Granite Construction Announces 63% Net Income Loss in Q3

Feel like you’re not having the greatest year? Granite Construction can commiserate. The contractor recently reported a 63% decrease in its third-quarter net income year over year.

The firm netted $20.5 million in 2019, compared to 2018’s $55.7 million. Company leadership said the loss was due to complications in its heavy civil division, which has suffered a $69.3 million loss.

Granite President and Chief Executive Officer James Roberts said the firm will focus on dispute resolution and only pursue projects in markets with “strategic, competitive advantages.” The firm will also replace the heavy civil group’s senior vice president, Dale Swanberg, with James D. Richards.