MDU Resources Group, Inc. (NYSE:MDU) will look for acquisitions. Jeff Thiede, President and CEO of MDU Construction Services Group said, "Our return on invested capital at the end of 2023 was 22%, demonstrating our financial discipline and strong performance. Our backlog remains very strong at near-record levels as demand stays high for the type of services we provide.

We expect our growth to continue with significant project opportunities on the horizon and the ability to be more strategically focused on growing our business as a stand-alone company, we will accomplish this through organic growth and also strategic acquisitions. As I said earlier, we are a people-first business. Everest is not a capital-intensive business.

As you can see, CapEx has historically been below 2% of our revenue, and we expect that to continue in the future. This allows us to reinvest our cash flow directly into growing our business and ensuring that we have the highest quality team, equipment, tools, technology and resources to pursue project opportunities. In addition, with a strong balance sheet, we will have opportunity for strategic acquisitions to complement and support our growth strategy.

We will continue building America's future as Everest".