Granite Reports First Quarter 2022 Results

Granite Reports First Quarter 2022 Results

  • Revenue of $548 million, a decrease of 3.3% compared to the prior year
  • Diluted net loss per share from Continuing Operations of ($0.42); adjusted diluted net loss per share from Continuing Operations of ($0.28) (1)
  • Cash and marketable securities of $398 million, debt lower ending at $299 million following partial pay down of term loan
  • Committed and Awarded Projects ("CAP") (2) relatively flat at $3.9 billion reflecting continued increases in California and Mountain groups offset by expected decreases in Central group
  • Completed the sale of Granite Inliner, LLC

WATSONVILLE, Calif.--(BUSINESS WIRE)--Granite Construction Incorporated (NYSE: GVA) today announced results for the quarter ended March 31, 2022.

First Quarter 2022 Results

Net loss from continuing operations totaled ($19) million, or ($0.42) per diluted share, compared to a net loss from continuing operations of ($63) million, or ($1.38) per diluted share, in the prior year. Adjusted net loss from continuing operations (1) totaled ($13) million, or ($0.28) per diluted share, compared to adjusted net loss from continuing operations (1) of ($7) million, or ($0.15) per diluted share, in the prior year.

  • Revenue decreased $18 million to $548 million compared to $566 million in the prior year.
  • Gross profit decreased $4 million to $50 million compared to $54 million in the prior year; and gross profit margin decreased to 9.1% compared to 9.5% in the prior year.
  • Selling, general, and administrative (“SG&A”) expenses were $59 million or 10.7% of revenue, compared to $61 million or 10.8% of revenue in the prior year.
  • Adjusted EBITDA (1) from continuing operations totaled $4 million compared to $9 million in the prior year.
  • CAP (2) totaled $3.9 billion, which was down $75 million sequentially to the prior quarter and down $237 million compared to the prior year.
  • Cash and marketable securities decreased $54 million to $398 million compared to $452 million in the prior year, while debt decreased $41 million to $299 million from $340 million in the prior year.

"While the first quarter of the year is typically slower due to the seasonal nature of our business, we made significant strides executing on our strategic plan," said Kyle Larkin, Granite President and Chief Executive Officer. "We closed on the sale of Inliner and utilized a portion of the proceeds to pay off one half of our term loan while also repurchasing 611,000 shares. We made good progress on the previously-announced divestitures of the Water Resources and Mineral Services businesses that we expect to complete later this year. I am pleased with the CAP distribution among our groups and with the level of bidding activity and opportunities in our markets. I believe we are well positioned to execute on our strategic plan and drive increased profitability through project execution and investment in our businesses while continuing to be opportunistic in delivering immediate value to shareholders through share repurchases."

(1) Adjusted net income (loss) from continuing operations, adjusted diluted income (loss) per share from continuing operations, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from continuing operations, EBITDA margin from continuing operations, adjusted EBITDA from continuing operations, and adjusted EBITDA margin from continuing operations are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

(2) CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.

First Quarter 2022 Segment Results (Unaudited - dollars in thousands)

Construction Segment

Three Months Ended March 31,

2022

2021

Change

Revenue from continuing operations

$

474,935

 

$

506,971

 

$

(32,036

)

(6.3

)%

Gross profit from continuing operations

$

48,192

 

$

52,769

 

$

(4,577

)

(8.7

)%

Gross profit as a percent of revenue from continuing operations

 

10.1

%

 

10.4

%

 

 

 

 

 

Committed and Awarded Projects

March 31,

2022

December 31,

2021

Change - Quarter

over Quarter

March 31,

2021

Change - Year

over Year

California

$

1,480,950

$

1,476,066

$

4,884

 

0.3

%

$

1,349,272

$

131,678

 

9.8

%

Central

 

1,426,255

 

1,585,309

 

(159,054

)

(10.0

)%

 

2,057,790

 

(631,535

)

(30.7

)%

Mountain

 

1,027,522

 

948,689

 

78,833

 

8.3

%

 

764,870

 

262,652

 

34.3

%

Total

$

3,934,727

$

4,010,064

$

(75,337

)

(1.9

)%

$

4,171,932

$

(237,205

)

(5.7

)%

Construction revenue decreased compared to the prior year primarily due to a $29 million decrease in revenue in the Central group. The Central group's decrease in revenue, which was partially offset by strong performance in the Arizona region, was expected as the group continues to work through the Old Risk Portfolio ("ORP") and works to transform the Texas and Florida regions. The California group revenue decrease of $15 million was partially offset by an increase of $12 million in revenue in the Mountain group. Gross profit decreased compared to the prior year due to lower revenue and continued burn of lower margin work early in the year. During the quarter, the ORP revenue totaled $80 million with a gross loss and net loss, after non-controlling interest ("NCI") of ($3) million, compared to ORP revenue of $105 million with a gross loss of ($1) million and slight net profit after NCI in the prior year.

