Granite Construction Incorporated reported a total revenue of $4.0 billion for the fiscal year ending December 31, 2024, marking a 14.1% increase from $3.5 billion in 2023. The company's construction segment generated $3.4 billion, a rise of $423 million, primarily driven by a higher level of committed and awarded projects (CAP) at the start of the year, favorable weather conditions, and contributions from recent acquisitions. The materials segment also saw a revenue increase of 14.6%, totaling $592.3 million, largely due to higher sales prices and revenue from newly acquired businesses.
The company's net income attributable to Granite Construction Incorporated was $126.3 million for 2024, compared to $43.6 million in 2023, reflecting a significant improvement in profitability. This increase was attributed to enhanced project execution and a reduction in losses from prior periods. The gross profit for the construction segment rose by 51.1% to $489.5 million, while the materials segment's gross profit increased by 14.5% to $81.5 million. The overall gross profit margin for the company improved, driven by better project management and execution.
Strategically, Granite Construction made several acquisitions in 2024, including Dickerson & Bowen, Inc. for $125.5 million, which expanded its operations in Mississippi. The company also acquired Lehman-Roberts Company and Memphis Stone & Gravel Company in late 2023, which contributed to its revenue growth in 2024. These acquisitions are part of Granite's strategy to enhance its vertically integrated operations and expand its market presence in key regions.
Operationally, Granite Construction reported a committed and awarded projects balance of $5.3 billion as of December 31, 2024, a slight decrease from $5.5 billion in 2023. The company noted robust bidding activity and anticipates several significant project awards in the first half of 2025. The total employee headcount as of year-end was approximately 4,400, comprising 2,300 salaried and 2,100 hourly employees, reflecting a focus on workforce development and retention.
Looking ahead, Granite Construction expressed optimism regarding its growth prospects, supported by a favorable public funding environment and ongoing infrastructure investments driven by the Infrastructure Investment and Jobs Act. The company plans to continue leveraging its strategic acquisitions and operational efficiencies to enhance profitability and market share in the coming years.
About GRANITE CONSTRUCTION INC
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.