Granite Construction Inc. announced results for the quarter ended March 31. Revenue increased $28 million to $700 million compared to $672 million for the same period in the prior year. Gross profit increased $30 million to $84 million compared to $54 million for the same period in the prior year.
Net loss attributable to Granite Construction totaled $34 million, or $(0.77) per diluted share, compared to net loss attributable to Granite Construction of $31 million, or $(0.70) per diluted share, for the same period in the prior year.
The Construction and Materials segments posted year-over-year revenue increases of 3% and 10%, respectively. Materials segment revenue, gross loss and cash gross profit improved year-over-year primarily driven by revenue from the newly acquired Dickerson & Bowen business, as well as higher aggregates and asphalt volumes and higher aggregates sales prices. During the first quarter, aggregate price increases were in line with expectations for high single digit price increases for 2025.
For the company’s construction segment, revenue increased year-over-year, primarily due to several new projects ramping up in the current year and generally favorable weather conditions.
“We are off to a great start in 2025,” said Kyle Larkin, Granite president and chief executive officer. “Bidding opportunities have consistently increased over the past several years. This trend has continued in 2025, as demonstrated by our record CAP of $5.7 billion at the end of the quarter. There are numerous opportunities in both the public and private markets to continue to build CAP in 2025. Although there is uncertainty in the macro-economic environment, we are well positioned to meet our guidance for 2025 as well as our 2027 financial targets.
“This quarter marks the first time that we have disclosed product-level detail for aggregates and asphalt in the Materials segment. These disclosures build on the journey that started one year ago with the realignment of our operational leadership to better leverage our teams’ expertise within both the Construction and Materials segments. I am particularly proud of the progress our teams made in raising aggregate margins, and I believe there will be additional growth in the years ahead as we execute on our vertical integration strategy.”
Guidance for 2025 is unchanged with revenue in the range of $4.2 billion to $4.4 billion forecast for the company.