Granite Construction Incorporated reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $1,275.5 million, a 14.3% increase from $1,116.8 million in 2023. For the nine-month period, revenue rose 17.6% to $3,030.3 million from $2,575.4 million. The construction segment was a key driver, with revenue for the third quarter increasing to $1,080.7 million, up from $945.7 million in the prior year.
Gross profit also saw substantial growth, with third-quarter gross profit at $202.9 million, compared to $166.6 million in 2023. For the nine months, gross profit increased to $421.9 million from $302.1 million. Operating income for the third quarter was $104.3 million, up from $73.8 million, while for the nine months, it rose to $146.8 million from $59.4 million. Net income attributable to Granite Construction for the third quarter was $78.9 million, compared to $57.6 million in 2023, and for the nine months, it surged to $84.9 million from $17.6 million.
The company’s total assets increased to $3,130.9 million as of September 30, 2024, from $2,813.5 million at the end of 2023. Current assets also rose, driven by increases in cash and cash equivalents, which reached $462.3 million, and net receivables, which grew to $733.0 million. However, total current liabilities increased to $1,164.8 million, and long-term debt rose to $737.5 million.
Strategically, Granite Construction reorganized its operations into two reportable segments: Construction and Materials, enhancing oversight and expertise. The company completed the acquisition of Dickerson & Bowen, Inc. for $124.2 million in August 2024, and previously acquired LRC/MSG for $278.0 million in November 2023. These acquisitions contributed to revenue growth, with LRC/MSG generating $105.0 million in revenue for the nine months ended September 30, 2024.
Granite's share repurchase program remains active, with 225,000 shares repurchased under a $300 million authorization, leaving $218.2 million available for future repurchases. The company continues to benefit from increased federal funding for infrastructure projects, which is expected to enhance project visibility and growth opportunities moving forward.
About GRANITE CONSTRUCTION INC
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