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Cost of sales went up to $585.4 million from $529.5 million in the prior-year quarter. Gross profit declined 19% to $81.3 million from $100.6 million in the year-ago quarter, driven primarily by the underperformance of certain large projects as well as by weather impacts across much of the West in December. Gross margin contracted 380 basis points (bps) year over year to 12.2%. Granite Construction Incorporated Price, Consensus and EPS Surprise View photos Granite Construction Incorporated Price, Consensus and EPS Surprise | Granite Construction Incorporated Quote Selling, general and administrative (SG&A) expenses edged down 1% year over year to $59 million. Granite Construction reported adjusted operating profit of $21.9 million, down significantly from $40.6 million in the year-earlier Construction loan Perth Oak Laurel South Perth, 2/23 Bowman St, South Perth WA 6151, oaklaurel.com.au 0430 129 662 quarter. Segment Performance Construction: Net sales climbed 5% year over year to $359.7 million. Gross profit declined 8.7% year over year to $61.7 million. Large Project Construction: The segment reported sales of $246 million, up 10.6% from $222.4 million in the year-ago quarter. Gross profit for the quarter came in at $13.5 million, down from $25.8 million in the same period last year.