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Mar 31, 2025
Granite Q1 2025 Earnings Report
Granite Construction Incorporated reported its first quarter 2025 financial results, with revenue increasing by 4% year-over-year and a significant sequential increase in Committed and Awarded Projects (CAP).
Key Takeaways
Granite Construction Incorporated reported a revenue of $700 million for the first quarter of 2025, a 4% increase year-over-year. The company posted a net loss of $34 million, or $(0.77) per diluted share, but an adjusted net income of $224 thousand, or $0.01 per diluted share. Committed and Awarded Projects (CAP) reached a record $5.7 billion.
Q1 revenue increased 4% year-over-year to $700 million, driven by growth in both Construction and Materials segments.
Adjusted diluted EPS was $0.01, a significant improvement compared to an adjusted diluted loss per share of $(0.21) in the prior year.
Committed and Awarded Projects (CAP) reached a record $5.7 billion, increasing $444 million sequentially.
Operating cash flow was $4 million, on track for the company's target of 9% operating cash flow as a percent of revenue for the year.
Revenue by Segment
Forward Guidance
Granite's guidance for 2025 remains unchanged, with expected revenue between $4.2 billion and $4.4 billion and an adjusted EBITDA margin of 11.0% to 12.0%.
Positive Outlook
- Revenue expected in the range of $4.2 billion to $4.4 billion.
- Adjusted EBITDA margin projected between 11.0% to 12.0%.
- SG&A expense estimated at approximately 9.0% of revenue, including $45 million of stock-based compensation.
- Mid-20s effective tax rate for adjusted net income.
- Capital expenditures projected between $140 million to $160 million.
Challenges Ahead
- Uncertainty in the macro-economic environment.
- Inability to predict certain components or excluded items for forward-looking adjusted EBITDA margin reconciliation.
- Business and operations involve numerous risks and uncertainties beyond control.
- Expectations may not be realized due to beliefs, assumptions, or estimates that may prove incorrect.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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