Granite Reports First Quarter 2024 Results
Granite Construction Incorporated (NYSE: GVA) reported first quarter 2024 results with a 20% year-over-year revenue increase to $672 million. Adjusted diluted EPS stood at $(0.21), while operating cash flow rose $101 million to $24 million. The company reorganized operations to align leadership with reportable segments. Despite a net loss of $31 million, revenue, gross profit, and adjusted EBITDA all saw positive growth compared to the prior year.
Revenue increased by 20% to $672 million year-over-year.
Gross profit grew by $22 million to $54 million compared to the same period in the prior year.
Operating cash flow increased by $101 million to $24 million year-over-year.
Construction and Materials segments both posted significant year-over-year revenue increases of 18% and 36%, respectively.
Adjusted EBITDA improved to $14 million compared to $(4) million for the same period in the prior year.
Net loss attributable to Granite Construction Incorporated totaled $31 million for the quarter.
SG&A expenses increased to $88 million, representing 13.1% of revenue, primarily due to additional stock-based compensation expense and SG&A expenses from acquired businesses.
The Materials Segment reported a gross profit decrease of 41.5% year-over-year.
Insights
The revenue growth reported by Granite Construction illustrates robust performance in the construction sector, with key operational areas showing substantial year-over-year enhancements. This is underpinned by an 18% increase in their Construction segment and a notable 36% in their Materials segment. An investor should recognize that such revenue enhancements indicate the company's success in expanding its market share and operational efficiency, particularly given the reported improvements in weather conditions and higher levels of Committed and Awarded Projects (CAP).
However, despite the top-line growth, the reported net loss and diluted earnings per share (EPS) exhibit a mixed financial health. It's imperative to note, though, that the adjusted EBITDA turning positive is a silver lining, indicating an improved operational earnings capacity, which could signal long-term stabilization. The increased SG&A expenses due to stock-based compensation and acquired businesses must be analyzed carefully, as these could reflect strategic investments for future growth or a potential area of cost inefficiency. The unchanged revenue projection coupled with a slightly improved EBITDA margin forecast suggests a cautious optimism from the company's leadership about the fiscal year ahead.
The construction industry often serves as a barometer for broader economic health and Granite Construction's positive revenue trend, partly driven by favorable weather and higher levels of CAP, may indicate broader industry growth. However, the sequential decrease in CAP could raise questions about the sustainability of the current pipeline of projects. It's important for investors to monitor not only the revenue and profit metrics but also the underlying market conditions that could affect future performance, such as public and private investment levels in infrastructure, which the company suggests remain strong.
Another aspect to consider is the geographic performance, particularly in California, which has maintained a $2.4 billion CAP. This regional stability is pivotal, as it suggests that despite the volatility in other markets, California continues to be a strong contributor to the company's backlog. As such, investors should pay attention to regional economic indicators, as they may heavily influence the company's prospects.
Granite Construction's alignment of operational leadership around the construction and materials segments may streamline decision-making and potentially enhance project execution efficiency. This strategic reorganization should be seen in the context of industry trends where specialization and operational efficiency often lead to competitive advantages. However, it's essential for investors to track how these changes translate into financial performance over subsequent quarters, as reorganizations can sometimes disrupt operations before benefits are realized.
The report of gross losses from acquired businesses and related purchase accounting adjustments is not unusual following acquisitions but should be closely monitored for potential long-term impacts on profitability. It's common practice for these non-cash expenses to depress reported earnings shortly after an acquisition, so investors should focus on the operational gross profit excluding these adjustments to better gauge underlying business performance.
-
Q1 revenue increased
20% year-over-year to$672 million -
Q1 diluted EPS of
$(0.70) $(0.21) -
Q1 operating cash flow increased
$101 million $24 million - Reorganized operations to align leadership with reportable segments
First Quarter 2024 Results
Net loss attributable to Granite Construction Incorporated totaled
-
Revenue increased
$112 million $672 million $560 million 18% and36% , respectively. -
Gross profit increased
$22 million $54 million $32 million -
Selling, general, and administrative (“SG&A”) expenses increased
$15 million $88 million 13.1% , of revenue, compared to$73 million 13.1% , of revenue, for the same period in the prior year. The increase in SG&A expenses was primarily due to$7 million $5 million -
Adjusted EBITDA (1) totaled
$14 million $(4) million -
Operating cash flow increased
$101 million $24 million -
Committed and Awarded Projects (“CAP”) (2) decreased
$47 million $395 million $5.5 billion
“We continued to build on our momentum from 2023, and our teams are off to a strong start in 2024 driving revenue growth and significantly improved operating cash flow compared to the first quarter of 2023,” said Kyle Larkin, Granite President and Chief Executive Officer. “In addition, during the quarter, we aligned operational leadership and decision making around the construction and materials segments. We believe this will allow us to better leverage our teams’ expertise and position us to drive top and bottom line growth in 2024 and beyond.”
