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Mar 31
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.
Granite
Granite
Granite Revenue by Segment
Revenue by Segment
Construction Segment Revenue
CapyFin.comMaterials Segment Revenue
CapyFin.com 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.
- Risks and uncertainties described in greater detail in SEC filings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income