08/06/2024 | Press release | Distributed by Public on 08/06/2024 05:55
PERFORMANCE SUMMARY
|
Second Quarter | ||||||
(In millions, except per share) | 2024 | 2023 | % Change | |||
Revenue | $ | 806.9 | $ | 785.2 | 3 | % |
Gross profit | $ | 176.2 | $ | 153.0 | 15 | % |
Net income | $ | 77.9 | $ | 56.8 | 37 | % |
Net income margin | 9.7 | % | 7.2 | % | ||
Trailing-twelve-month net income margin
|
6.9 | % | 5.1 | % | ||
Adjusted EBITDA | $ | 154.3 | $ | 126.3 | 22 | % |
Adjusted EBITDA margin | 19.1 | % | 16.1 | % | ||
Trailing-twelve-month Adjusted EBITDA margin
|
15.9 | % | 13.5 | % | ||
Net income per share | $ | 1.37 | $ | 1.00 | 37 | % |
Note: Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. For more information on all non-GAAP measures and a reconciliation to the nearest GAAP measure, see the section entitled "Non-GAAP Financial Measures."
|
MANAGEMENT COMMENTARY
|
SECOND QUARTER 2024 RESULTS
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REPORTING SEGMENT PERFORMANCE
|
||||||||||
Pacific | ||||||||||
Alaska, California, Hawaii | Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||
(In millions) | ||||||||||
Revenue | $ | 131.8 | $ | 125.1 | 5% | $ | 210.2 | $ | 190.7 | 10% |
Gross profit
|
$ | 22.0 | $ | 22.1 | -% | $ | 25.8 | $ | 26.5 | (3)% |
Gross margin
|
16.7 | % | 17.7 | % | 12.3 | % | 13.9 | % | ||
EBITDA | $ | 17.8 | $ | 17.4 | 2% | $ | 17.0 | $ | 17.6 | (3)% |
EBITDA margin | 13.5 | % | 14.0 | % | 8.1 | % | 9.2 | % |
Northwest | ||||||||||
Oregon, Washington | Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||
(In millions) | ||||||||||
Revenue | $ | 201.2 | $ | 179.0 | 12% | $ | 321.5 | $ | 294.9 | 9% |
Gross profit | $ | 51.5 | $ | 41.2 | 25% | $ | 71.7 | $ | 57.9 | 24% |
Gross margin
|
25.6 | % | 23.0 | % | 22.3 | % | 19.6 | % | ||
EBITDA | $ | 50.7 | $ | 38.9 | 31% | $ | 70.9 | $ | 52.9 | 34% |
EBITDA margin | 25.2 | % | 21.7 | % | 22.1 | % | 17.9 | % |
Mountain | ||||||||||
Idaho, Montana, Wyoming | Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||
(In millions) | ||||||||||
Revenue | $ | 194.0 | $ | 175.8 | 10% | $ | 253.8 | $ | 236.4 | 7% |
Gross profit | $ | 43.8 | $ | 32.1 | 36% | $ | 40.1 | $ | 29.1 | 38% |
Gross margin
|
22.6 | % | 18.3 | % | 15.8 | % | 12.3 | % | ||
EBITDA | $ | 43.1 | $ | 30.3 | 42% | $ | 37.0 | $ | 26.5 | 39% |
EBITDA margin | 22.2 | % | 17.2 | % | 14.6 | % | 11.2 | % |
Central
|
||||||||||
Iowa, Minnesota, North Dakota, South Dakota, Texas
|
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||
(In millions) | ||||||||||
Revenue | $ | 214.7 | $ | 231.0 | (7)% | $ | 275.7 | $ | 288.7 | (5)% |
Gross profit
|
$ | 38.2 | $ | 32.9 | 16% | $ | 25.2 | $ | 20.7 | 22% |
Gross margin
|
17.8 | % | 14.2 | % | 9.1 | % | 7.2 | % | ||
EBITDA | $ | 36.2 | $ | 28.4 | 27% | $ | 17.4 | $ | 11.5 | 52% |
