How Granite performed in the first quarter of 2022

Granite Construction reports that its materials revenue increased in the first quarter this year versus the first quarter of 2021 due to increased aggregate and asphalt volumes.

Revenue from continuing operations in Granite’s materials segment jumped more than 22 percent in the first quarter, with the company’s quarterly gross profit from continuing operations spiking 68 percent. Overall gross profit and gross profit margin both increased slightly over the prior year in the materials segment, Granite says, as price increases and oil price mitigation measures, including bulk purchases and forward contracts, partially offset the impact of higher fuel and liquid asphalt costs.

Companywide, Granite’s first-quarter revenue decreased about 3 percent to $548 million. Gross profit decreased $4 million to $50 million, and the company’s gross profit margin decreased to 9.1 percent compared to 9.5 in the prior year.

“While the first quarter of the year is typically slower due to the seasonal nature of our business, we made significant strides executing on our strategic plan,” says Kyle Larkin, President and CEO of Granite.