Knife River Corporation

Latest Results (25.12.2024):

Record Revenue

Knife River Corporation reported record consolidated revenue of $1.1 billion for the third quarter of 2024, marking a 1% increase from the previous year's record revenue. This growth was primarily driven by price increases in aggregates and ready-mix product lines, as well as increased contracting services revenues, despite a decline in volumes due to a focus on quality over quantity.

Net Income Growth

For the third quarter of 2024, Knife River Corporation achieved a record net income of $148.1 million, compared to $146.7 million in the same period of the previous year. The company saw solid EBITDA contributions from its geographic segments, resulting in a 6% increase from the prior-year period and a 14.8% increase for the first nine months of 2024 compared to 2023.

Adjusted EBITDA

Knife River Corporation's consolidated adjusted EBITDA for the third quarter of 2024 was $245.2 million, slightly down from $247.5 million in the prior-year period. The company realigned its reportable segments in the fourth quarter of 2023 to better support operational strategies, impacting the reporting of liquid asphalt and related services.

Segment Performance

In the third quarter of 2024, Knife River Corporation's Pacific segment reported a record revenue of $165.0 million, driven by construction activity in Northern California and price increases across product lines. The Northwest segment also achieved record revenue of $218.1 million, with improved contracting services margins and efficiencies gained at its prestress facility in Spokane.

Outlook and Guidance

Looking ahead, Knife River Corporation has narrowed its guidance for 2024, expecting revenue in the range of $2.85 billion to $2.95 billion and adjusted EBITDA between $445 million and $465 million. The company remains focused on a strong finish to the year and positioning for long-term growth, supported by a robust public funding backdrop and a healthy backlog of $755 million.