Granite Construction Incorporated announced its first-quarter 2025 results, reporting a net loss attributable to Granite of $34 million, or $(0.77) per diluted share. However, adjusted net income attributable to Granite totaled $224 thousand, or $0.01 per diluted share, a significant improvement from an adjusted net loss of $9 million, or $(0.21) per diluted share, in the prior year.
Total revenue for the quarter increased 4% year-over-year to $699.5 million. The Construction segment's revenue grew 3.3% to $614.6 million, with gross profit surging 50.3% to $85.4 million, resulting in a robust 13.9% gross profit margin. The Materials segment also saw revenue increase by 10.2% to $84.9 million, and cash gross profit improved by 33.1% to $10.5 million.
Committed and Awarded Projects (CAP) reached a new record of $5.7 billion at the end of the quarter, representing a sequential increase of $444 million and a year-over-year increase of $241 million. This record backlog indicates strong bidding opportunities in both public and private markets.
Despite a slight miss on revenue compared to analyst estimates, the adjusted EPS of $0.01 significantly surpassed the consensus estimate of $(0.15). The company reiterated its unchanged 2025 guidance, expressing confidence in meeting its financial targets due to improved project execution and margin expansion.
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