Knife River Corporation announced record financial results for the third quarter ended September 30, 2024, with consolidated revenue reaching $1.1 billion, a 1% increase from the prior-year period. The company also reported record third-quarter net income of $148.1 million, up 1% year-over-year.
Adjusted EBITDA for the quarter was $245.2 million, a 1% decrease from the prior-year period, primarily due to an anticipated reduction in the Energy Services segment's EBITDA. However, geographic segments contributed a record $224.6 million in EBITDA, marking a 6% increase year-over-year.
The company narrowed its full-year 2024 guidance, projecting revenue between $2.85 billion and $2.95 billion, and adjusted EBITDA between $445 million and $465 million. Knife River also reported a backlog of $755 million, which is higher than the same period last year with improved expected margins.
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