EBITDA margin | 16.9 | % | 12.3 | % | 6.3 | % | 4.0 | % |
Energy Services | ||||||||||
California, Iowa, Nebraska, South Dakota, Texas, Wyoming
|
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||
(In millions) | ||||||||||
Revenue | $ | 76.2 | $ | 84.1 | (9)% | $ | 89.0 | $ | 93.5 | (5)% |
Gross profit
|
$ | 20.3 | $ | 23.3 | (13)% | $ | 19.0 | $ | 21.4 | (11)% |
Gross margin
|
26.7 | % | 27.7 | % | 21.4 | % | 23.0 | % | ||
EBITDA | $ | 19.4 | $ | 21.8 | (11)% | $ | 16.9 | $ | 18.8 | (10)% |
EBITDA margin | 25.4 | % | 25.9 | % | 19.0 | % | 20.1 | % |
CAPITAL ALLOCATION & LIQUIDITY
|
2024 FINANCIAL GUIDANCE
|
Low | High | |||
(In millions) | ||||
Revenue | ||||
Revenue (Knife River Consolidated)
|
$ | 2,800.0 | $ | 3,000.0 |
Adjusted EBITDA | ||||
Geographic Segments (including Corporate Services)
|
$ | 390.0 | $ | 425.0 |
Energy Services | $ | 55.0 | $ | 60.0 |
Knife River Consolidated
|
$ | 445.0 | $ | 485.0 |
SECOND QUARTER 2024 RESULTS CONFERENCE CALL
|
ABOUT KNIFE RIVER CORPORATION
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CORPORATE CONTACTS |
Knife River Corporation
|
||||||||
Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(In millions, except per share amounts) | ||||||||
Revenue: | ||||||||
Construction materials | $ | 435.1 | $ | 431.8 | $ | 639.2 | $ | 624.7 |
Contracting services | 371.8 | 353.4 | 497.3 | 468.4 | ||||
Total revenue | 806.9 | 785.2 | 1,136.5 | 1,093.1 | ||||
Cost of revenue: | ||||||||
Construction materials | 310.3 | 316.2 | 520.1 | 510.3 | ||||
Contracting services | 320.4 | 316.0 | 433.7 | 425.7 | ||||
Total cost of revenue | 630.7 | 632.2 | 953.8 | 936.0 | ||||
Gross profit | 176.2 | 153.0 | 182.7 | 157.1 | ||||
Selling, general and administrative expenses | 59.5 | 59.5 | 119.7 | 108.1 | ||||
Operating income | 116.7 | 93.5 | 63.0 | 49.0 | ||||
Interest expense | 13.9 | 19.1 | 27.9 | 28.7 | ||||
Other income | 1.3 | 2.5 | 5.1 | 3.3 | ||||
Income before income taxes | 104.1 | 76.9 | 40.2 | 23.6 | ||||
Income tax expense | 26.2 | 20.1 | 9.9 | 8.1 | ||||
Net income | $ | 77.9 | $ | 56.8 | $ | 30.3 | $ | 15.5 |
Net income per share:
|
||||||||
Basic | $ | 1.38 | $ | 1.00 | $ | .54 | $ | .27 |
Diluted | $ | 1.37 | $ | 1.00 | $ | .53 | $ | .27 |
Weighted average common shares outstanding: | ||||||||
Basic | 56.6 | 56.6 | 56.6 | 56.6 | ||||
Diluted | 56.8 | 56.6 | 56.8 | 56.6 |
Knife River Corporation | ||||||
Consolidated Balance Sheets | ||||||
(Unaudited) | ||||||
June 30, 2024 | June 30, 2023 | December 31, 2023 | ||||
Assets | (In millions, except shares and per share amounts) | |||||
Current assets: | ||||||
Cash, cash equivalents and restricted cash | $ | 57.2 | $ | 68.5 | $ | 262.3 |
Receivables, net | 422.9 | 418.6 | 266.8 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | 49.2 | 58.0 | 27.3 | |||
