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Granite Construction Incorporated (GVA-2.85%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total revenue to $4,007,574,000 from $3,509,138,000 in the previous year. This increase is attributed to higher levels of Committed and Awarded Projects (CAP) and more favorable weather conditions.
Construction revenue increased by 14.1% compared to the previous year, primarily due to a higher level of CAP and increased revenue from acquired businesses.
Materials revenue increased by 14.6%, driven by higher asphalt and aggregate sales prices and contributions from newly acquired businesses.
Gross profit for the year was $572,697,000, an increase from $396,399,000 in the previous year, with improvements in project execution and net increases from revisions in estimates.
Selling, general, and administrative expenses rose to $334,162,000 from $294,466,000, primarily due to increased expenses from acquired businesses and higher labor costs.
Net income attributable to Granite Construction Incorporated was $126,346,000, up from $43,599,000 in the previous year, with the increase driven by improved financial performance and less negative revisions in estimates.
The company's CAP stood at $5.3 billion at the end of the fiscal year, a slight decrease from the previous year, due to higher revenue and lower additions to CAP.
Granite Construction completed the acquisition of Dickerson & Bowen, Inc., expanding its operations in central and southern Mississippi. The acquisition contributed to the increase in revenue and gross profit.
The company continues to focus on its strategic objectives, including selective bidding, risk-balanced growth, vertical integration, and diversification across sectors and geographies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Granite Construction Incorporated annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.