Granite Construction published its first-quarter financial results Thursday, with president and CEO Kyle Larkin delivering positive sentiments about the company’s performance.
“We are off to a great start in 2025,” Larkin says. “Bidding opportunities have consistently increased over the past several years. This trend has continued in 2025, as demonstrated by our record CAP (committed and awarded projects) of $5.7 billion at the end of the quarter. There are numerous opportunities in both the public and private markets to continue to build CAP in 2025. Although there is uncertainty in the macroeconomic environment, we are well positioned to meet our guidance for 2025, as well as our 2027 financial targets.”
Revenue, gross loss and cash gross profit all improved within Granite’s material segment year over year. Granite says revenue from the newly acquired Dickerson & Bowen business primarily drove the gains. Higher aggregate and asphalt volumes and higher aggregate sales prices contributed, as well.
Granite says aggregate price increases during the first quarter were in line with its expectation of high single-digit price increases for 2025.
“This quarter marks the first time that we have disclosed product-level detail for aggregates and asphalt in the materials segment,” Larkin says. “These disclosures build on the journey that started one year ago with the realignment of our operational leadership to better leverage our teams’ expertise within both the construction and materials segments. I am particularly proud of the progress our teams made in raising aggregate margins, and I believe there will be additional growth in the years ahead as we execute on our vertical integration strategy.”
Related: How Vulcan Materials fared in the first quarter of 2025
