How Knife River performed in the fourth quarter

Total revenue was up 1.5 percent in the fourth quarter at Knife River Corp., which also achieved a record full-year revenue in 2024.

Fourth-quarter revenue in Knife River’s construction materials business was up slightly. Fourth-quarter revenue was down slightly in the company’s contracting services business.

“For the second consecutive year, we delivered record financial results – a testament to our 6,000 team members and their commitment to our Competitive EDGE strategy,” says Brian Gray, president and CEO of Knife River. “We achieved record full-year revenue, net income and adjusted EBITDA (earnings before interest, tax, depreciation and amortization). We also improved our adjusted EBITDA margin for the year to a record 16 percent, continuing our progress toward our long-term goal of exceeding 20 percent.”

According to Gray, Knife River made gains in pricing last year that contributed to its record results.

“We implemented dynamic pricing in more of our markets, which resulted in high-single-digit price increases for our aggregates,” Gray says. “We continued to practice disciplined bidding, helping us achieve a 160 basis-point improvement in our contracting services gross margin.”