CAP was down $75 million sequentially to the prior quarter and down $237 million compared to the prior year. The $394 million year over year increase in CAP in the California and Mountain groups was offset by the $632 million decrease in Central group CAP.

Materials Segment

Three Months Ended March 31,

2022

2021

Change

Revenue from continuing operations

$

72,651

 

$

59,361

 

$

13,290

22.4

%

Gross profit from continuing operations

$

1,583

 

$

943

 

$

640

67.9

%

Gross profit as a percent of revenue from continuing operations

 

2.2

%

 

1.6

%

 

 

 

 

Materials revenue increased compared to the prior year as all three groups experienced increased aggregate and asphalt volumes. Gross profit and gross profit margin both increased slightly over the prior year as price increases and oil price mitigation measures, including bulk purchases and forward contracts, partially offset the impact of higher fuel and liquid asphalt costs.

Outlook

For the 2022 fiscal year, the Company's guidance is unchanged as follows:

  • Low single digit growth in revenue from continuing operations
  • Adjusted EBITDA margin from continuing operations in the range of 6% to 8%
  • SG&A expense from continuing operations in the range of 8.0% to 8.5% of revenue
  • Low-to-mid-20s effective tax rate range for continuing operations
  • Capital expenditures in the range of $100 million to $115 million

Conference Call

Granite will conduct a conference call today, April 28, 2022, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter ended March 31, 2022. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website, https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through May 5, 2022, by calling 1-877-344-7529, replay access code 2748600; international callers may dial 1-412-317-0088.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE: GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.

Forward-looking Statements

Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2022 fiscal year guidance for revenue, Adjusted EBITDA margin from continuing operations, SG&A expense from continuing operations, effective tax rate for continuing operations, and capital expenditures, Committed and Awarded Projects (“CAP”), results, the expected sale of the Water Resources and Mineral Services business later this year, the execution of our strategic plan and the expected results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2022 fiscal year guidance for revenue, Adjusted EBITDA margin from continuing operations, SG&A expense from continuing operations, effective tax rate for continuing operations, and capital expenditures, CAP2, results, the expected sale of the Water Resources and Mineral Services business later this year, the execution of our strategic plan and the expected results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except share and per share data)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

360,911

 

 

$

395,647

 

 

$

440,833

 

Short-term marketable securities

 

 

14,953

 

 

 

 

 

 

 

Receivables, net

 

 

380,502

 

 

 

464,588

 

 

 

393,283

 

Contract assets

 

 

180,023

 

 

 

145,437

 

 

 

144,780

 

Inventories

 

 

74,356

 

 

 

61,965

 

 

 

65,977

 

Equity in construction joint ventures

 

 

191,183

 

 

 

189,911

 

 

 

186,536

 

Other current assets

 

 

179,024

 

 

 

177,210

 

 

 

59,938

 

Current assets held-for-sale

 

 

211,774

 

 

 

392,641

 

 

 

159,394

 

Total current assets

 

 

1,592,726

 

 

 

1,827,399

 

 

 

1,450,741

 

Property and equipment, net

 

 

450,250

 

 

 

433,504

 

 

 

426,953

 

Long-term marketable securities

 

 

21,775

 

 

 

15,600

 

 

 

11,300

 

Investments in affiliates

 

 

22,987

 

 

 

23,368

 

 

 

27,760

 

Goodwill

 

 

53,715

 

 

 

53,715

 

 

 

53,715

 

Right of use assets

 

 

48,920

 

 

 

49,312

 

 

 

48,688

 

Deferred income taxes, net

 

 

25,880

 

 

 

24,141

 

 

 

40,306

 

Other noncurrent assets

 

 

65,888

 

 

 

