridzon -- KeyBanc -- Analyst

    Can you quantify the reserve you took in the electric segment in the fourth quarter?

    David L. Goodin -- President, Chief Executive Officer & Director

    Paul, was your question quantify what they reserved in the electric segment for the fourth quarter?

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    Yes.

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    Paul, this is Jason. Just trying to confirm. Is this -- you're talking about the reserves for 2017 from a comparative standpoint? We...

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    Maybe I misread the release. Okay, sorry.

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    Yeah. No, I'm just curious. So they certainly saw some impacts last year as it relates to the Tax Cuts and Jobs Act. So they had some -- they took a adjustment I would say in 2017 too that reflected that as they talked about in their release. Really, nothing that I would quantify as a significant reserve that they took in the fourth quarter of this year for anything at the utility business. However, as they worked through the Tax Cut Jobs Act filings throughout the year, they certainly did see some impact of that throughout the year with that and Nicole can elaborate a little bit if needed.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    (multiple speakers) And then weather in the fourth quarter construction materials, kind of, how much of a drag did that cause versus plan?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Yeah, Paul. This is Dave. Yeah, it was a big drag compared to 2017. That was the biggest cause of the lower earnings in the fourth quarter was weather. Like I said in Texas, they had -- I don't think they had any work done in Texas in all of October and most of November, and as I said Iowa and Minnesota. They just had the early weather and it hurt us. They still made money but no, it did hurt their earnings in the fourth quarter.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    And then, is there any way to quantify? They had another 30-day government shutdown, what that could mean?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    I could tell you they saw no impact from this last shutdown. They don't feel -- they don't think it would be a large impact to their Company. Most of the jobs that are in their backlog is funded and then, even in the past when you look at California, they did some payment warrants to get people through. So, they don't believe it will have a big impact. It should have some type of impact when you're looking to get federal permits for jobs you got -- you already have, but they don't believe it will be a big impact, but they won't know until it happens obviously right?

    David L. Goodin -- President, Chief Executive Officer & Director

    Paul, this is Dave. Just maybe to expand on it, you quantified your question as a 30-day shutdown and clearly, I think, opinion wise, 30 day would not have a material effect on the year, but if they got extended beyond that, then you start looking at permitting and right of way and federal agencies (inaudible) even from sighting of their other growth projects, for instance, on their pipelines. And so, Dave touched on kind of from a DOT funding, but if it got longer than that, it's yet to be seen. They really haven't been that territory. So it's unknown to us exactly how that might be played out.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    And is the fact that the past -- the most recent shutdown had little impact just because it happened in January?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Yeah, obviously. Paul, this is Dave again. Yeah, it was in the holidays and through January, but they still had some work out there, not a lot, and they really been seeing the impact. They saw bidding continue to go through that time period and would expect. I mean, if they had a shutdown in late February -- like I said, it might have a little impact, but I don't think it'll be a big impact on their Company.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    And then lastly, I know I ask this every quarter, but have you seen any more competitive pressures eating into the savings from tax -- TCJA?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    No, Their margins continue to grow. They continue to get price increases on their products -- almost all their products, and they really haven't seen any pressure at all given anything back on the taxes.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    Is that -- go ahead, Dave.

    David L. Goodin -- President, Chief Executive Officer & Director

    Paul, I'm going to ask Jeff to comment in services on the same question.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    Thank you.

    Jeffrey S. Thiede -- President & CEO of MDU Construction Services Group, Inc

    We're not really seeing much of an impact to either. So, not materially.

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    Okay, thank you very much.

    David L. Goodin -- President, Chief Executive Officer & Director

    Okay. Thank you, Paul.

    Operator

    Your next question comes from the line of Andrew Levi with ExodusPoint. Please go ahead.

    Andrew Levi -- ExodusPoint -- Analyst

    Hi guys, how are you.

    David L. Goodin -- President, Chief Executive Officer & Director

    Hi, good afternoon, Andrew.

    Andrew Levi -- ExodusPoint -- Analyst

    Just a couple follow-ups. Just, I want to get a better understanding of the guidance that ended up being that light relative to what maybe (inaudible). Did you feel then anything for the weather up to now? I mean, I know you're only four or five weeks into it, but was January's weather are factored anyway?

    David L. Goodin -- President, Chief Executive Officer & Director

    No, they would have not factored in any of January into how we're viewing 2019.

    Andrew Levi -- ExodusPoint -- Analyst

    And then, also in 2019, I know that you have a ramp-up in capital costs regarding the construction materials business, and I guess that is for equipment. Is that correct?

