Knife River Corp. made 1 percent gains in the third quarter in revenue, gross profit and net income, although its adjusted EBITDA slipped about 1 percent.
The company says volumes declined in the third quarter but additional price increases were achieved.
“Our third-quarter results demonstrate the fundamental strength of our business and the benefits of our segment diversity,” says Brian Gray, president and CEO of Knife River. “We achieved record quarterly revenue, gross profit and net income, and adjusted EBITDA was near our record from the third quarter of 2023.
“Our geographic segments contributed record EBITDA of $224.6 million for the quarter, a combined 6 percent increase year over year across the Pacific, Northwest, Mountain and Central segments, which helped us overcome the anticipated EBITDA reduction at our energy services segment,” he adds.
Gray says Knife River continues to benefit from strong public funding.
“We are seeing continued opportunities to bid on projects across our footprint, with record or near-record budgets at most of our state departments of transportation,” he says. “We have a good schedule of DOT (Department of Transportation) bid lettings coming up for 2025 across our states. Our backlog of $755 million is higher than the same period last year, with slightly higher expected margins.”
