Granite Construction had $549.6 million of available liquidity, inclusive of $393.7 million of cash and marketable securities as of Sept. 30, 2020, compared to $232.6 million of cash and marketable securities as of Sept. 30, 2019, according to the company’s just-released business outlook.
Debt was $413.9 million as of Sept. 30, 2020, compared to $403.1 million as of Sept. 30, 2019. The company did not make any borrowings during the quarter on its credit facility and continues to focus on strategic cash management.
The company ended the third quarter of 2020 with CAP of $4.2 billion, which includes more than $1 billion of best-value procurement work. Its CAP balance is modestly higher from second quarter 2020 levels with increased best-value procurement work offsetting lower Heavy Civil operating group backlog, which is consistent with its procurement strategy shared in the second half of 2019, the company stated.
While project lettings vary by state, there is an overall recognition at the federal, state and local levels of the benefits infrastructure projects provide toward economic activity.
“I am pleased today to discuss some highlights of Granite’s recent performance, but first, I want to thank the board of directors for their confidence in my ability to lead Granite through the near-term challenges we are facing as we work to implement our long-term strategic vision,” said Granite President Kyle T. Larkin. “While we can all acknowledge that 2020 has been a difficult year on many fronts, our people will lead the company through these tough times. Despite the COVID-19 pandemic and California wildfires, our work levels remain steady with minimal project impact, and our business continues to adapt. Most importantly, our top concern remains the safety of our employees and our continued commitment to providing our employees with a safe and healthy work environment in this especially tumultuous year.”