Knife River Corp · Q2 2023 earnings

Briefing

Knife River reported record second quarter revenue, net income, EBITDA and backlog, reduced net debt leverage to 2.3x EBITDA, and raised revenue and EBITDA guidance.

Knife River Corporation announced record second quarter results with all-time highs in revenue, net income, and EBITDA. The company reported revenue of $785.2 million, a 10% increase from the prior-year period, and net income of $56.8 million, a 47% increase year-over-year. Based on strong first half results, the company raised its full year revenue guidance to $2.6 - $2.8 billion and EBITDA guidance to $320 - $370 million.

• Achieved record second quarter revenue, net income, EBITDA and backlog.
• Reduced net debt leverage to 2.3x EBITDA.
• Raised revenue and EBITDA guidance.
• Initiated adjusted EBITDA guidance.

Headline financials

Revenue & EPS history

For the full year 2023, Knife River is increasing its guidance ranges on revenue and EBITDA. Revenues are expected to be in the range of $2.6 billion to $2.8 billion. EBITDA is expected to be in the range of $320 million to $370 million. Adjusted EBITDA is expected to be in the range of $330 million to $380 million. Capital expenditures are expected to be approximately $125 million.