Granite Construction achieved first-quarter pricing and volume gains within its materials segment, noting that acquired businesses drove a year-over-year revenue gain.
Specifically, Granite achieved higher pricing in aggregates and asphalt. The company’s volumes increase primarily relates to more favorable weather conditions in its markets.
While the gross profit in Granite’s materials segment increased due to higher sales prices, it was partially offset by losses from acquired businesses.
“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,” says Kyle Larkin, president and CEO of Granite. “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.”
Companywide details
Across the company, Granite had a net loss that totaled $31 million. Revenue increased $112 million to $672 million, while gross profit increased $22 million to $54 million.
Granite’s adjusted EBITDA totaled $14 million in the first quarter.
