Knife River Corporation ( (KNF) ) has released its Q3 earnings. Here is a breakdown of the information Knife River Corporation presented to its investors.
Knife River Corporation, a member of the S&P MidCap 400 index, specializes in mining aggregates and providing construction materials and contracting services, with a focus on public and private projects across various sectors. The company recently reported its third-quarter earnings, showcasing record revenues and net income, alongside strategic acquisitions aimed at strengthening its market position. Knife River achieved a record third-quarter revenue of $1.1 billion, marking a 1% year-over-year increase, driven by price hikes and enhanced contracting services revenues. The company also reported a net income of $148.1 million, reflecting a 1% rise from the previous year. Key acquisitions in the aggregates and liquid asphalt sectors are expected to bolster future financial performance. Despite a slight decline in adjusted EBITDA, Knife River’s focus on geographic segment performance led to a 6% increase in EBITDA contributions from these areas, counterbalancing expected reductions in its Energy Services segment. As Knife River narrows its guidance for the rest of 2024, it projects total revenue between $2.85 billion and $2.95 billion, with adjusted EBITDA expected to range from $445 million to $465 million. The company remains committed to leveraging its strategic acquisitions and operational improvements to drive long-term growth.
