Granite Construction reports $12.9 million loss in first quarter

Granite Construction Inc. on April 28 reported a loss of $12.9 million in its first quarter.

On a per-share basis, the Watsonville, California-based company said it had a loss of 29 cents. Losses, adjusted for one-time gains and costs, came to 28 cents per share.

The contractor and construction materials producer posted revenue of $547.6 million in the period.

“While the first quarter of the year is typically slower due to the seasonal nature of our business, we made significant strides executing on our strategic plan,” Granite president and CEO  Kyle Larkin said in a statement.

“We closed on the sale of Inliner and utilized a portion of the proceeds to pay off one half of our term loan while also repurchasing 611,000 shares. We made good progress on the previously-announced divestitures of the Water Resources and Mineral Services businesses that we expect to complete later this year.

“I am pleased with the CAP distribution among our groups and with the level of bidding activity and opportunities in our markets,” he said. “I believe we are well positioned to execute on our strategic plan and drive increased profitability through project execution and investment in our businesses while continuing to be opportunistic in delivering immediate value to shareholders through share repurchases.”