Knife River Corporation (NYSE: KNF), a leading vertically integrated construction materials and contracting services company, reported robust financial results for the fourth quarter and full year 2024, driven by strong infrastructure demand, pricing initiatives, and operational efficiencies.

For the fourth quarter ended December 31, 2024, the company's net income surged 13% year-over-year to $23.3 million, or $0.41 per diluted share, beating analysts' estimates of $0.34 per share. Revenue rose 2% to $657.2 million, exceeding the consensus forecast of $651.7 million.

The solid performance was fueled by higher pricing across all product lines, including aggregates, ready-mix concrete, and asphalt, as a result of the company's EDGE (Excellence Driving Growth and Efficiencies) strategy. Additionally, disciplined bidding and project execution in contracting services contributed to the improved profitability.

For the full year 2024, Knife River reported record revenue of $2.9 billion, up 2% from the prior year, and net income of $201.7 million, a 10% increase. Adjusted EBITDA rose 7% to a record $463 million, with an adjusted EBITDA margin of 16%, reflecting the company's continued progress toward its long-term goal of exceeding 20%.

Looking ahead, Knife River introduced its full-year 2025 guidance, expecting revenue in the range of $3.0 billion to $3.2 billion and adjusted EBITDA between $485 million and $535 million. The company cited healthy local, state, and federal infrastructure budgets, as well as its strategic acquisition of Strata Corporation, as key drivers for the positive outlook.

"We delivered record financial results in 2024, a testament to our team's commitment to our Competitive EDGE strategy," said Brian Gray, Knife River's President and CEO. "As we move into 2025, we remain focused on executing our EDGE initiatives, including dynamic pricing, disciplined bidding, operational efficiencies, and strategic acquisitions."