(1) Adjusted net loss attributable to Granite Construction Incorporated, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables. |
(2) CAP is comprised of revenue we expect to record in the future on executed contracts, including |
Three Months ended March 31, 2024 (Unaudited - dollars in thousands)
Construction Segment |
||||||||||||||
|
Three Months Ended March 31, |
|||||||||||||
|
2024 |
|
2023 |
|
Change |
|||||||||
Revenue |
$ |
595,213 |
|
|
$ |
503,416 |
|
|
$ |
91,797 |
|
18.2 |
% |
|
Gross profit |
$ |
56,828 |
|
|
$ |
36,705 |
|
|
$ |
20,123 |
|
|
54.8 |
% |
Gross profit as a percent of revenue |
|
9.5 |
% |
|
|
7.3 |
% |
|
|
|
|
|||
Revenue increased year-over-year, led by operations in
CAP remained flat at
Materials Segment |
||||||||||||||
|
Three Months Ended March 31, |
|||||||||||||
|
2024 |
|
2023 |
|
Change |
|||||||||
Revenue |
$ |
77,062 |
|
|
$ |
56,652 |
|
|
$ |
20,410 |
|
36.0 |
% |
|
Gross profit |
$ |
(2,543 |
) |
|
$ |
(4,346 |
) |
|
$ |
1,803 |
|
|
(41.5 |
)% |
Gross profit as a percent of revenue |
|
(3.3 |
)% |
|
|
(7.7 |
)% |
|
|
|
|
|||
Revenue increased year-over-year driven by revenue from acquired businesses of
Outlook
Our guidance for 2024 is unchanged, with the exception of adjusted EBITDA margin. Adjusted EBITDA margin guidance has increased from a range of
-
Revenue in the range of
$3.8 billion $4.0 billion -
Adjusted EBITDA margin in the range of
9.5% to11.5% -
SG&A expense in the range of
7.5% to8.0% of revenue - Mid-20s effective tax rate for adjusted net income
-
Capital expenditures of approximately
$130 million $150 million
We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to Granite Construction Incorporated because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.
Conference Call
Granite will conduct a conference call today, May 2, 2024, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter ended March 31, 2024. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website, https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through May 9, 2024, by calling 1-877-344-7529, replay access code 5065393; international callers may dial 1-412-317-0088.
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in
Forward-looking Statements
Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2024 fiscal year guidance for revenue, adjusted EBITDA margin, SG&A expense, effective tax rate, and capital expenditures, that our reorganized operations will allow us to better leverage our teams’ expertise and position us to drive top and bottom line growth in 2024 and beyond, CAP and results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2024 fiscal year guidance for revenue, adjusted EBITDA margin, SG&A expense, effective tax rate, and capital expenditures, that our reorganized operations will allow us to better leverage our teams’ expertise and position us to drive top and bottom line growth in 2024 and beyond, CAP and results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.
GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) |
|||||||
|
March 31, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
321,752 |
|
$ |
417,663 |
||
Short-term marketable securities |
|
15,500 |
|
|
|
35,863 |
|
Receivables, net |
|
429,830 |
|
|
|
598,705 |
|
Contract assets |
|
306,004 |
|
|
|
262,987 |
|
Inventories |
|
116,957 |
|
|
|
103,898 |
|
Equity in construction joint ventures |
|
168,985 |
|
|
|
171,233 |
|
Other current assets |
|
59,078 |
|
|
|
53,102 |
|
Total current assets |
|
1,418,106 |
|
|
|
1,643,451 |
|
Property and equipment, net |
|
665,524 |
|
|
|
662,864 |
|
Investments in affiliates |
|
92,677 |
|
|
|
92,910 |
|
Goodwill |
|
160,842 |
|
|
|
155,004 |
|
Intangible assets |
|
113,201 |
|
|
|
117,322 |
|
Right of use assets |
|
79,580 |
|
|
|
78,176 |
|
Deferred income taxes, net |
|
8,108 |
|
|
|
8,179 |
|
Other noncurrent assets |
|
56,997 |
|
|
|
55,634 |
|
Total assets |
$ |
2,595,035 |
|
|
$ |
2,813,540 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Current maturities of long-term debt |
$ |
39,986 |
|
|
$ |
39,932 |
|
Accounts payable |
|
347,382 |
|
|
|
408,363 |
|
Contract liabilities |
|
223,964 |
|
|
|
243,848 |
|
Accrued expenses and other current liabilities |
|
325,103 |
|
|
|
337,740 |
|
Total current liabilities |
|
936,435 |
|
|
|
1,029,883 |
|
Long-term debt |
|
513,203 |
|
|
|
614,781 |
|
Long-term lease liabilities |
|
65,115 |
|
|
|
63,548 |
|
Deferred income taxes, net |
|
3,636 |
|
|
|
3,708 |
|
Other long-term liabilities |
|
72,041 |
|
|
|
74,654 |
|
Commitments and contingencies |
|
|
|
||||
Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
441 |
|
|
|
439 |
|
Additional paid-in capital |
|
479,680 |
|
|
|
474,134 |
|
Accumulated other comprehensive income |
|
1,290 |
|
|
|
881 |
|
Retained earnings |
|
465,047 |
|
|
|
501,844 |
|
Total Granite Construction Incorporated shareholders’ equity |
|
946,458 |
|
|
|
977,298 |
|
Non-controlling interests |
|
58,147 |
|
|
|
49,668 |
|
Total equity |
|
1,004,605 |
|
|
|
1,026,966 |
|
Total liabilities and equity |
$ |
2,595,035 |
|
|
$ |
2,813,540 |
|
GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Revenue |
|
|
|
||||
Construction |
$ |
595,213 |
|
|
$ |
503,416 |
|
Materials |
|
77,062 |
|
|
|
56,652 |
|
Total revenue |
|
672,275 |
|
|
|
560,068 |
|
Cost of revenue |
|
|
|
||||
Construction |
|
538,385 |
|
|
|
466,711 |
|
Materials |
|
79,605 |
|
|
|
60,998 |
|
Total cost of revenue |
|
617,990 |
|
|
|
527,709 |
|
Gross profit |
|
54,285 |
|
|
|
32,359 |
|
Selling, general and administrative expenses |
|
87,993 |
|
|
|
73,122 |
|
Other costs, net |
|
11,010 |
|
|
|
4,523 |
|
Gain on sales of property and equipment, net |
|
(1,418 |
) |
|
|
(2,037 |
) |
Operating loss |
|
(43,300 |
) |
|
|
(43,249 |
) |
Other (income) expense |
|
|
|
||||
Interest income |
|
(6,702 |
) |
|
|
(3,762 |
) |
Interest expense |
|
8,083 |
|
|
|
2,891 |
|
Equity in income of affiliates, net |
|
(3,970 |
) |
|
|
(5,187 |
) |
Other income, net |
|
(1,743 |
) |
|
|
(1,950 |
) |
Total other income, net |
|
(4,332 |
) |
|
|
(8,008 |
) |
Loss before income taxes |
|
(38,968 |
) |
|
|
(35,241 |
) |
Benefit from income taxes |
|
(9,526 |
) |
|
|
(9,469 |
) |
Net loss |
|
(29,442 |
) |
|
|
(25,772 |
) |
Amount attributable to non-controlling interests |
|
(1,541 |
) |
|
|
2,749 |
|
Net loss attributable to Granite Construction Incorporated |
$ |
(30,983 |
) |
|
$ |
(23,023 |
) |
|
|
|
|
||||
Net loss per share attributable to common shareholders: |
|
|
|
||||
Basic |
$ |
(0.70 |
) |
|
$ |
(0.53 |
) |
Diluted |
$ |
(0.70 |
) |
|
$ |
(0.53 |
) |
Weighted average shares outstanding: |
