Knife River Corporation reported a total revenue of $833.8 million for the second quarter of 2025, marking a 3.3% increase from $806.9 million in the same period of 2024. The company's revenue from construction materials rose to $493.6 million, up from $435.1 million, while contracting services revenue decreased slightly to $340.2 million from $371.8 million. For the first half of 2025, total revenue reached $1.2 billion, compared to $1.1 billion in the first half of 2024. However, the company experienced a net income of $50.6 million for the second quarter, a decline from $77.9 million in the prior year, and a net loss of $18.1 million for the first half of 2025, compared to a profit of $30.3 million in the same period last year.
The company underwent significant organizational changes in January 2025, restructuring its business segments to enhance alignment with its strategic goals. The former Pacific and Northwest segments were combined into a new West segment, while the North Central and South segments were merged into a Central segment. This reorganization resulted in four reportable segments: West, Mountain, Central, and Energy Services. The changes aim to improve performance evaluation and resource allocation across the company.
Operationally, Knife River's aggregate reserves stood at 1.2 billion tons as of December 31, 2024, with approximately 37% utilized internally for downstream products and services. The company serves customers across 14 states, focusing on public-sector infrastructure projects. The acquisition of Strata Corporation in March 2025 for $454 million expanded Knife River's operations in North Dakota and northwestern Minnesota, contributing $46.9 million in revenue for the second quarter. Additionally, the company reported a total employee headcount of 56,657 as of June 30, 2025, reflecting a slight increase from the previous year.
Looking ahead, Knife River anticipates continued growth driven by its strategic focus on mid-size, high-growth markets and the integration of recent acquisitions. The company expects to recognize approximately $998.5 million in revenue from remaining performance obligations within the next 12 months. Despite the challenges faced in the first half of 2025, including a decline in net income, management remains committed to executing its growth strategy and enhancing operational efficiency to deliver value to stakeholders.
About Knife River Corp
Knife River Corporation is a leading aggregates-based construction materials and contracting services provider in the U.S. It mines and processes aggregates, produces and sells asphalt, ready-mix concrete, and liquid asphalt, and offers related contracting services for public infrastructure and private projects. Its vertically integrated, regional operations focus on high-growth markets, emphasizing safety, quality, environmental responsibility, and operational efficiency for long-term, profitable growth.
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