NYSE$KNF
Knife River Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Achieved record third quarter revenue, gross profit, and net income, driven by price increases and contracting services, while closing on additional acquisitions to enhance long-term profitability.
Knife River Corporation reported record third-quarter revenue of $1.1 billion, a 1% increase year-over-year, driven by price increases in aggregates and ready-mix product lines and increased contracting services revenues. Net income also reached a record $148.1 million, up from $146.7 million in the prior year. The company narrowed its full-year guidance for 2024 revenue to between $2.85 billion and $2.95 billion, and adjusted EBITDA to between $445 million and $465 million.
- Achieved record third-quarter revenue, gross profit, and net income.
- Geographic segments contributed record EBITDA of $224.6 million, a 6% increase year-over-year.
- Closed on additional acquisitions, deploying $129.3 million of capital on six acquisitions through Nov. 2, 2024.
- Backlog of $755 million is higher than the same period last year, with slightly higher expected margins.
Headline financials
Revenue & EPS history
Knife River · Revenue · Quarterly
$1.11B
Forward guidance
Knife River narrowed its full year 2024 revenue and Adjusted EBITDA guidance ranges. The company expects revenue in the range of $2.85 billion to $2.95 billion, and adjusted EBITDA in the range of $445 million to $465 million.
Tailwinds
- Expect price increases of high single digits for aggregates and ready-mix.
- Expect price increases of low single digits for asphalt.
- Strong public funding backdrop.
- Continued opportunities to bid on projects across our footprint.
- Good schedule of DOT bid lettings coming up for 2025 across our states.
Headwinds
- Anticipated acquisition expenses related to our growth program.
- Expect continued pricing momentum to be partially offset by volume declines for the materials product lines.
- Expect mid single digits volume decline for aggregates.
- Expect high single digits volume decline for ready-mix.
- Expect mid single digits volume decline for asphalt.
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 Q3 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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