NYSE$KNF
Knife River Corp · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Achieved record second quarter revenue, net income and adjusted EBITDA, improved margins, and raised guidance.
Knife River Corporation reported record second quarter results, with revenue reaching $806.9 million and net income at $77.9 million. The company's performance was driven by favorable market conditions, pricing initiatives, disciplined bidding, and solid project execution. Due to the strong performance and visibility into the second half of the year, Knife River raised its full-year guidance for revenue and Adjusted EBITDA.
- Record second quarter revenue, net income, and Adjusted EBITDA were achieved.
- Adjusted EBITDA margin continued to improve, reaching 15.9% on a trailing-twelve-month basis.
- Gross profit margin for contracting services increased by 320 basis points year-over-year.
- The company has nearly $1 billion in backlog with expected higher margins.
Headline financials
Revenue & EPS history
Knife River · Revenue · Quarterly
$807M
Forward guidance
Knife River raised its financial guidance for the full year 2024, anticipating revenue in the range of $2.8 billion to $3.0 billion and Adjusted EBITDA in the range of $445 million to $485 million.
Tailwinds
- Momentum in pricing strength for aggregates, ready-mix, and asphalt.
- Continued cost optimization.
- Positive impact from EDGE initiatives.
- Expected high single-digit price increases for aggregates and ready-mix.
- Expected low single-digit price increases for asphalt.
Headwinds
- Anticipated volume declines for materials product lines.
- Guidance is based on normal weather, economic, and operating conditions.
- Approximately 56% of IIJA funding has yet to be obligated in Knife River's market areas, creating uncertainty in the timing and amount of benefit.
- Potential acquisitions may not materialize or deliver expected benefits.
- Market pricing for liquid asphalt continued to decrease across all markets.
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 Q2 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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