    David L. Goodin -- President, Chief Executive Officer & Director

    Some of that is -- (multiple speakers) some of that is just -- I'll say normal O&M, I mean, normal capital from -- keep the equipment and the fleet fresh. Some of it's also taking out leases and putting them on the balance sheet instead of a -- from a lease perspective, and they do not have any capital included in materials or services relative to any M&A activity. So it's kind of ongoing -- just ongoing capital needs.

    Andrew Levi -- ExodusPoint -- Analyst

    No, but if I remember correctly , I think it was either in the third quarter call or December you increased the CapEx for that segment for '19?

    David L. Goodin -- President, Chief Executive Officer & Director

    We did -- they did move it up some over the five year period, certainly from where it had been -- had been almost at historic lows for the prior five years.

    Andrew Levi -- ExodusPoint -- Analyst

    Is that a drag at all in '19 just because whether it's taking -- dealing with the leases are buying new equipment?

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    Andrew, this is Jason. Yeah, you could see a little bit of that. I think as you look at just from the fact that as you add more assets, you're going to have a little bit higher DD&A expense is going to flow through the income statement, which could have some impact there. From a cash flow standpoint, that can help you from an expensing standpoint to some of the new tax reform regulations they have out there being able to address that. So, it's kind of a little bit of a flip between O&M and DD&A in some cases. So, I don't think they would have a significant impact of any sort, because if you're buying out equipment versus leasing, it's really not going to have that much impact on your bottom line.

    Andrew Levi -- ExodusPoint -- Analyst

    Okay, great. Saw the ramp up in that. So, I was wondering if it's really in '19 it's a little bit of a drag, and then as things get cooking in 2021 that drag no better way before it gets (inaudible) by top line growth are more efficient.

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    Yeah. No, I would say not really a huge impact on '19 based on that, I don't see that being a huge driver for it.

    Andrew Levi -- ExodusPoint -- Analyst

    Was the pensions an issue in '19 at all? Higher pension expenses?

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    No, not really. We've had -- most of their pensions that they have are frozen. So, I mean, they don't really have a lot of impact from ongoing there. You've certainly got -- you look at the back half of the year, they saw quite a bit of change in asset returns, obviously, which can have some impacts over the longer term on some of these plans, but yeah, it's spread out over quite a bit of time with the smoothing. Discount rate adjustments going to have some impacts too. The fact that the interest rates have come down a little bit here again toward the end of the year, but no significant impacts that, really, are a driver for us I would say in 2018.

    Andrew Levi -- ExodusPoint -- Analyst

    Okay. So, to be honest with you, I'm kind of a little bit at a loss as you know. I'm looking at what you earned in 2018 and then your guidance -- your midpoint of the guidance is $1.45. So, getting kind of back to what Chris Ellinghaus was talking about. Why would there be no significant growth in '19 over '18. I know what your stated growth rate is, but if you were to come in at $1.45 versus $1.38, it doesn't achieve the growth rate. Obviously $1.55 does. So, I'm just a little confused to be honest with you. So maybe you can walk us through how you kind of came up with the midpoint, why at the midpoint, there would be no significant growth in '19 over '18 or is that $1.45 is conservative and we'd expect that toward the high end.

    David L. Goodin -- President, Chief Executive Officer & Director

    Yeah, I think, Andrew, as you look at the range there, certainly they have probably a wider range than some of their utility brethren out there and they provide a range where some of their material and services brethren don't provide a range at all. So I think when you think of the range, the upper end of that range certainly provides, I think, a nice percentage of growth on a year-over-year basis. Even the midpoint of the range would be catching, if you will, their 5% to 8% that they talk about on a longer-term basis. And so -- and there is some variability as I commented earlier in their business. So whether it'd be weather effects and how soon they get out in the field and execution of their strong backlog that they have. And so, there is some variability certainly. As they get out of the gate here in the first quarter, they would look to update that throughout the year, and as they know more, we'll firm that up and adjust accordingly throughout the year, but this is how we're starting the year and certainly I would just ask you to stay tuned as they go throughout the year.

    Andrew Levi -- ExodusPoint -- Analyst

    Okay, thank you very much.

    David L. Goodin -- President, Chief Executive Officer & Director

    Thank you, Andrew.

    Operator

    Your next question comes from the line of Vedula Murti of Avon Capital. Please go ahead.

    Vedula Murti -- Avon Capital -- Analyst

    Good afternoon.

    David L. Goodin -- President, Chief Executive Officer & Director

    Good afternoon.

    Vedula Murti -- Avon Capital -- Analyst

    Just wondering in terms of going through the business lines and the capital opportunities as well as potential M&A. Can you -- I came in a little bit late, but can you -- is there -- in terms of looking at the M&A landscape across your businesses, is there anything right now you're kind of prioritizing? And given where your balance sheet is right now, can you give us a sense as to kind of -- what type of capacity you feel like you'd be comfortable with if you found something that kind of match your criterion with regards to potential acquisition relative to the size of your balance sheet?

