Other highlights include:
- Revenue of $1.1 billion, essentially flat compared to the same period last year.
- Gross profit decreased to $119.9m compared to $126.0m for the same period last year, while gross profit margins remained relatively flat for the same period.
- Selling, general, and administrative expenses were $77.6m or 7.3% of revenue, compared to $72.9m or 6.8% of revenue for the same period last year, primarily driven by an increase in incentive compensation expense.
- Committed and awarded projects totalled $4.3bn, up $135.4m compared to the same period last year, and down $117.4m since the second quarter of 2021.
Granite says materials revenue in the third quarter increased compared to the same period last year led by continued strong demand and volumes in the vertically-integrated California and Northwest Operating Groups.
According to Granite, third quarter gross profit decreased compared to the same period last year as oil related costs returned to 2019 levels and the current year pricing did not benefit from low fuel and liquid asphalt costs experienced during the third quarter of 2020.
Granite CEO Kyle Larkin says: "This quarter, we made progress by working through the challenging ORP projects in the Heavy Civil Operating Group and by growing high-quality CAP in our vertically-integrated California and Northwest Operating Groups. There is more work to do with the ORP, and we remain focused on project execution across our business. Opportunities in our markets are robust, cash and liquidity remain a strength, and I am confident we are positioning the company to continue on its path for improved financial performance.”
