NYSE$KNF
Knife River Corp · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Achieved record first quarter revenue and increased backlog with higher expected margins, while advancing organic and acquisition growth initiatives.
Knife River Corporation reported a record first quarter revenue of $329.6 million, a 7% increase from the prior-year period. The company experienced a seasonal net loss of $47.6 million, compared to a net loss of $41.3 million in the prior-year period. Adjusted EBITDA for the quarter was a loss of $17.7 million, compared to a loss of $13.7 million in the prior-year period.
- Record first quarter revenue achieved, driven by price increases and increased contracting services revenues.
- Contracting services backlog increased to $959.5 million with higher expected margins.
- Advanced organic growth investments, including upgraded plants and a new ready-mix operation.
- Acquired a small ready-mix operation in South Dakota, marking the company's 85th acquisition.
Headline financials
Revenue & EPS history
Knife River · Revenue · Quarterly
$330M
Forward guidance
Knife River is reaffirming the 2024 guidance shared last quarter, including mid-to-high single-digit price growth and flat to low-single-digit volume declines. Revenue guidance is reaffirmed in the range of $2.75 billion to $2.95 billion, and Adjusted EBITDA in the range of $425 million to $475 million.
Tailwinds
- Mid-to-high single-digit price growth expected.
- Revenue guidance in the range of $2.75 billion to $2.95 billion.
- Adjusted EBITDA in the range of $425 million to $475 million.
- Transportation departments in Knife River’s 14 states increased their total spending authority for 2024 by 16% from 2023.
- Ample opportunities to bid upcoming work.
Headwinds
- Flat to low-single-digit volume declines expected.
- Guidance based on normal weather, economic and operating conditions.
- Seasonal loss in the first quarter is typical.
- Increased costs related to the separation from MDU Resources.
- Operations were able to begin pre-construction season activities earlier, which included expenses for maintenance-related work, plant mobilization and crew training.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q1 2024
+1.5%
Avg return
Earnings day
+4.3%
Avg return
5 days after
+3.3%
Avg return
30 days after
64%
9 / 14 earnings
Positive
+16.6%
Q4 2025
Best reaction
-6.0%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.6% | +0.2% | -15.2% | |
| Q4 2025 | +16.6% | +12.3% | -1.0% | |
| Q3 2025 | +8.5% | +16.2% | +21.2% | |
| Q1 2025 | -5.3% | -2.0% | -4.8% | |
| Q4 2024 | +4.3% | +8.0% | -4.1% | |
| Q3 2024 | -6.0% | +3.7% | +6.3% | |
| Q2 2024 | -0.7% | +3.6% | +6.4% | |
| Q1 2024 | -5.7% | -2.8% | -16.0% | |
| Q4 2021 | +0.1% | +3.1% | +12.2% | |
| Q4 2023 | +1.0% | +0.2% | +9.2% | |
| Q3 2023 | +1.2% | +2.4% | +12.1% | |
| Q3 2022 | +1.2% | +2.4% | +12.1% | |
| Q2 2023 | +5.0% | +6.5% | +4.3% | |
| Q2 2022 | +5.0% | +6.5% | +4.3% | |
| Q1 2023 | — | — | — | |
| Q4 2022 | — | — | — | |
| Q1 2022 | — | — | — |
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