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Sep 30, 2023
Granite Q3 2023 Earnings Report
Granite Construction reported an increase in revenue and adjusted EPS compared to the same period last year.
Key Takeaways
Granite Construction Incorporated announced Q3 2023 results with an 11% increase in revenue to $1.1 billion and adjusted diluted EPS of $1.69. The company also reported a record Committed and Awarded Projects (CAP) of $5.6 billion.
Q3 revenue increased 11% year-over-year to $1.1 billion.
Q3 diluted EPS was $1.13 and adjusted diluted EPS was $1.69.
Operating cash flow increased $153 million sequentially.
Record Committed and Awarded Projects (CAP) reached $5.6 billion, a sequential increase of $147 million and a year-over-year increase of $1.5 billion.
Granite
Granite
Granite Revenue by Segment
Revenue by Segment
Construction Segment Revenue
CapyFin.comMaterials Segment Revenue
CapyFin.com Forward Guidance
Granite's guidance for 2023 is unchanged.
Positive Outlook
- Revenue in the range of $3.35 billion to $3.45 billion
- Adjusted EBITDA margin in the range of 7.5% to 8.5%
- SG&A expense in the range of 8.0% to 8.5% of revenue
- Mid-20s effective tax rate for adjusted net income
- Capital expenditures of approximately $120 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income