Granite Construction Inc. released its second-quarter financial report, noting revenue increased $183 million to $1.1 billion compared to $899 million for the same period in the prior year. The Construction and Materials segments posted year-over-year increases of 22% and 10%, respectively.
The company also announced that it has entered into an agreement, subject to customary closing conditions, to acquire Dickerson & Bowen, Inc., a regional aggregates, asphalt and highway construction company serving central and southern Mississippi.
Net income attributable to Granite Construction Inc. totaled $37 million, or $0.76 per diluted share, compared to net loss attributable to Granite Construction Inc. of $17 million, or $(0.39) per diluted share, for the same period in the prior year.
- Adjusted net income attributable to Granite Construction Inc. totaled $77 million, or $1.73 per diluted share, compared to $47 million, or $1.06 per diluted share, for the same period in the prior year.
- Gross profit increased $62 million to $165 million compared to $103 million for the same period in the prior year.
For the six months ended June 30, net income attributable to Granite Construction Inc. totaled $6 million, or $0.13 per diluted share, compared to net loss attributable to Granite Construction Inc. of $40 million, or $(0.91) per diluted share, for the same period in the prior year.
Adjusted net income attributable to Granite Construction Inc. totaled $68 million, or $1.52 per diluted share, compared to $33 million, or $0.74 per diluted share, for the same period in the prior year.
- Revenue increased $296 million to $1.8 billion compared to $1.5 billion for the same period in the prior year. The Construction and Materials segments posted year-over-year increases of 21% and 17%, respectively.
- Gross profit increased $84 million to $219 million compared to $135 million for the same period in the prior year.
“I am pleased with our strong second quarter,” said Kyle Larkin, Granite president and chief executive officer. “Our teams continue to execute on our plan, and we are seeing the expected results. We earned record second quarter revenue, with an increase of 20% year-over-year, and also added to our CAP. This illustrates the strength of the macro construction market, and we believe there are many opportunities for us to build CAP further in the second half of the year. With our performance in the first half of 2024, I expect that our revenue will be in the upper half of our previous revenue guidance for the year in the range of $3.9 billion to $4.0 billion.
“In addition, we are excited to announce the agreement to acquire Dickerson & Bowen, Inc. of Brookhaven, Mississippi. The transaction is expected to close in the third quarter. The acquisition will add four asphalt plants and three sand and gravel pits. Dickerson & Bowen is a natural extension of the Lehman-Roberts Company and Memphis Stone & Gravel platform that we acquired at the end of 2023. This materials-focused, vertically integrated business will expand our existing footprint in this high growth market south through Jackson, Mississippi and to the southern end of the state.”