67,888

 

 

 

69,291

 

Noncurrent assets held-for-sale

 

 

 

 

 

 

 

 

244,930

 

Total assets

 

$

2,282,141

 

 

$

2,494,927

 

 

$

2,373,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

$

8,735

 

 

$

8,727

 

 

$

8,700

 

Accounts payable

 

 

285,390

 

 

 

324,313

 

 

 

269,497

 

Contract liabilities

 

 

165,358

 

 

 

200,041

 

 

 

153,633

 

Accrued expenses and other current liabilities

 

 

439,525

 

 

 

452,829

 

 

 

499,827

 

Current liabilities held-for-sale

 

 

40,246

 

 

 

83,408

 

 

 

68,478

 

Total current liabilities

 

 

939,254

 

 

 

1,069,318

 

 

 

1,000,135

 

Long-term debt

 

 

290,549

 

 

 

331,191

 

 

 

331,647

 

Long-term lease liabilities

 

 

32,682

 

 

 

32,928

 

 

 

35,540

 

Other long-term liabilities

 

 

62,493

 

 

 

65,927

 

 

 

64,442

 

Long-term liabilities held-for-sale

 

 

 

 

 

 

 

 

10,725

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding

 

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,364,137 shares as of March 31, 2022, 45,840,260 shares as of December 31, 2021 and 45,791,712 shares as of March 31, 2021

 

 

454

 

 

 

458

 

 

 

458

 

Additional paid-in capital

 

 

515,262

 

 

 

559,752

 

 

 

554,186

 

Accumulated other comprehensive loss

 

 

1,573

 

 

 

(3,359

)

 

 

(3,714

)

Retained earnings

 

 

402,550

 

 

 

410,831

 

 

 

352,610

 

Total Granite Construction Incorporated shareholders’ equity

 

 

919,839

 

 

 

967,682

 

 

 

903,540

 

Non-controlling interests

 

 

37,324

 

 

 

27,881

 

 

 

27,655

 

Total equity

 

 

957,163

 

 

 

995,563

 

 

 

931,195

 

Total liabilities and equity

 

$

2,282,141

 

 

$

2,494,927

 

 

$

2,373,684

 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

 

Three Months Ended March 31,

 

2022

 

2021

Revenue

 

 

 

 

 

 

 

 

Construction

 

$

474,935

 

 

$

506,971

 

Materials

 

 

72,651

 

 

 

59,361

 

Total revenue

 

 

547,586

 

 

 

566,332

 

Cost of revenue

 

 

 

 

 

 

 

 

Construction

 

 

426,743

 

 

 

454,202

 

Materials

 

 

71,068

 

 

 

58,418

 

Total cost of revenue

 

 

497,811

 

 

 

512,620

 

Gross profit

 

 

49,775

 

 

 

53,712

 

Selling, general and administrative expenses

 

 

58,501

 

 

 

61,161

 

Other costs

 

 

8,214

 

 

 

74,309

 

Gain on sales of property and equipment, net

 

 

(332

)

 

 

(2,245

)

Operating loss

 

 

(16,608

)

 

 

(79,513

)

Other (income) expense

 

 

 

 

 

 

 

 

Interest income

 

 

(623

)

 

 

(233

)

Interest expense

 

 

3,575

 

 

 

5,372

 

Equity in (income) loss of affiliates, net

 

 

306

 

 

 

(268

)

Other (income) expense, net

 

 

1,382

 

 

 

(226

)

Total other expense, net

 

 

4,640

 

 

 

4,645

 

Loss from continuing operations before benefit from income taxes

 

 

(21,248

)

 

 

(84,158

)

Benefit from income taxes on continuing operations

 

 

(5,331

)

 

 

(21,757

)

Net loss from continuing operations

 

 

(15,917

)

 

 

(62,401

)

Net income (loss) from discontinued operations

 

 

6,096

 

 

 

(2,922

)

Net loss

 

 

(9,821

)

 

 

(65,323

)

Amount attributable to non-controlling interests from continuing operations

 

 

(3,118

)

 

 

(872

)

Net loss attributable to Granite Construction Incorporated from continuing operations

 

 

(19,035

)

 

 

(63,273

)

Net income (loss) attributable to Granite Construction Incorporated from discontinued operations

 

 

6,096

 

 

 

(2,922

)

