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Granite Construction reported adjusted operating profit of $21.9 million, down significantly from $40.6 million in the year-earlier 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. Construction Materials: Net sales in the reported quarter were down 8% year over year to $60.9 million. The segment reported gross profit of $6.1 million compared with $7.3 million in the prior-year quarter. Financial Update Granite Construction reported cash and cash equivalents of $189 million at the end of 2016, down from $252.8 million as of Dec 31, 2015. Long-term debt was $229.5 million as of Dec 31, 2016 compared with $244 million as of Dec 31, 2015.