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Sep 30, 2020
Granite Q3 2020 Earnings Report
Reported a net loss due to transaction costs, amortization of debt discount, non-recurring legal and accounting investigation costs, and non-cash impairment charges, offset by strong vertically-integrated business results and reduced project write downs.
Key Takeaways
Granite Construction Incorporated reported a revenue increase of $56.9 million to $2.6 billion year-over-year and a gross profit margin increase to 9.1%. The company ended the third quarter with Committed and Awarded Projects (CAP) of $4.2 billion, up sequentially, including $1.4 billion of best-value procurement work.
Revenue increased $56.9 million to $2.6 billion year-over-year.
Gross profit margin increased to 9.1%, compared to 6.7% year-over-year.
Adjusted EBITDA was $126.7 million, compared to $63.3 million year-over-year.
Company ended the third quarter of 2020 with Committed and Awarded Projects (CAP) of $4.2 billion, up sequentially.
Granite
Granite
Granite Revenue by Segment
Revenue by Segment
Construction Segment Revenue
CapyFin.com Forward Guidance
Although Granite suspended guidance for 2020, the Company expects to report fourth quarter 2020 results and 2021 guidance to the investment community by the end of March 2021.