Granite Construction reported a net loss of $8.4 million for the quarter ended June 30, compared to a net income of $14.1 million in the second quarter of 2017. Second quarter 2018 results include the impact of acquisition expenses of Layne Christensen Company and LiquiForce. Excluding the impact of these expenses, second quarter adjusted net income was $17.9 million, or $0.43 per diluted share, a 22.9 percent increase from $0.35 per share in 2017.
- Construction Materials revenue increased 27.5 percent to $100.9 million, compared with $79.2 million last year.
- Gross profit of $17.5 million improved 32.6 percent from $13.2 million last year.
- Gross profit margin improved nearly 70 basis points from last year to 17.3 percent.
- The gross profit and margin improvement was attributable primarily to improved external demand across most markets.
“After producing the best first-half revenue performance in our company’s history and with adjusted EBITDA nearly tripling year-over-year through June,Granite teams remain focused on consistent execution, process improvement, and steady, strategic growth,” said Granite President and Chief Executive Officer James H. Roberts. “Following the successful completion of two acquisitions in the second quarter, we greatly appreciate the support that our employees and shareholders provided in the execution of our strategic plan. We are quite pleased to expand Granite’s platforms for growth in this opportunistic environment.
“These strategic moves extend our reach, as we execute our strategy to diversify and grow across geographies in our core infrastructure markets, inclusive of the water, wastewater, and mining markets,” Roberts said. “State- and local-led program expansions, coupled with growing federal government investment, and continued private-sector strength are fueling the healthiest market conditions we have experienced in more than a decade.”