US-based civil construction company Granite Construction has recorded a net loss of $17m in the second quarter (Q2) of 2023 compared to its net income of $19m reported in Q2 2022.

The company has said that the loss was due to a $51m non-cash charge attributed to refinancing its convertible notes and an added $12m charge for litigation.

After excluding these one-time factors, the business recorded an adjusted net income of $46m from $34m the previous year, and revenue growth of $899m, a rise from $849m in Q2 2022.

The construction and materials divisions within Granite also increased on a year-over-year (YoY) basis, with its California and Mountain Groups surpassing a minor reduction in revenue in the Central Group.

Gross profit rose by $5m to $103m, up from $98m in Q2 2022 and reported adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $80m, up from $63m in the same quarter last year.

Granite president and CEO Kyle Larkin said: “Our public and private markets remain very strong across our geographies, and we believe we are winning the work necessary to meet our 2024 growth and margin targets.

“I expect we will see continued year-over-year improvement in materials and construction revenue and gross profit in the second half of the year.”

“As a reminder, we disclosed our 2024 strategic plan revenue and adjusted EBITDA margin targets back in the first quarter of 2021.

“Since that time, we have taken steps to de-risk the company, grow a higher-quality CAP portfolio, and with a renewed focus on operational excellence, I believe we are well on our way to meet these targets.”