Granite Construction (GVA) Tops Q3 EPS by 8c, Revenues Beat

Granite Construction (NYSE: GVA) reported Q3 EPS of $1.42, $0.08 better than the analyst estimate of $1.34. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.15 billion.

• Revenue up 10.3 percent year-over-year to $1.06 billion
• Gross profit margin up more than 170 basis points year-over-year to 13.7 percent
• Net income up 21.1 percent year-over year to $55.7 million
• Adjusted net income1 up 46.6 percent year-over-year to $67.4 million
• Adjusted EBITDA1 up 30.9 percent year-over-year to $112.7 million
• Adjusted EBITDA1 margin 10.7 percent, compared to 9.0 percent last year

Outlook

“Granite’s strategic growth plan is delivering strongly improved near-term results, while positioning our stakeholders to benefit from significant, long-term economic value creation,” said Roberts. “Significant voter support across the country for incremental infrastructure investment is spurring state and local governments and politicians to action. With more than 300 state and local measures on ballots on November 6, voters increasingly understand and support the sustained, increased infrastructure investments that are required to improve public safety, to create jobs, to drive economic expansion, and to improve Americans’ quality of life. For those of you in California, please vote No on Proposition 6 on Election Day.”

For earnings history and earnings-related data on Granite Construction (GVA) click here.

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