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Mar 31, 2022
Granite Q1 2022 Earnings Report
Granite Construction reported a net loss and made strides in executing its strategic plan, including the sale of Inliner and share repurchases.
Key Takeaways
Granite Construction reported a net loss from continuing operations of ($19) million, or ($0.42) per diluted share, compared to a net loss of ($63) million in the prior year. The company is focused on executing its strategic plan, including divestitures and share repurchases, to drive increased profitability.
Closed on the sale of Inliner and used proceeds to pay off half of the term loan.
Repurchased 611,000 shares.
Made progress on the divestitures of the Water Resources and Mineral Services businesses.
Bidding activity and opportunities in the markets are at a good level.
Granite
Granite
Forward Guidance
For the 2022 fiscal year, the Company's guidance is unchanged.
Positive Outlook
- Low single digit growth in revenue from continuing operations
- Adjusted EBITDA margin from continuing operations in the range of 6% to 8%
- SG&A expense from continuing operations in the range of 8.0% to 8.5% of revenue
- Low-to-mid-20s effective tax rate range for continuing operations
- Capital expenditures in the range of $100 million to $115 million