    David L. Goodin -- President, Chief Executive Officer & Director

    Sure. So, Vedula, as they think about each of their construction businesses, they have stated for some period of time now that we've resumed their business development teams in both services and materials. They announced throughout last year four acquisitions in their material segment. Those were all certainly executed last year. Also, their business teams are very active there. Services, while they didn't announce anything last year, they have business development teams active there, and looking at those markets from. On the regulated side, I would say their focus there is more from an organic growth perspective. We've got 5% CAGR at their utility over the next five years from a rate-based investment opportunities, all organic.

    And then, if you take a look at their pipeline group, the projects that were completed last year on time, on budget, whether it was Valley Expansion or Line Section 27. We've got -- announced Line Section 22 near Billings also the Demicks Lake are nice organic growth projects. And then, the one they just recently announced a very sizable project, that will be a 2021 project, the North Bakken Expansion, which is $220 million. So, I see that as much more likely in line of sight from organic growth at both the pipeline and the utility group.

    And so, I think the part two of your question was about balance sheet capacity here. And so, I'll turn that over to Jason Vollmer and he can touch on that a little bit. I mean, that's always situational specific, certainly, but just give you a sense.

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    Yes, sort of I can touch on that just briefly. They do feel we've got a strong balance sheet. We're well positioned to experience some additional growth here and potentially look at some acquisitions as they go through the year as they did in 2018, certainly being able to make some acquisitions there without significant impacts of the balance sheet or any changes to their credit ratings. They are BBB plus rated with both -- both at S&P and Pitch at this point in time, and those targets that they look at from their perspective are typically either FFO to debt target or a debt to EBITDA type target. And , they feel like we've got some room there. I guess, it's hard to quantify that. It depends. It's specific to each individual acquisition. You can look at as far as what kind of additional EBITDA or FFO those acquisitions would create, but they feel like we've got some room to continue to grow and maintain the credit ratings where they're at today, which they really like that stable BBB plus type rating.

    Vedula Murti -- Avon Capital -- Analyst

    Just so I am clear, it seems like that the focus on anything that would be outside of what's in the current capital program or that's outside of organic within all the business lines, anything that's outside of organic would be focused more toward the materials and services area at this time?

    David L. Goodin -- President, Chief Executive Officer & Director

    I think that's fair to say, but still at the same time, they wouldn't dismiss opportunities that we'd have both from capital deployment, both at the pipeline along with the utility. And so, I wouldn't preclude that. I would just say, it's much more line of sight and that's what's currently included in their five-year plan.

    Vedula Murti -- Avon Capital -- Analyst

    I'm also just curious -- just when you take a look at the regulated side of the business in pipeline some -- valuations to some extent have been somewhat elevated. And I think, we've discussed this in the past. I'm kind of curious how you view that today and kind of how you're looking at things going forward and putting that in context?

    David L. Goodin -- President, Chief Executive Officer & Director

    Sure. And I mean the elevated value is some of the reason why we're probably less focused on M&A opportunities because of the challenge there to ensure that they're shareholder value created. And so, that poses its own set of challenges, if you will. And again, we're very focused on what's right in front of us from the organic growth opportunity set.

    Vedula Murti -- Avon Capital -- Analyst

    All right. Thank you very much.

    David L. Goodin -- President, Chief Executive Officer & Director

    Thank you, Vedula.

    Operator

    (Operator Instructions) Your next question comes from line of Ryan Levine with Citi. Please go ahead.

    Ryan Levine -- Citi -- Analyst

    Hello. Couple of questions on the construction materials segment. Would you able to breakout the contribution from recent acquisitions for the quarter in both backlog and in terms of the EBITDA. Was that meaningful for the Q4 performance? And is there a way to comment around how the recent acquisitions have been performing relative to expectations, and if there is any noise that is baked into your 2019 guidance?

    David L. Goodin -- President, Chief Executive Officer & Director

    Ryan, great questions. I'll ask Dave, maybe start with the first one, Dave, about just how are the operations functioning and being integrated and just given we've had one here just in the fourth quarter and then three earlier in the year.

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Yes, well, on the South Dakota, the Sweetman materials, they just purchased that in the fourth quarter, and we're just getting them, we've been --

    Ryan Levine -- Citi -- Analyst

    Integrated?

