Knife River (KNF) Q3 FY2023 earnings: revenue $1.1 billion, up 11.8% on the year

Knife River Corp. (KNF) reported revenue of $1.1 billion for Q3 FY2023, the quarter ended 30 September 2023, up 11.8% on the same quarter a year earlier. Net income was $147 million, up 47.2% on the year, and diluted earnings per share $2.58. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2023.

Revenue$1.1 billionup 11.8%

Net income$147 millionup 47.2%

Diluted EPS$2.58

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,090	n/a	n/a	n/a
Cost of revenue	821	n/a	n/a	n/a
Gross profit	269	n/a	n/a	n/a
Gross margin	24.7%	n/a	n/a
Selling, general and administrative	59.2	n/a	n/a	n/a
Operating income	210	n/a	n/a	n/a
Operating margin	19.3%	n/a	n/a
Interest expense	15.4	n/a	n/a	n/a
Pre-tax income	195	n/a	n/a	n/a
Income tax	48.2	n/a	n/a	n/a
Effective tax rate	24.7%	n/a	n/a
Net income	147	n/a	n/a	n/a
Net margin	13.4%	n/a	n/a
Diluted EPS	$2.58	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	223	n/a	n/a	n/a
Capital expenditure	19.9	n/a	n/a	n/a
Free cash flow	203	n/a	n/a	n/a
Free cash flow margin	18.7%	n/a	n/a
Cash from investing	-18.9	n/a	n/a	n/a
Cash from financing	-157	n/a	n/a	n/a
Depreciation and amortisation	31.8	n/a	n/a	n/a
Share-based compensation	1.5	n/a	n/a	n/a
Diluted shares, weighted	57m	n/a	n/a	n/a
Shares outstanding at period end	57m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,243	n/a	n/a	n/a
Debt	683	n/a	n/a	n/a
Operating lease liabilities	30.6	n/a	n/a	n/a
Other liabilities	725	n/a	n/a	n/a
Total liabilities and equity	2,681	n/a	n/a	n/a
Fixed assets	1,300	n/a	n/a	n/a
Goodwill	274	n/a	n/a	n/a
Intangible assets	11.5	n/a	n/a	n/a
Cash and equivalents	84.0	n/a	n/a	n/a
Receivables	492	n/a	n/a	n/a
Inventory	315	n/a	n/a	n/a
Other assets	205	n/a	n/a	n/a
Total assets	2,681	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,090	647	330	807	1,105	657	353	834	1,204	755	410	939
Cost of revenue	821	534	323	631	832	543	363	677	919	610	413	776
Gross profit	269	112	6.5	176	273	114	-9.6	157	284	145	-2.8	163
Gross margin	25%	17%	2%	22%	25%	17%	-3%	19%	24%	19%	-1%	17%
SG&A	59.2	75.3	60.2	59.5	63.9	70.1	73.1	69.2	69.1	80.1	83.5	81.7
Operating income	210	37.2	-53.7	117	209	44.0	-82.7	88.1	215	65.2	-86.2	81.1
Operating margin	19%	6%	-16%	14%	19%	7%	-23%	11%	18%	9%	-21%	9%
Interest expense	15.4	14.1	14.0	13.9	13.9	13.4	15.3	22.3	23.0	21.3	20.7	24.6
Pre-tax income	195	26.8	-64.0	104	198	33.1	-93.3	67.9	193	45.2	-108	59.8
Tax rate	25%	23%	n/a	25%	25%	30%	n/a	26%	26%	29%	n/a	27%
Net income	147	20.7	-47.6	77.9	148	23.3	-68.7	50.6	143	32.0	-79.2	43.9
Net margin	13%	3%	-14%	10%	13%	4%	-19%	6%	12%	4%	-19%	5%
Diluted EPS	$2.58	$0.36	-$0.84	$1.37	$2.60	$0.42	-$1.21	$0.89	$2.52	$0.56	-$1.40	$0.77
Operating cash flow	223	183	-43.2	-46.6	240	172	-125	-42.6	250	196	-58.5	-75.1
Capital expenditure	19.9	37.8	43.7	59.9	23.5	45.3	75.0	154	61.7	57.7	77.3	72.9
Free cash flow	203	145	-86.9	-107	216	127	-200	-196	189	138	-136	-148
Shares outstanding	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 6 November 2023, accession 0001955520-23-000020: the filing on EDGAR. All of Knife River Corp.'s filings: EDGAR company page.

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