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Mar 31, 2024
Granite Q1 2024 Earnings Report
Reported a 20% increase in revenue and improved operating cash flow compared to Q1 2023.
Key Takeaways
Granite Construction Incorporated reported a strong start to 2024, with a 20% increase in revenue to $672 million and a significant improvement in operating cash flow, which increased by $101 million year-over-year to $24 million. The company reorganized its operations to align leadership with the construction and materials segments, aiming to leverage expertise and drive growth.
Revenue increased 20% year-over-year to $672 million.
Diluted EPS was $(0.70), and adjusted diluted EPS was $(0.21).
Operating cash flow increased $101 million year-over-year to $24 million.
Committed and Awarded Projects (CAP) increased $395 million year-over-year to $5.5 billion.
Revenue by Segment
Forward Guidance
Granite Construction's guidance for 2024 remains unchanged, except for adjusted EBITDA margin, which has been increased to a range of 9.5% to 11.5%.
Positive Outlook
- Revenue in the range of $3.8 billion to $4.0 billion
- Adjusted EBITDA margin in the range of 9.5% to 11.5%
- SG&A expense in the range of 7.5% to 8.0% of revenue
- Mid-20s effective tax rate for adjusted net income
- Capital expenditures of approximately $130 million to $150 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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