Record Financial Results
Knife River Corporation reported record quarterly revenue of $1.2 billion and adjusted EBITDA of $273 million, marking all-time highs.
Strong Adjusted EBITDA Margin
The company achieved an adjusted EBITDA margin of 22.7% for the quarter, driven by improved gross margins across aggregate, ready-mix, and asphalt product lines.
Successful Acquisitions
Recent acquisitions, including Strata Corporation, significantly contributed to the company's record revenue and EBITDA figures.
Positive Outlook for Oregon
Despite previous challenges, Oregon showed year-over-year improvements and a stabilization trend, supported by a new transportation funding package.
High Backlog Levels
Knife River reported record third-quarter backlog with more high-margin asphalt paving materials, and strong DOT budgets across various states.
Growth in Central Segment
The Central segment achieved record quarterly revenue and EBITDA, with a backlog up 83% year-over-year, driven primarily by growth in Texas.
Energy Services Growth
The Energy Services segment saw revenue growth of 34% and EBITDA growth of 18%, driven by acquisitions and vertical integration.