    David L. Goodin -- President, Chief Executive Officer & Director

    Integrated, yes, that's the word I was looking for. Integrated within their companies and that's come along fine. They really don't have a backlog. They are a materials company. So there is no backlog that you would -- they would put within their $700 million number. You're not going to see any backlog there and the Tri-Cities, a small backlog. They have those integrated. They're working well, right now. They didn't contribute that much to earnings in 2018. We're looking for more of that contribution in 2019. That answered your question?

    Ryan Levine -- Citi -- Analyst

    Is there any 2019 volatility associated with the recent acquisitions?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Not that I know of.

    Ryan Levine -- Citi -- Analyst

    In terms of earnings?

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    No. I would say all upside.

    Ryan Levine -- Citi -- Analyst

    And in terms of the EBITDA contribution from the quarter, do you know what those acquisitions collectively providing? Trying to understand what's organic versus inorganic in construction materials group?

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    Hi, Ryan. This is Jason. I'd just jump in quick, I would say it's really hard to pull what that is (inaudible) bolt-on type acquisitions really get integrated with other operations that they have within those areas. I would say largely, as far as impacts in the fourth quarter as Dave mentioned, Sweetman was probably the more significant acquisition that they made. So it was -- which was happened in the fourth quarter here. So, I really didn't have a whole lot of track record behind it as they acquired that, brought it in. And really, just from an integration strategy throughout the year, I mean, we've certainly incurred some expenses to acquire these companies as well, which probably offset any additional impact throughout the scene. So, I would call it kind of a wash on the year and certainly on the fourth quarter.

    Ryan Levine -- Citi -- Analyst

    Okay. And then in terms of the M&A market going forward, are you seeing any change in pricing or terms in light of the competitive dynamic for ag or other construction material or service businesses?

    David L. Goodin -- President, Chief Executive Officer & Director

    Yes, we'll start with back to Dave Barney in the materials, then we'll move on to Jeff Thiede for services.

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Ryan, their sweet spot, what fits us well is that $30 million to $60 million M&A deals, and so we're trying to stay out of the large platform deal that you're going to see the double-digit multiples. So the multiples we're seeing are between 6 and maybe 8, we're willing to pay depending on what kind of synergies we'll get from those companies as they integrate them within their companies, but right now there's -- we're getting calls all the time. We're working on a few as they speak right now, and hopefully they can announce some here in the next couple of months.

    David L. Goodin -- President, Chief Executive Officer & Director

    Jeff?

    Jeffrey S. Thiede -- President & CEO of MDU Construction Services Group, Inc

    Yeah, we're seeing higher premiums and about similar multiples. Their business is similar to Knife River's, but unique. We're continuing to evaluate companies that will add to their growth and their priorities of -- two major priorities which is adding a company that fits their culture with services that are complementary to what they currently provide, and second, looking to grow outside of their current markets and in areas that are business friendly, and areas that have diversified economies. So they can't get more specific than that, but they can tell you we're looking to grow. They have the backing to grow. They also have the M&A team seek, evaluate and integrate additional companies into their organization.

    Ryan Levine -- Citi -- Analyst

    Okay, great. Thank you.

    David L. Goodin -- President, Chief Executive Officer & Director

    Thank you. Ryan.

    Operator

    This marks the last call for questions. (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 20. The conference ID number for the replay is 7586823. Again, the conference ID number for the replay is 7586823.

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

    David L. Goodin -- President, Chief Executive Officer & Director

    Well, thank you. 2018 was certainly a solid year for all of their businesses and in which they executed well on both their strategies and their long-term way to create shareholder value. They are committed to building a strong America and being optimistic about their opportunities for 2019 and beyond. They certainly appreciate your participation on their call today and they thank you for your continued interest in MDU Resources. With that, I'll turn it back to the operator.

    Operator

    This concludes today's MDU Resources Group conference call. Thank you for your participation, you may now disconnect.

    Duration: 44 minutes

    Call participants:

    Jason L. Vollmer -- Vice President, Chief Financial Officer & Treasurer

    David L. Goodin -- President, Chief Executive Officer & Director

    Chris Ellinghaus -- Williams Capital -- Analyst

    David C. Barney -- President & Chief Executive Officer of Knife River Corporation

    Jeffrey S. Thiede -- President & CEO of MDU Construction Services Group, Inc

    Paul Ridzon -- KeyBanc -- Analyst

    Paul Thomas Ridzon -- KeyBanc Capital Markets Inc -- Analyst

    Andrew Levi -- ExodusPoint -- Analyst

    Vedula Murti -- Avon Capital -- Analyst

    Ryan Levine -- Citi -- Analyst

    More MDU analysis

    Transcript powered by AlphaStreet

    This article is a transcript of this conference call produced for The Motley Fool. While they strive for their Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all their articles, The Motley Fool does not assume any responsibility for your use of this content, and they strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

    Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.



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