|
|
|
||||
Basic |
|
43,988 |
|
|
|
43,764 |
|
Diluted |
|
43,988 |
|
|
|
43,764 |
|
GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands) |
|||||||
Three Months Ended March 31, |
2024 |
|
2023 |
||||
Operating activities |
|
|
|
||||
Net loss |
$ |
(29,442 |
) |
|
$ |
(25,772 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation, depletion and amortization |
|
29,068 |
|
|
|
19,733 |
|
Amortization related to long-term debt |
|
758 |
|
|
|
472 |
|
Gain on sales of property and equipment, net |
|
(1,418 |
) |
|
|
(2,037 |
) |
Stock-based compensation |
|
12,895 |
|
|
|
4,828 |
|
Equity in net income from unconsolidated construction joint ventures |
|
(2,290 |
) |
|
|
(911 |
) |
Net income from affiliates |
|
(3,970 |
) |
|
|
(5,187 |
) |
Other non-cash adjustments |
|
(691 |
) |
|
|
(151 |
) |
Changes in assets and liabilities |
|
19,163 |
|
|
|
(67,663 |
) |
Net cash provided by (used in) operating activities |
$ |
24,073 |
|
|
$ |
(76,688 |
) |
Investing activities |
|
|
|
||||
Maturities of marketable securities |
|
20,000 |
|
|
|
10,000 |
|
Purchases of property and equipment |
|
(27,871 |
) |
|
|
(40,461 |
) |
Proceeds from sales of property and equipment |
|
2,535 |
|
|
|
4,518 |
|
Proceeds from company owned life insurance |
|
— |
|
|
|
1,545 |
|
Return of investment in affiliates |
|
693 |
|
|
|
— |
|
Cash paid for purchase price adjustments on business acquisition |
|
(6,119 |
) |
|
|
— |
|
Collection of notes receivable |
|
— |
|
|
|
62 |
|
Net cash used in investing activities |
$ |
(10,762 |
) |
|
$ |
(24,336 |
) |
Financing activities |
|
|
|
||||
Debt principal repayments |
|
(102,140 |
) |
|
|
(256 |
) |
Cash dividends paid |
|
(5,713 |
) |
|
|
(5,687 |
) |
Repurchases of common stock |
|
(7,416 |
) |
|
|
(3,523 |
) |
Contributions from non-controlling partners |
|
10,000 |
|
|
|
17,600 |
|
Distributions to non-controlling partners |
|
(3,950 |
) |
|
|
(1,350 |
) |
Other financing activities, net |
|
(3 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
$ |
(109,222 |
) |
|
$ |
6,784 |
|
Net decrease in cash, cash equivalents |
|
(95,911 |
) |
|
|
(94,240 |
) |
Cash, cash equivalents at beginning of period |
|
417,663 |
|
|
|
293,991 |
|
Cash, cash equivalents at end of period |
$ |
321,752 |
|
|
$ |
199,751 |
|
Non-GAAP Financial Information
The tables below contain financial information calculated other than in accordance with
We provide adjusted income (loss) before income taxes, adjusted provision for (benefit from) income taxes, adjusted net income (loss) attributable to Granite Construction Incorporated, adjusted diluted weighted average shares of common stock and adjusted diluted earnings (loss) per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:
- Other costs, net as described above;
- Transaction costs which include acquired intangible amortization expense and acquisition-related depreciation in 2024 and 2023, and
- Stock-based compensation expense.
Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies, and management uses these non-GAAP financial measures in evaluating the Company's performance. However, the reader is cautioned that any non-GAAP financial measures provided by the Company are provided in addition to, and not as alternatives for, the Company's reported results prepared in accordance with GAAP. Items that may have a significant impact on the Company's financial position, results of operations and cash flows must be considered when assessing the Company's actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by the Company may not be comparable to similar measures provided by other companies.