Inventories | 385.4 | 374.4 | 319.6 | |||
Prepayments and other current assets | 35.0 | 38.8 | 37.5 | |||
Total current assets | 949.7 | 958.3 | 913.5 | |||
Noncurrent assets: | ||||||
Property, plant and equipment | 2,672.3 | 2,533.4 | 2,579.7 | |||
Less accumulated depreciation, depletion and amortization | 1,316.9 | 1,221.9 | 1,264.7 | |||
Net property, plant and equipment | 1,355.4 | 1,311.5 | 1,315.0 | |||
Goodwill | 275.2 | 274.5 | 274.5 | |||
Other intangible assets, net | 10.1 | 12.1 | 10.8 | |||
Operating lease right-of-use assets | 47.8 | 45.9 | 44.7 | |||
Investments and other | 44.7 | 40.6 | 41.3 | |||
Total noncurrent assets | 1,733.2 | 1,684.6 | 1,686.3 | |||
Total assets | $ | 2,682.9 | $ | 2,642.9 | $ | 2,599.8 |
Liabilities and Stockholders' Equity | ||||||
Current liabilities: | ||||||
Long-term debt - current portion | $ | 7.1 | $ | 7.1 | $ | 7.1 |
Accounts payable | 164.2 | 174.6 | 107.7 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 45.1 | 44.6 | 51.4 | |||
Taxes payable
|
15.6 | 29.9 | 9.3 | |||
Accrued compensation | 29.2 | 26.0 | 48.1 | |||
Accrued interest
|
7.2 | 7.9 | 7.2 | |||
Current operating lease liabilities | 13.6 | 14.1 | 12.9 | |||
Other accrued liabilities | 96.3 | 80.2 | 103.6 | |||
Total current liabilities | 378.3 | 384.4 | 347.3 | |||
Noncurrent liabilities: | ||||||
Long-term debt | 672.5 | 832.0 | 674.6 | |||
Deferred income taxes | 179.2 | 170.5 | 174.5 | |||
Noncurrent operating lease liabilities | 34.2 | 31.9 | 31.8 | |||
Other | 120.0 | 129.2 | 105.6 | |||
Total liabilities | 1,384.2 | 1,548.0 | 1,333.8 | |||
Commitments and contingencies | ||||||
Stockholders' equity: | ||||||
Common stock, 300,000,000 shares authorized, $0.01 par value, 57,043,841 shares issued and 56,612,705 shares outstanding at June 30, 2024; 56,997,350 shares issued and 56,566,214 shares outstanding at June 30, 2023; 57,009,542 shares issued and 56,578,406 shares outstanding at December 31, 2023
|
.6 | .6 | .6 | |||
Other paid-in capital | 616.7 | 611.6 | 614.5 | |||
Retained earnings | 696.2 | 498.5 | 665.8 | |||
Treasury stock held at cost - 431,136 shares
|
(3.6) | (3.6) | (3.6) | |||
Accumulated other comprehensive loss | (11.2) | (12.2) | (11.3) | |||
Total stockholders' equity | 1,298.7 | 1,094.9 | 1,266.0 | |||
Total liabilities and stockholders' equity | $ | 2,682.9 | $ | 2,642.9 | $ | 2,599.8 |
Knife River Corporation | ||||
Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
Six Months Ended | ||||
June 30, | ||||
2024 | 2023 | |||
(In millions) | ||||
Operating activities: | ||||
Net income | $ | 30.3 | $ | 15.5 |
Adjustments to reconcile net income to net cash used in operating activities
|
70.2 | 55.1 | ||
Changes in current assets and liabilities, net of acquisitions: | ||||
Receivables | (178.1) | (236.4) | ||
