Granite Construction Inc. announced results for the quarter ended March 31. Revenue increased $112 million to $672 million compared to $560 million for the same period in the prior year. The Construction and Materials segments posted year-over-year increases of 18% and 36%, respectively. Gross profit increased $22 million to $54 million compared to $32 million for the same period in the prior year.
Net loss attributable to Granite Construction Inc. totaled $31 million, or $0.70 per diluted share, compared to net loss attributable to Granite Construction Inc. of $23 million, or $0.53 per diluted share, for the same period in the prior year.
Adjusted net loss attributable to Granite Construction Incorporated totaled $9 million, or $0.21 per diluted share, compared to adjusted net loss attributable to Granite Construction Incorporated of $14 million, or $0.33 per diluted share, for the same period in the prior year.
Selling, general, and administrative (SG&A) expenses increased $15 million to $88 million, or 13.1%, of revenue, compared to $73 million, or 13.1%, of revenue, for the same period in the prior year. The increase in SG&A expenses was primarily due to $7 million of additional stock based compensation expense and $5 million of SG&A expenses from acquired businesses year-over-year.
“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,” said Kyle Larkin, Granite president and chief executive officer. “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.”