GRANITE CONSTRUCTION INCORPORATED EBITDA AND ADJUSTED EBITDA(1) (Unaudited - dollars in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
EBITDA: |
|
|
|
||||
Net loss attributable to Granite Construction Incorporated |
$ |
(30,983 |
) |
|
$ |
(23,023 |
) |
Net loss margin (2) |
|
(4.6 |
)% |
|
|
(4.1 |
)% |
|
|
|
|
||||
Depreciation, depletion and amortization expense (3) |
|
29,273 |
|
|
|
19,874 |
|
Benefit from income taxes |
|
(9,526 |
) |
|
|
(9,469 |
) |
Interest (income) expense, net |
|
1,381 |
|
|
|
(871 |
) |
EBITDA(1) |
$ |
(9,855 |
) |
|
$ |
(13,489 |
) |
EBITDA margin(1)(2) |
|
(1.5 |
)% |
|
|
(2.4 |
)% |
|
|
|
|
||||
ADJUSTED EBITDA: |
|
|
|
||||
Other costs, net |
|
11,010 |
|
|
|
4,523 |
|
Stock-based compensation (4) |
|
12,895 |
|
|
|
4,828 |
|
Adjusted EBITDA(1) |
$ |
14,050 |
|
|
$ |
(4,138 |
) |
Adjusted EBITDA margin(1)(2) |
|
2.1 |
% |
|
|
(0.7 |
)% |
(1) We define EBITDA as GAAP net income attributable to Granite Construction Incorporated, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of Other costs, net, and stock-based compensation expense, as described above. |
|||||||
(2) Represents net loss, EBITDA and adjusted EBITDA divided by consolidated revenue of |
|||||||
(3) Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations. |
|||||||
(4) In the first quarter of 2024, we revised the adjusted EBITDA calculation to exclude the impact of stock-based compensation expense. The prior period adjusted EBITDA has been recast to conform to current presentation. |
|||||||
GRANITE CONSTRUCTION INCORPORATED ADJUSTED NET INCOME (LOSS) RECONCILIATION (Unaudited - in thousands, except per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Loss before income taxes |
$ |
(38,968 |
) |
|
$ |
(35,241 |
) |
Other costs, net |
|
11,010 |
|
|
|
4,523 |
|
Transaction costs |
|
5,593 |
|
|
|
2,494 |
|
Stock-based compensation (1) |
|
12,895 |
|
|
|
4,828 |
|
Adjusted loss before income taxes |
$ |
(9,470 |
) |
|
$ |
(23,396 |
) |
|
|
|
|
||||
Benefit from income taxes |
$ |
(9,526 |
) |
|
$ |
(9,469 |
) |
Tax effect of adjusting items (2) |
|
7,669 |
|
|
|
3,080 |
|
Adjusted benefit from income taxes |
$ |
(1,857 |
) |
|
$ |
(6,389 |
) |
|
|
|
|
||||
Net loss attributable to Granite Construction Incorporated |
$ |
(30,983 |
) |
|
$ |
(23,023 |
) |
After-tax adjusting items |
|
21,829 |
|
|
|
8,765 |
|
Adjusted net loss attributable to Granite Construction Incorporated |
$ |
(9,154 |
) |
|
$ |
(14,258 |
) |
|
|
|
|
||||
Diluted weighted average shares of common stock |
|
43,988 |
|
|
|
43,764 |
|
|
|
|
|
||||
Diluted net loss per share attributable to common shareholders |
$ |
(0.70 |
) |
|
$ |
(0.53 |
) |
After-tax adjusting items per share attributable to common shareholders |
|
0.49 |
|
|
|
0.20 |
|
Adjusted diluted loss per share attributable to common shareholders |
$ |
(0.21 |
) |
|
$ |
(0.33 |
) |
(1) In the first quarter of 2024, we revised the adjusted net income calculation to exclude the impact of stock-based compensation expense. The prior period adjusted net income and diluted loss per share calculations have been recast to conform to current presentation. |
|||||||
(2) The tax effect of adjusting items was calculated using the Company’s estimated annual statutory tax |
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501078447/en/
Investors
Wenjun Xu, 831-761-7861
Or
Media
Erin Kuhlman, 831-768-4111
Source: Granite Construction Incorporated
FAQ
What was Granite Construction Incorporated's Q1 2024 revenue?
Granite Construction Incorporated reported Q1 2024 revenue of $672 million, a 20% increase year-over-year.
What was the net loss in Q1 2024 for Granite Construction Incorporated?
Granite Construction Incorporated recorded a net loss of $31 million for Q1 2024.
How did the Construction and Materials segments perform in Q1 2024?
The Construction and Materials segments both saw revenue growth with increases of 18% and 36% year-over-year, respectively.
What was the gross profit for Granite Construction Incorporated in Q1 2024?
Granite Construction Incorporated reported a gross profit of $54 million in Q1 2024, a $22 million increase compared to the same period in the prior year.
What was Granite Construction Incorporated's adjusted EBITDA for Q1 2024?
Granite Construction Incorporated's adjusted EBITDA for Q1 2024 was $14 million, a significant improvement from the previous year.
