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BISMARCK, N.D. - On Tuesday, Knife River Corporation (NYSE:KNF) reported first quarter results that fell short of analyst expectations, though the construction materials company raised its full-year revenue guidance.
The company’s shares dropped -2.85% in premarket trading following the release.
The aggregates and construction services provider posted a net loss of $68.7 million, or $1.21 per share, wider than the $0.68 per share loss analysts had forecast. Revenue came in at $353.5 million, below the $385 million consensus estimate but up 7% YoY.
Knife River cited higher costs and expenses in the seasonally weak first quarter, including $13 million in increased SG&A expenses related to acquisitions and corporate development activities. The company typically records a seasonal loss in Q1.
Despite the earnings miss, Knife River raised its 2025 revenue outlook to $3.25-$3.45 billion, above the $3.12 billion analysts were expecting. The company said it remains on track for record full-year revenue, net income and adjusted EBITDA.
"Our typical seasonal loss in the first quarter was in line with our expectations, and Knife River remains on track to have our most profitable year in history," said CEO Brian Gray.
Knife River closed its acquisition of Strata Corporation in Q1, which it expects to positively impact results starting in Q2. The company’s backlog stood at $938.7 million at quarter-end, near year-ago levels.
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