Granite has set its revenue forecast for the full-year 2024 to be between $3.8bn and $4bn. Credit: ShutterstockProfessional via Shutterstock.

Granite Construction has reported its total revenue for financial year 2023 climbed to $3.50bn, an increase of $208m compared to $3.30bn in the previous year. 

The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the full year was $268.92m, up from $210.09m in 2022.  

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Gross profit for the year was up $27m to $396m compared to $369m in the year ago. 

However, the net income for the entire year of 2023 was $43.59m or $0.97 per diluted share, a decrease from $83.30m or $1.70 per diluted share in 2022.  

In the fourth quarter (Q4) of 2023, the company’s net income was $25.99m against $22.05m in the same quarter of 2022. 

The total revenue for the quarter ending 31 December 2023 was $933.69m, an increase from $789.21m in the corresponding period in 2022. 

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The company’s adjusted EBITDA for Q4 2023 rose to $73.98m, from $49.94m in Q4 2022.  

Gross profit decreased $3m to $94m compared to $97m in the year-ago period. 

Granite president and CEO Kyle Larkin said: “The quarter’s strong results, however, were tempered by impacts from the legacy Tappan Zee and I-64 projects. Looking back on 2023, it was a transformative year for Granite as we delivered on our strategic plan. We met our expectations for organic revenue growth and achieved our adjusted EBITDA margin range.  

“We continued to develop our home markets while growing what we believe is the highest quality CAP in Granite’s history by $1bn year-over-year.” 

Looking forward, Granite Construction has set its revenue forecast for the full-year 2024 to be between $3.8bn and $4bn.  

The company also expects the adjusted EBITDA margin to range from 9% to 11%.