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Dec 31, 2020
Granite Q4 2020 Earnings Report
Reported net income, driven by growth in California operations and strong performance in vertically integrated businesses.
Key Takeaways
Granite Construction Incorporated announced its Q4 2020 results, which included a net income of $8.0 million, or $0.17 per diluted share, compared to a net loss of ($19.4) million in the prior year. The Transportation segment saw increased revenue, particularly in California, while the Water segment remained flat but experienced increased gross profit due to the absence of project write-downs. The Specialty segment also saw revenue growth, and the Materials segment experienced increased revenue and gross profit due to strong sales volumes.
Net income for Q4 2020 was $8.0 million, a significant improvement from the prior year's net loss of ($19.4) million.
Transportation segment revenue increased due to growth in California operations.
Water segment gross profit increased due to the absence of significant project write-downs.
Specialty segment revenue increased driven by strong site development and renewable energy projects.
Granite
Granite
Forward Guidance
The Company's expectations for 2021 are: