Granite Construction (GVA) Misses Q2 EPS by 24c; Lowers Outlook
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Granite Reports Second Quarter 2022 Results
July 28, 2022 6:45 AM EDTRevenue guidance is unchanged despite year-to-date revenue decrease compared to the same period in the prior year as portfolio shifts to smaller, less risky projects Old Risk Portfolio ("ORP") projected burn for 2022 remains on track but impacted gross profit margin during the period Non-ORP gross profit margin improved compared to the same period in the prior year Committed and Awarded Projects ("CAP") (1) increased $279 million sequentially ending at $4.2 billion Investments in construction materials assets completed and entered into an amended credit facility to support investment and growth plan for home markets
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