NYSE$KNF
Knife River Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Knife River reported record fourth quarter and full-year performance, driven by focused execution on strategic priorities and strong market fundamentals.
Knife River Corporation reported a 20% increase in revenue for the fourth quarter of 2023, reaching $646.9 million. Net income increased by 15% to $20.7 million, and Adjusted EBITDA rose by 10% to $72.4 million. The company's strong performance was attributed to price increases across all core product lines and an extended construction season.
- Consolidated revenue increased by 20% year-over-year, reaching $646.9 million.
- Net income increased by 15% year-over-year, totaling $20.7 million.
- Adjusted EBITDA increased by 10% year-over-year, amounting to $72.4 million.
- Contracting Services backlog was $662.2 million, with margins above the prior-year period.
Headline financials
Revenue & EPS history
Knife River · Revenue · Quarterly
$647M
Forward guidance
Knife River introduced full-year 2024 guidance, projecting revenue between $2.75 billion and $2.95 billion and Adjusted EBITDA between $425 million and $475 million.
Tailwinds
- Continued momentum from record results in geographic segments
- Normalization of the Energy Services segment
- Mid-to-high single-digit price growth on aggregates, ready-mix, and asphalt
- Disciplined approach to pricing
- Bidding and operational execution will further position the company to drive margin expansion
Headwinds
- Full year of recurring separation costs
- Flat to low-single-digit volume declines on aggregates, ready-mix, and asphalt
- EBITDA guidance for Energy Services segment of $50 million to $60 million, down from historic 2023 results
- Normal weather, economic, and operating conditions are assumed; deviations could impact results
- Inability to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items.
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 Q4 2023
+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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