Net loss attributable to Granite Construction Incorporated

 

$

(12,939

)

 

$

(66,195

)

 

 

 

 

 

 

 

 

 

Per share data

 

 

 

 

 

 

 

 

Basic continuing operations per share

 

$

(0.42

)

 

$

(1.38

)

Basic discontinued operations per share

 

 

0.13

 

 

 

(0.07

)

Basic loss per share

 

$

(0.29

)

 

$

(1.45

)

 

 

 

 

 

 

 

 

 

Diluted continuing operations per share

 

$

(0.42

)

 

$

(1.38

)

Diluted discontinued operations per share

 

 

0.13

 

 

 

(0.07

)

Diluted loss per share

 

$

(0.29

)

 

$

(1.45

)

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

45,730

 

 

 

45,697

 

Diluted

 

 

45,730

 

 

 

45,697

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

 

Three Months Ended March 31,

 

2022

 

2021

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(9,821

)

 

$

(65,323

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

16,737

 

 

 

24,581

 

Amortization related to the 2.75% Convertible Notes

 

 

652

 

 

 

2,314

 

Gain on sale of discontinued operations

 

 

(6,234

)

 

 

 

Gain on sales of property and equipment, net

 

 

(598

)

 

 

(2,554

)

Deferred income taxes

 

 

2,545

 

 

 

 

Stock-based compensation

 

 

2,614

 

 

 

1,065

 

Equity in net (income) loss from unconsolidated joint ventures

 

 

3,627

 

 

 

(418

)

Net income from affiliates

 

 

(1,289

)

 

 

(1,808

)

Other non-cash adjustments

 

 

(299

)

 

 

1,482

 

Changes in assets and liabilities

 

 

(58,114

)

 

 

78,748

 

Net cash provided by (used in) operating activities

 

$

(50,180

)

 

$

38,087

 

Investing activities

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(19,940

)

 

 

(5,000

)

Purchases of property and equipment

 

 

(31,269

)

 

 

(18,777

)

Proceeds from sales of property and equipment

 

 

2,483

 

 

 

3,004

 

Proceeds from the sale of discontinued operations

 

 

142,571

 

 

 

 

Issuance of notes receivable

 

 

(4,560

)

 

 

 

Collection of notes receivable

 

 

111

 

 

 

4,470

 

Net cash provided by (used in) investing activities

 

$

89,396

 

 

$

(16,303

)

Financing activities

 

 

 

 

 

 

 

 

Debt principal repayments

 

 

(63,059

)

 

 

(2,150

)

Cash dividends paid

 

 

(5,959

)

 

 

(5,937

)

Repurchases of common stock

 

 

(20,212

)

 

 

(2,299

)

Contributions from non-controlling partners

 

 

6,325

 

 

 

8,361

 

Distributions to non-controlling partners

 

 

 

 

 

(2,902

)

Other financing activities, net

 

 

1

 

 

 

(65

)

Net cash used in financing activities

 

$

(82,904

)

 

$

(4,992

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

$

(43,688

)

 

$

16,792

 

Cash, cash equivalents and $1,512 in restricted cash at beginning of each period

 

 

413,655

 

 

 

437,648

 

Cash, cash equivalents and $1,512 in restricted cash at end of each period

 

$

369,967

 

 

$

454,440

 

Less: Cash, cash equivalents and $1,512 in restricted cash included in current assets held-for-sale at end of each period

 

 

9,056

 

 

 

13,607

 

Cash and cash equivalents of continuing operations at end of period

 

$

360,911

 

 

$

440,833

 

 

Non-GAAP Financial Information

The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA from continuing operations and EBITDA margin from continuing operations are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing adjusted EBITDA from continuing operations and adjusted EBITDA margin from continuing operations, non-GAAP measures, to indicate the impact of Other costs which include a legal settlement charge, legal and accounting investigation fees, divestiture expenses and restructuring charges.

We provide adjusted income (loss) before provision for (benefit from) income taxes from continuing operations, adjusted provision for (benefit from) income taxes, adjusted net income (loss) from continuing operations attributable to Granite Construction Incorporated, and adjusted diluted earnings per share from continuing operations attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:

  • Other costs which include a legal settlement charge, legal and accounting investigation fees, divestiture expenses and restructuring charges; and
  • Amortization of debt discount related to our 2.75% Convertible Notes.

Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies and management uses these non-GAAP financial measures in evaluating the Company's performance. However, the reader is cautioned that any non-GAAP financial measures provided by the Company are provided in addition to, and not as alternatives for, the Company's reported results prepared in accordance with U.S. GAAP. Items that may have a significant impact on the Company's financial position, results of operations and cash flows must be considered when assessing the Company's actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by the Company may not be comparable to similar measures provided by other companies. The Company does not provide a reconciliation of forward-looking adjusted EBITDA margin from continuing operations to the most directly comparable forward-looking GAAP measure of net income (loss) attributable to Granite Construction Incorporated from continuing operations because the timing and amount of the excluded items are unreasonably difficult to fully and accurately estimate.

GRANITE CONSTRUCTION INCORPORATED

EBITDA AND ADJUSTED EBITDA(1)

(Unaudited - dollars in thousands)

 

 

 

Three Months Ended March 31,

Three Months Ended March 31,

 

2022

 

2021

Continuing Operations - EBITDA:

 

 

 

 

 

 

 

 

Net loss attributable to Granite Construction Incorporated from continuing operations

 

$

(19,035

)

 

$

(63,273

)

Depreciation, depletion and amortization expense from continuing operations(2)

 

 

17,058

 

 

 

14,843

 

Benefit from income taxes on continuing operations

 

 

(5,331

)

 

 

(21,757

)

Interest expense, net of interest income from continuing operations

 

 

2,952

 

 

 

5,139

 

EBITDA from continuing operations(1)

 

$

(4,356

)

 

$

(65,048

)

EBITDA margin from continuing operations(1)(3)

 

 

(0.8

)%

 

 

(11.5

)%

 

 

 

 

 

 

 

 

 

Continuing Operations - ADJUSTED EBITDA:

 

 

 

 

 

 

 

 

Other costs

 

$

8,214

 

 

$

74,309

 

Adjusted EBITDA from continuing operations(1)

 

$

3,858

 

 

$

9,261

 

Adjusted EBITDA margin from continuing operations(1)(3)

 

 

0.7

%

 

 

1.6

%

(1) We define EBITDA from continuing operations as U.S. GAAP net income (loss) attributable to Granite Construction Incorporated from continuing operations, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin from continuing operations exclude the impact of other costs as described above.

(2) Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.

(3) Represents EBITDA and adjusted EBITDA from continuing operations divided by consolidated revenue of $548 million and $566 million for the three months ended March 31, 2022 and 2021, respectively.

GRANITE CONSTRUCTION INCORPORATED

ADJUSTED NET INCOME RECONCILIATION

(Unaudited - in thousands, except per share data)

 

Three Months Ended March 31,

 

2022

 

2021

Loss from continuing operations before benefit from income taxes

 

$

(21,248

)

 

$

(84,158

)

Other costs

 

 

8,214

 

 

 

74,309

 

Amortization of debt discount

 

 

 

 

 

1,715

 

Adjusted loss before benefit from income taxes from continuing operations

 

$

(13,034

)

 

$

(8,134

)

 

 

 

 

 

 

 

 

 

Benefit from income taxes

 

$

(5,331

)

 

$

(21,757

)

Tax effect of adjusting items (1)

 

 

2,136

 

 

 

19,766

 

Adjusted benefit from income taxes

 

$

(3,195

)

 

$

(1,991

)

 

 

 

 

 

 

 

 

 

Net loss attributable to Granite Construction Incorporated from continuing operations

 

$

(19,035

)

 

$

(63,273

)

After-tax adjusting items

 

 

6,078

 

 

 

56,258

 

Adjusted net loss attributable to Granite Construction Incorporated from continuing operations

 

$

(12,957

)

 

$

(7,015

)

 

 

 

 

 

 

 

 

 

Diluted weighted average shares of common stock

 

 

45,730

 

 

 

45,697

 

 

 

 

 

 

 

 

 

 

Adjusted diluted loss per share attributable to common shareholders for continuing operations

 

$

(0.28

)

 

$

(0.15

)

(1) The tax effect of adjusting items was calculated using the Company’s estimated annual statutory tax rate.

Investors
Wenjun Xu, 831-761-7861
or
Media
Erin Kuhlman, 831-768-4111

Source: Granite Construction Incorporated