May 8, 2015
Granite Construction had a net loss of $8.6 million loss in the first quarter but revenues were up 10.6 percent compared to last year.
The company’s loss in the first quarter was down significantly from the $20.6 million loss in the first quarter of 2014. Granite reported losses per share were also down at 22 cents compared to 53 cents a year ago.
The gross profit for the company in the first quarter nearly doubled from 2014 at $40.1 million.
President and CEO James Roberts said the recovery this year could be attributed to construction and construction materials. Construction revenues were up 20 percent to $188.5 million from $157 million a year ago. Construction materials revenue was up 16.8 percent to $41.1 million from $35.5 million last year.
“Overall market activity remains stable and competitive. Continued backlog progression has Granite teams across the country focusing on growing our business, while remaining keenly aware of the need for improved execution in all of our segments.” Roberts said.
While construction and construction materials were particularly strong. all of the segments of Granite grew for the fourth consecutive quarter during the 2015 first quarter.
While the company had a strong first quarter, Roberts still addressed concerns about Congress’ delay in extending federal funding towards transportation projects.
“It is well past the time for Congress to act swiftly and appropriately to pass a well-funded, long-term highway bill this year,” Roberts said. “While Congress delays their actions, we are actively ramping up the execution of our Strategic Plan.”