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Jun 30, 2024
Granite Q2 2024 Earnings Report
Granite reported strong Q2 2024 results, marked by a 20% year-over-year increase in revenue and the announcement of an agreement to acquire Dickerson & Bowen, Inc.
Key Takeaways
Granite Construction Incorporated announced record second quarter revenue, increasing 20% year-over-year to $1.1 billion. The company reported diluted EPS of $0.76 and adjusted diluted EPS of $1.73. They also entered into an agreement to acquire Dickerson & Bowen, Inc.
Revenue increased 20% year-over-year to $1.1 billion.
Diluted EPS was reported at $0.76, and adjusted diluted EPS at $1.73.
Committed and Awarded Projects (CAP) reached $5.6 billion, a sequential increase of $77 million.
An agreement was made to acquire Dickerson & Bowen, Inc.
Granite
Granite
Forward Guidance
Granite expects revenue to be in the upper half of the previous revenue guidance for the year in the range of $3.9 billion to $4.0 billion. The guidance for 2024 is unchanged with the exception of revenue.
Positive Outlook
- Revenue in the range of $3.9 billion to $4.0 billion, narrowed from $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