Due from related-party | - | 16.1 | ||
Inventories | (65.4) | (51.1) | ||
Other current assets | 2.5 | (20.9) | ||
Accounts payable | 57.9 | 102.6 | ||
Due to related-party | - | (7.3) | ||
Other current liabilities | (12.8) | 25.6 | ||
Pension and postretirement benefit plan contributions | (.3) | (.3) | ||
Other noncurrent changes | 6.0 | 30.7 | ||
Net cash used in operating activities | (89.7) | (70.4) | ||
Investing activities: | ||||
Capital expenditures | (103.6) | (66.6) | ||
Acquisitions, net of cash acquired | (10.2) | - | ||
Net proceeds from sale or disposition of property and other | 6.8 | 4.1 | ||
Investments | (3.2) | (1.6) | ||
Net cash used in investing activities | (110.2) | (64.1) | ||
Financing activities: | ||||
Issuance of long-term related-party notes, net | - | 205.3 | ||
Issuance of long-term debt | - | 855.0 | ||
Repayment of long-term debt | (3.5) | (.1) | ||
Debt issuance costs | - | (16.7) | ||
Tax withholding on stock-based compensation
|
(1.7) | - | ||
Net transfers to Centennial Energy Holdings Inc. | - | (850.6) | ||
Net cash provided by (used in) financing activities | (5.2) | 192.9 | ||
Increase (decrease) in cash, cash equivalents and restricted cash | (205.1) | 58.4 | ||
Cash, cash equivalents and restricted cash -- beginning of year | 262.3 | 10.1 | ||
Cash, cash equivalents and restricted cash -- end of period | $ | 57.2 | $ | 68.5 |
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Dollars
|
Margin
|
Dollars
|
Margin
|
Dollars
|
Margin
|
Dollars
|
Margin
|
|||||
(Dollars in millions) | ||||||||||||
Revenues by segment:
|
||||||||||||
Pacific | $ | 131.8 | $ | 125.1 | $ | 210.2 | $ | 190.7 | ||||
Northwest | 201.2 | 179.0 | 321.5 | 294.9 | ||||||||
Mountain | 194.0 | 175.8 | 253.8 | 236.4 | ||||||||
Central
|
214.7 | 231.0 | 275.7 | 288.7 | ||||||||
Energy Services
|
76.2 | 84.1 | 89.0 | 93.5 | ||||||||
Total segment revenues
|
817.9 | 795.0 | 1,150.2 | 1,104.2 | ||||||||
Corporate Services and Eliminations
|
(11.0) | (9.8) | (13.7) | (11.1) | ||||||||
Consolidated revenues
|
$ | 806.9 | $ | 785.2 | $ | 1,136.5 | $ | 1,093.1 | ||||
Gross profit by segment:
|
||||||||||||
Pacific | $ | 22.0 | 16.7% | $ | 22.1 | 17.7% | $ | 25.8 | 12.3% | $ | 26.5 | 13.9% |
Northwest | 51.5 | 25.6% | 41.2 | 23.0% | 71.7 | 22.3% | 57.9 | 19.6% | ||||
Mountain | 43.8 | 22.6% | 32.1 | 18.3% | 40.1 | 15.8% | 29.1 | 12.3% | ||||
Central
|
38.2 | 17.8% | 32.9 | 14.2% | 25.2 | 9.1% | 20.7 | 7.2% | ||||
Energy Services
|
20.3 | 26.7% | 23.3 | 27.7% | 19.0 | 21.4% | 21.4 | 23.0% | ||||
Total segment gross profit
|
175.8 | 21.5% | 151.6 | 19.1% | 181.8 | 15.8% | 155.6 | 14.1% | ||||
Corporate Services and Eliminations
|
.4 | (3.8)% | 1.4 | (13.6)% | .9 | (6.4)% | 1.5 | (13.1)% | ||||
Consolidated gross profit
|
