Granite has made progress in eliminating its group of less profitable projects, as it executes its strategy to move away from sprawling design-build contracts toward simpler projects in its target markets of California, Utah and Arizona. Unfortunately, challenges and delays on one East Coast project in particular, which represents more than half of the remaining old risk work, lowered the company’s results this quarter, according to Larkin.
However, the CEO said he expects to wrap these less profitable projects by early 2023.
