Granite Construction Incorporated announced its fourth-quarter and fiscal year 2024 results, highlighting a record year for the company. For Q4 2024, net income totaled $41 million, or $0.84 per diluted share, with adjusted net income reaching $56 million, or $1.23 per diluted share.
Fourth-quarter revenue increased 4.7% year-over-year to $977.3 million. The Construction segment's gross profit surged by 77.9% to $128.1 million, achieving a 15.6% gross profit margin. The Materials segment also saw revenue growth of 11.4% to $156.0 million, with cash gross profit increasing 21.4% to $37.1 million.
For the full fiscal year 2024, net income totaled $126 million, or $2.62 per diluted share, and adjusted net income reached $214 million, or $4.82 per diluted share. Total revenue for the year was $4.007 billion, marking a 14.1% increase from the prior year.
Committed and Awarded Projects (CAP) stood at $5.3 billion at year-end, a decrease of $324 million sequentially and $250 million year-over-year. However, management expressed confidence in substantial opportunities to build CAP in 2025 due to robust bidding activity.
Granite provided 2025 guidance, projecting revenue between $4.2 billion and $4.4 billion and an adjusted EBITDA margin of 11% to 12%. Capital expenditures for 2025 are estimated at $140 million to $160 million, including $50 million for strategic materials investments, reflecting continued investment in core segments.
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