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Mar 31, 2023
Granite Q1 2023 Earnings Report
Announced results for the quarter ended March 31, 2023, with a net loss of $23 million and adjusted net loss of $18 million, impacted by extreme weather conditions.
Key Takeaways
Granite Construction reported a net loss of $23 million for Q1 2023, compared to a net loss of $27 million in the same period last year. The company's CAP reached a record $5.1 billion, a 30% increase year-over-year, despite weather-related disruptions. Two bolt-on materials acquisitions were completed to support home markets.
Net loss totaled $23 million, or $(0.53) per diluted share.
Adjusted net loss totaled $18 million or $(0.41) per diluted share.
CAP of $5.1 billion, a record for Granite, increased 14% from the fourth quarter and 30% from the first quarter of 2022.
Completed two bolt-on materials acquisitions in Nevada and the Pacific Northwest.
Granite
Granite
Forward Guidance
The company's guidance for 2023 remains unchanged.
Positive Outlook
- Revenue in the range of $3.4 billion to $3.6 billion
- Adjusted EBITDA margin in the range of 7.5% to 9.0%
- SG&A expense in the range of 8.0% to 8.5% of revenue
- Low to mid-20s effective tax rate range for adjusted net income