Granite Q3 2021 Earnings Report
Key Takeaways
Granite Construction Incorporated announced its Q3 2021 results, with net income increasing to $35.0 million, or $0.73 per diluted share. The company is focused on project execution and growing high-quality CAP in its vertically-integrated California and Northwest Operating Groups.
Net income increased to $35.0 million, or $0.73 per diluted share, compared to a net loss of ($91.2) million, or ($2.00) per diluted share, for the same period last year.
Adjusted net income totaled $43.2 million, or $0.93 per diluted share, compared to adjusted net income of $53.8 million, or $1.16 per diluted share, for the same period last year.
Transportation revenue decreased due to efforts to narrow the footprint of the Heavy Civil Operating Group and decreased revenue in the California Operating Group.
Company reaffirms revenue guidance of low- to mid-single digit revenue growth for the 2021 fiscal year and amends adjusted EBITDA margin guidance from a range of 5.5% to 7.5 % to a range of 6.0% to 7.0%.
Granite
Granite
Forward Guidance
The Company reaffirms revenue guidance of low- to mid-single digit revenue growth for the 2021 fiscal year and amends adjusted EBITDA margin guidance from a range of 5.5% to 7.5 % to a range of 6.0% to 7.0%.