Knife River pany(US:KNF)2025-05-06 14:35Financial Performance & Guidance - Q1 2025 revenue increased to $353.5 million, compared to $329.6 million in Q1 2024[8] - Adjusted EBITDA for Q1 2025 was $(38.0) million, compared to $(17.7) million in Q1 2024[8] - The company projects full-year 2025 revenue between $3.25 billion and $3.45 billion[8] - Full-year 2025 Adjusted EBITDA is projected between $530 million and $580 million, with an Adjusted EBITDA margin of 16.6%[8] Strategic Investments & Acquisitions - SG&A expenses increased due to investments in business development and EDGE initiatives, with approximately $8 million in Q1[15] - The company closed on the acquisition of Strata Corporation and Kalama River Quarry in Q1 for $419 million and $10 million respectively[23, 28] - $68 million of Capex approved for organic growth initiatives in 2025[21] Backlog & Infrastructure Funding - Q1 2025 backlog stands at $938.7 million, near the 1Q24 record of $959.5 million[17] - Approximately 87% of the backlog is public work, with an average project size of $3 million and approximately 87% completed within one year[17] Operational Excellence - PIT Crew investments at aggregates plants in Q1 are expected to improve margins[21] - PIT Crew aggregate plant improvements are expected to result in a 30% to 40% average improvement in production capacity[32] Capital Management - The company has a net leverage of 2.5x, in line with its long-term target[21, 43] - Available liquidity stands at $477 million from the Revolver[21, 43]