$ | 176.2 | 21.8% | $ | 153.0 | 19.5% | $ | 182.7 | 16.1% | $ | 157.1 | 14.4% |
Net income (loss) by segment:
|
||||||||||||
Pacific | $ | 11.7 | 8.8% | $ | 12.1 | 9.7% | $ | 5.1 | 2.4% | $ | 7.1 | 3.7% |
Northwest | 39.7 | 19.7% | 29.2 | 16.3% | 50.0 | 15.5% | 34.3 | 11.6% | ||||
Mountain | 36.5 | 18.8% | 24.1 | 13.7% | 24.1 | 9.5% | 14.3 | 6.1% | ||||
Central
|
26.9 | 12.5% | 20.0 | 8.6% | (.5) | (.2)% | (5.0) | (1.7)% | ||||
Energy Services
|
18.1 | 23.8% | 20.5 | 24.4% | 14.4 | 16.2% | 16.3 | 17.5% | ||||
Total segment net income
|
132.9 | 16.2% | 105.9 | 13.3% | 93.1 | 8.1% | 67.0 | 6.1% | ||||
Corporate Services and Eliminations*
|
(55.0) | N.M. | (49.1) | N.M. | (62.8) | N.M. | (51.5) | N.M. | ||||
Consolidated net income | $ | 77.9 | 9.7% | $ | 56.8 | 7.2% | $ | 30.3 | 2.7% | $ | 15.5 | 1.4% |
EBITDA* by segment:
|
||||||||||||
Pacific | $ | 17.8 | 13.5% | $ | 17.4 | 14.0% | $ | 17.0 | 8.1% | $ | 17.6 | 9.2% |
Northwest | 50.7 | 25.2% | 38.9 | 21.7% | 70.9 | 22.1% | 52.9 | 17.9% | ||||
Mountain | 43.1 | 22.2% | 30.3 | 17.2% | 37.0 | 14.6% | 26.5 | 11.2% | ||||
Central
|
36.2 | 16.9% | 28.4 | 12.3% | 17.4 | 6.3% | 11.5 | 4.0% | ||||
Energy Services
|
19.4 | 25.4% | 21.8 | 25.9% | 16.9 | 19.0% | 18.8 | 20.1% | ||||
Total segment EBITDA*
|
167.2 | 20.4% | 136.8 | 17.2% | 159.2 | 13.8% | 127.3 | 11.5% | ||||
Corporate Services and Eliminations
|
(15.8) | 143.6% | (11.7) | 119.2% | (28.4) | 208.3% | (16.3) | 146.7% | ||||
Consolidated EBITDA*
|
$ | 151.4 | 18.8% | $ | 125.1 | 15.9% | $ | 130.8 | 11.5% | $ | 111.0 | 10.2% |
June 30, 2024 | June 30, 2023 | |||
(In millions) | ||||
Pacific | $ | 101.0 | $ | 78.3 |
Northwest | 219.8 | 257.3 | ||
Mountain | 365.5 | 377.3 | ||
Central | 302.2 | 328.0 | ||
$ | 988.5 | $ | 1,040.9 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Sales (thousands): | ||||||||
Aggregates (tons) | 9,408 | 9,181 | 13,663 | 14,049 | ||||
Ready-mix concrete (cubic yards) | 975 | 1,113 | 1,505 | 1,674 | ||||
Asphalt (tons) | 1,813 | 1,913 | 2,034 | 2,092 | ||||
Average selling price:* | ||||||||
Aggregates (per ton) | $ | 16.84 | $ | 15.95 | $ | 17.76 | $ | 16.37 |
Ready-mix concrete (per cubic yard) | $ | 184.12 | $ | 166.11 | $ | 185.63 | $ | 168.30 |
Asphalt (per ton) | $ | 65.82 | $ | 65.32 | $ | 66.76 | $ | 66.24 |
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Dollars
|
Margin
|
Dollars
|
Margin
|
Dollars
|
Margin
|
Dollars
|
Margin
|
|||||
(Dollars in millions) | ||||||||||||
Revenues by product line: | ||||||||||||
Aggregates | $ | 158.4 | $ | 146.4 | $ | 242.7 | $ | 229.9 | ||||
Ready-mix concrete | 179.5 | 184.9 | 279.4 | 281.7 | ||||||||
Asphalt | 119.3 | 125.0 | 135.7 | 138.5 | ||||||||
Liquid asphalt
|
65.3 | 72.9 | 76.3 | 81.2 | ||||||||
Other* | 77.7 | 70.3 | 116.7 | 100.6 | ||||||||
Contracting services | 371.8 | 353.4 | 497.3 | 468.4 | ||||||||
