Shares of Knife River Corp (NYSE: KNF) plunged over 6% on November 4th, 2024 after the company reported lackluster third-quarter results that missed Wall Street expectations. The construction materials company's earnings and revenue for the quarter fell short of analyst forecasts, exacerbating investor concerns about its growth prospects.

For the three months ended September 30th, Knife River posted earnings per share of $2.60, down from $2.58 a year earlier and below the consensus estimate of $2.84. Revenue rose 1.38% year-over-year to $1.105 billion but still came in below the projected $1.123 billion.

Adding to the disappointment, Knife River trimmed its full-year 2024 revenue guidance to a range of $2.85 billion to $2.95 billion, compared with its previous forecast of $2.80 billion to $3 billion. The company cited ongoing challenges in certain markets and economic uncertainties for the revised outlook.