Granite Construction Posts Solid Quarter

Granite Construction announced results for the second quarter ended June 30, reporting that net income increased to $54.5 million, or $1.14 per diluted share, compared to net income of $3.4 million, or $0.07 per diluted share, for the same period year-over-year. 

Revenue increased 5.3% to $964.2 million compared to $915.8 million for the same period year-over-year, while gross profit increased to $116.9 million compared to $88.3 million for the same period year-over-year.

Specialty revenue in the second quarter increased for the same period year-over-year, led by recovery of mineral exploration within the mining industry in the Water and Mineral Services Operating Group and project progression of a federal site development project in the Heavy Civil Operating Group. Gross profit decreased as disputed work continued on a previously reported tunnel project.

“I am pleased with the performance of the business this quarter as we work through the Heavy Civil Operating Group Old Risk Portfolio,” said Kyle Larkin, Granite president and CEO. “Our second quarter adjusted diluted net income per share of $0.91 and adjusted EBITDA of $79.9 million were propelled by strong results from our vertically-integrated businesses in the California and Northwest Operating Groups. Public and private markets are robust, as is demonstrated by the increases in transportation CAP within the vertically-integrated groups and in both the water and specialty segments for the same period year-over-year. Our cash and balance sheet remain strong as we head into the second half of the year.”

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