Internal sales | (165.1) | (167.7) | (211.6) | (207.2) | ||||||||
Total revenues | $ | 806.9 | $ | 785.2 | $ | 1,136.5 | $ | 1,093.1 | ||||
Gross profit by product line: | ||||||||||||
Aggregates | $ | 39.6 | 25.0% | $ | 36.4 | 24.9% | $ | 44.4 | 18.3% | $ | 38.8 | 16.9% |
Ready-mix concrete | 29.8 | 16.6% | 28.1 | 15.2% | 38.5 | 13.8% | 36.8 | 13.1% | ||||
Asphalt | 17.3 | 14.5% | 16.4 | 13.1% | 11.7 | 8.6% | 10.3 | 7.5% | ||||
Liquid asphalt
|
15.8 | 24.2% | 19.2 | 26.3% | 14.8 | 19.5% | 18.1 | 22.3% | ||||
Other* | 22.3 | 28.7% | 15.5 | 22.0% | 9.7 | 8.3% | 10.4 | 10.2% | ||||
Contracting services | 51.4 | 13.8% | 37.4 | 10.6% | 63.6 | 12.8% | 42.7 | 9.1% | ||||
Total gross profit | $ | 176.2 | 21.8% | $ | 153.0 | 19.5% | $ | 182.7 | 16.1% | $ | 157.1 | 14.4% |
Three Months Ended June 30, 2024 | Pacific | Northwest | Mountain |
Central
|
Energy Services
|
Corporate Services and Eliminations
|
Consolidated | |||||||
(In millions) | ||||||||||||||
Net income (loss) | $ | 11.7 | $ | 39.7 | $ | 36.5 | $ | 26.9 | $ | 18.1 | $ | (55.0) | $ | 77.9 |
Depreciation, depletion and amortization | 6.1 | 11.0 | 6.6 | 9.3 | 1.3 | .2 | 34.5 | |||||||
Interest expense, net
|
- | - | - | - | - | 12.8 | 12.8 | |||||||
Income taxes | - | - | - | - | - | 26.2 | 26.2 | |||||||
EBITDA | $ | 17.8 | $ | 50.7 | $ | 43.1 | $ | 36.2 | $ | 19.4 | $ | (15.8) | $ | 151.4 |
Unrealized (gains) losses on benefit plan investments | $ | (.4) | $ | (.4) | ||||||||||
Stock-based compensation expense | 1.8 | 1.8 | ||||||||||||
One-time separation costs | 1.5 | 1.5 | ||||||||||||
Adjusted EBITDA | $ | (12.9) | $ | 154.3 | ||||||||||
Revenue | $ | 131.8 | $ | 201.2 | $ | 194.0 | $ | 214.7 | $ | 76.2 | $ | (11.0) | $ | 806.9 |
Net Income Margin | 8.8 | % | 19.7 | % | 18.8 | % | 12.5 | % | 23.8 | % | N.M. | 9.7 | % | |
EBITDA Margin | 13.5 | % | 25.2 | % | 22.2 | % | 16.9 | % | 25.4 | % | N.M. | 18.8 | % | |
Adjusted EBITDA Margin | N.M. | 19.1 | % |
Three Months Ended June 30, 2023 | Pacific | Northwest | Mountain |
Central
|
Energy Services
|
Corporate Services and Eliminations
|
Consolidated | |||||||
(In millions) | ||||||||||||||
Net income (loss) | $ | 12.1 | $ | 29.2 | $ | 24.1 | $ | 20.0 | $ | 20.5 | $ | (49.1) | $ | 56.8 |
Depreciation, depletion and amortization | 5.3 | 9.7 | 6.2 | 8.4 | 1.3 | .2 | 31.1 | |||||||
Interest expense, net
|
- | - | - | - | - | 17.1 | 17.1 | |||||||
Income taxes | - | - | - | - | - | 20.1 | 20.1 | |||||||
EBITDA | $ | 17.4 | $ | 38.9 | $ | 30.3 | $ | 28.4 | $ | 21.8 | $ | (11.7) | $ | 125.1 |
Unrealized (gains) losses on benefit plan investments | $ | (.4) | $ | (.4) | ||||||||||
Stock-based compensation expense | (.1) | (.1) | ||||||||||||
One-time separation costs
|
1.7 | 1.7 | ||||||||||||
Adjusted EBITDA | $ | (10.5) | $ | 126.3 | ||||||||||
