Granite Construction reports that its materials revenue increased 17 percent in the third quarter, primarily due to higher sales volumes and pricing in aggregates.
The gains in aggregates more than offset lower asphalt sales volumes, Granite says.
Companywide, Granite’s third-quarter EBITDA (earnings before interest, tax, depreciation and amortization) totaled $97 million. The company’s EBITDA in the third quarter of 2021 totaled $81 million.
“During the third quarter, we continued to make progress towards achieving our 2024 strategic plan targets of 9 percent to 11 percent adjusted EBITDA margin,” says Kyle Larkin, president and CEO of Granite. “The overall market environment continues to be robust, and our teams are focused on driving improved profitability across our businesses.
“I am also pleased with the progress we have made during the third quarter to collect cash and strengthen our excellent liquidity position,” Larkin adds. “We are in position to opportunistically invest in our vertically integrated operations through organic investment and bolt-on acquisitions.”
