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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
Granite Revenue by Segment
Revenue by Segment
Construction Segment Revenue
CapyFin.comMaterials Segment Revenue
CapyFin.com 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income