Revenue | $ | 125.1 | $ | 179.0 | $ | 175.8 | $ | 231.0 | $ | 84.1 | $ | (9.8) | $ | 785.2 |
Net Income Margin | 9.7 | % | 16.3 | % | 13.7 | % | 8.6 | % | 24.4 | % | N.M. | 7.2 | % | |
EBITDA Margin | 14.0 | % | 21.7 | % | 17.2 | % | 12.3 | % | 25.9 | % | N.M. | 15.9 | % | |
Adjusted EBITDA Margin | N.M. | 16.1 | % |
Six Months Ended June 30, 2024 | Pacific | Northwest | Mountain |
Central
|
Energy Services
|
Corporate Services and Eliminations
|
Consolidated | |||||||
(In millions) | ||||||||||||||
Net income (loss) | $ | 5.1 | $ | 50.0 | $ | 24.1 | $ | (.5) | $ | 14.4 | $ | (62.8) | $ | 30.3 |
Depreciation, depletion and amortization | 11.9 | 20.9 | 12.9 | 17.9 | 2.5 | .6 | 66.7 | |||||||
Interest expense, net
|
- | - | - | - | - | 23.9 | 23.9 | |||||||
Income taxes | - | - | - | - | - | 9.9 | 9.9 | |||||||
EBITDA | $ | 17.0 | $ | 70.9 | $ | 37.0 | $ | 17.4 | $ | 16.9 | $ | (28.4) | $ | 130.8 |
Unrealized (gains) losses on benefit plan investments | $ | (1.6) | $ | (1.6) | ||||||||||
Stock-based compensation expense | 3.6 | 3.6 | ||||||||||||
One-time separation costs | 3.8 | 3.8 | ||||||||||||
Adjusted EBITDA | $ | (22.6) | $ | 136.6 | ||||||||||
Revenue | $ | 210.2 | $ | 321.5 | $ | 253.8 | $ | 275.7 | $ | 89.0 | $ | (13.7) | $ | 1,136.5 |
Net Income Margin | 2.4 | % | 15.5 | % | 9.5 | % | (.2) | % | 16.2 | % | N.M. | 2.7 | % | |
EBITDA Margin | 8.1 | % | 22.1 | % | 14.6 | % | 6.3 | % | 19.0 | % | N.M. | 11.5 | % | |
Adjusted EBITDA Margin | N.M. | 12.0 | % |
Six Months Ended June 30, 2023 | Pacific | Northwest | Mountain |
Central
|
Energy Services
|
Corporate Services and Eliminations
|
Consolidated | |||||||
(In millions) | ||||||||||||||
Net income (loss) | $ | 7.1 | $ | 34.3 | $ | 14.3 | $ | (5.0) | $ | 16.3 | $ | (51.5) | $ | 15.5 |
Depreciation, depletion and amortization | 10.5 | 18.6 | 12.1 | 16.5 | 2.5 | .5 | 60.7 | |||||||
Interest expense, net
|
- | - | .1 | - | - | 26.6 | 26.7 | |||||||
Income taxes | - | - | - | - | - | 8.1 | 8.1 | |||||||
EBITDA | $ | 17.6 | $ | 52.9 | $ | 26.5 | $ | 11.5 | $ | 18.8 | $ | (16.3) | $ | 111.0 |
Unrealized (gains) losses on benefit plan investments | $ | (1.7) | $ | (1.7) | ||||||||||
Stock-based compensation expense | .8 | .8 | ||||||||||||
One-time separation costs | 2.4 | 2.4 | ||||||||||||
Adjusted EBITDA | $ | (14.8) | $ | 112.5 | ||||||||||
Revenue | $ | 190.7 | $ | 294.9 | $ | 236.4 | $ | 288.7 | $ | 93.5 | $ | (11.1) | $ | 1,093.1 |
Net Income Margin | 3.7 | % | 11.6 | % | 6.1 | % | (1.7) | % | 17.5 | % | N.M. | 1.4 | % | |
EBITDA Margin | 9.2 | % | 17.9 | % | 11.2 | % | 4.0 | % | 20.1 | % | N.M. | 10.2 | % | |
Adjusted EBITDA Margin | N.M. | 10.3 | % |
Twelve Months Ended
June 30, 2024
|
Six Months Ended June 30, 2024 |
Twelve Months Ended December 31, 2023
|
