The company’s profits in Q2 stood at $78 million, down 20.4% year over year, but up 56% from Q1. Granite’s revenue for Q2 was $768 million, down 8% from the same period last year and up 40% from last quarter. Its long-term debt fell to $288 million, down $52 million year-over-year.
Granite’s materials business benefited from higher costs of aggregates and asphalt, but overall the company was still hit by higher fuel and other materials prices, Larkin said.
The company made two strategic moves with its materials business in Q2. First, it bought a greenfield aggregate operation in Grantsville, Utah, which it plans to use to supply materials for builds in its key market of Salt Lake City, which is growing steadily.
