Knife River maintained its full-year revenue outlook of USD 3.4 billion to USD 3.6 billion.
Adjusted EBITDA is still expected at USD 520 million to USD 560 million.
Contracting and pricing trends
Contracting services revenue rose 20%.
Aggregate pricing improved 8% on a product mix-adjusted basis, with a contracting backlog of USD 1.22 billion.
Quarterly results and margin pressure
Knife River posted Q2 net income of USD 43.9 million, down 13%, as revenue rose 13% to USD 938.6 million.
Adjusted EBITDA (non-GAAP) edged down 1% to USD 139.7 million; adjusted EBITDA margin narrowed 2 percentage points to 14.9%.
CEO Brian Gray cited higher energy costs, delayed projects, contracting mix and weaker asset-sale gains of USD 0.65 million versus USD 10.3 million last year.
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