Six Months Ended June 30, 2023 | |||||
(In millions) | ||||||||
Net income | $ | 197.7 | $ | 30.3 | $ | 182.9 | $ | 15.5 |
Depreciation, depletion and amortization | 129.8 | 66.7 | 123.8 | 60.7 | ||||
Interest expense, net | 50.1 | 23.9 | 52.9 | 26.7 | ||||
Income taxes | 64.2 | 9.9 | 62.4 | 8.1 | ||||
EBITDA | $ | 441.8 | $ | 130.8 | $ | 422.0 | $ | 111.0 |
Unrealized (gains) losses on benefit plan investments | (2.6) | (1.6) | (2.7) | (1.7) | ||||
Stock-based compensation expense | 5.9 | 3.6 | 3.1 | .8 | ||||
One-time separation costs | 11.4 | 3.8 | 10.0 | 2.4 | ||||
Adjusted EBITDA | $ | 456.5 | $ | 136.6 | $ | 432.4 | $ | 112.5 |
Revenue
|
$ | 2,873.7 | $ | 1,136.5 | $ | 2,830.3 | $ | 1,093.1 |
Net Income Margin
|
6.9 | % | 2.7 | % | 6.5 | % | 1.4 | % |
EBITDA Margin
|
15.4 | % | 11.5 | % | 14.9 | % | 10.2 | % |
Adjusted EBITDA Margin
|
15.9 | % | 12.0 | % | 15.3 | % | 10.3 | % |
Twelve Months Ended
June 30, 2023
|
Six Months Ended June 30, 2023 |
Twelve Months Ended December 31, 2022
|
Six Months Ended June 30, 2022
|
|||||
(In millions) | ||||||||
Net income (loss) | $ | 133.2 | $ | 15.5 | $ | 116.2 | $ | (1.5) |
Depreciation, depletion and amortization | 120.4 | 60.7 | 117.8 | 58.1 | ||||
Interest expense, net | 44.1 | 26.7 | 30.1 | 12.7 | ||||
Income taxes | 50.9 | 8.1 | 42.6 | (.2) | ||||
EBITDA | $ | 348.6 | $ | 111.0 | $ | 306.7 | $ | 69.1 |
Unrealized (gains) losses on benefit plan investments | (1.7) | (1.7) | 4.0 | 4.0 | ||||
Stock-based compensation expense | 2.1 | .8 | 2.7 | 1.4 | ||||
One-time separation costs | 2.4 | 2.4 | - | - | ||||
Adjusted EBITDA | $ | 351.4 | $ | 112.5 | $ | 313.4 | $ | 74.5 |
Revenue
|
$ | 2,606.0 | $ | 1,093.1 | $ | 2,534.7 | $ | 1,021.8 |
Net Income Margin
|
5.1 | % | 1.4 | % | 4.6 | % | (.1) | % |
EBITDA Margin
|
13.4 | % | 10.2 | % | 12.1 | % | 6.8 | % |
Adjusted EBITDA Margin
|
13.5 | % | 10.3 | % | 12.4 | % | 7.3 | % |
Twelve Months Ended
June 30, 2024
|
||
(In millions) | ||
Long-term debt | $ | 672.5 |
Long-term debt - current portion | 7.1 | |
Total debt | 679.6 | |
Add: Unamortized debt issuance costs
|
13.9 | |
Total debt, gross
|
693.5 | |
Less: Cash and cash equivalents, excluding restricted cash | 15.5 | |
Total debt, net
|
$ | 678.0 |
Trailing-twelve-months ended June 30, 2024, Adjusted EBITDA
|
$ | 456.5 |
Net leverage
|
1.5 | x |
2024
|
||||
Low | High | |||
(In millions) | ||||
Net income | $ | 193.0 | $ | 223.0 |
Adjustments:
|
||||
Interest expense, net
|
45.0 | 45.0 | ||
Income taxes
|
65.0 | 75.0 | ||
Depreciation, depletion and amortization
|
132.5 | 132.5 | ||
EBITDA | $ | 435.5 | $ | 475.5 |
Unrealized (gains) losses on benefit plan investments | (1.6) | (1.6) | ||
Stock-based compensation expense | 7.2 | 7.2 | ||
One-time separation costs | 3.9 | 3.9 | ||
Adjusted EBITDA | $ | 445.0 | $ | 485.0 |