Granite Construction reports that revenue in its materials segment grew in the fourth quarter, as well as across all of 2024.
The company’s materials segment revenue was up 11.6 percent in the fourth quarter, and its gross profit was up 1.6 percent. Across 2024, revenue in Granite’s materials segment was up 14.5 percent to $516.8 million. Gross profit in the segment also increased across the full year by 14.5 percent to $81.6 million.
According to Granite, acquired businesses and higher asphalt and aggregate prices drove revenue gains in the materials segment.
“Our markets continue to be robust, as high levels of public funding and strong private investment are creating attractive opportunities for both our construction and materials segments,” says Kyle Larkin, president and CEO of Granite. “Against this backdrop, I believe we can meet our organic growth guidance while also growing CAP during 2025. In addition, with $586 million in cash and marketable securities and revolver borrowing capacity, Granite is well positioned to capitalize on M&A opportunities and strategic investments.”
Related: How Knife River performed in the fourth quarter of 2024
