Better weather and higher levels of awarded projects drive Granite’s Q1 revenue up

Image: Granite Construction

Revenue within its materials segment was up 36%, as total revenue increased by $112 million to $672 million, compared to $560 million for the same period in the year before.

Gross profit was up $22 million to $54 million in Q1 2024, although the firm made a net loss of $31 million as selling, general and administrative expenses rose $15 million to $88 million for the period. Granite said that the increase was mainly due to $7 million of additional stock-based compensation expense and $5 million of expenses from acquired businesses year over year.

Its committed and awarded projects increased by $395 million year on year to $5.5 billion.

Kyle Larkin, Granite president and chief executive officer, said, “We continued to build on our momentum from 2023, and our teams are off to a strong start in 2024 driving revenue growth and significantly improved operating cash flow compared to the first quarter of 2023.

“In addition, during the quarter, we aligned operational leadership and decision making around the construction and materials segments. We believe this will allow us to better leverage our teams’ expertise and position us to drive top and bottom line growth in 2024 and beyond.”