Granite Construction Reports $4.07B Revenue for FY2024
Ticker: GVA · Form: 10-K · Filed: Feb 14, 2025 · CIK: 861459
Sentiment: neutral
Topics: financials, debt, earnings
TL;DR
GVA 2024 revenue $4.07B, net income $128.4M. Issued $275M notes.
AI Summary
Granite Construction Inc. reported its 2024 fiscal year results, with total revenue of $4.07 billion. The company's net income for the year was $128.4 million. Key financial events include the issuance of $275 million in convertible notes on June 11, 2024, and the company's filing of its 10-K report on February 14, 2025.
Why It Matters
This 10-K filing provides a comprehensive overview of Granite Construction's financial performance and operational status for the fiscal year 2024, impacting investors' understanding of the company's stability and future prospects.
Risk Assessment
Risk Level: medium — The filing presents standard financial reporting for a public company without immediate red flags, indicating a neutral risk profile based solely on this document.
Key Numbers
- $4.07B — Revenue (Total revenue for the fiscal year 2024.)
- $128.4M — Net Income (Net income for the fiscal year 2024.)
- $275M — Convertible Notes (Amount of convertible notes issued on June 11, 2024.)
Key Players & Entities
- Granite Construction Inc. (company) — Filer of the 10-K report
- 2024-12-31 (date) — Fiscal year end
- $4.07 billion (dollar_amount) — Total revenue for fiscal year 2024
- $128.4 million (dollar_amount) — Net income for fiscal year 2024
- $275 million (dollar_amount) — Convertible notes issued on June 11, 2024
- February 14, 2025 (date) — Filing date of the 10-K report
FAQ
What was Granite Construction's total revenue for the fiscal year ending December 31, 2024?
Granite Construction reported total revenue of $4.07 billion for the fiscal year ending December 31, 2024.
What was the company's net income for the fiscal year 2024?
The company's net income for the fiscal year 2024 was $128.4 million.
When did Granite Construction issue its $275 million convertible notes?
Granite Construction issued its $275 million convertible notes on June 11, 2024.
What is the filing date of this 10-K report?
This 10-K report was filed on February 14, 2025.
What is the Standard Industrial Classification code for Granite Construction?
The Standard Industrial Classification code for Granite Construction is 1600, categorized under Heavy Construction Other Than Building Const - Contractors.
Filing Stats: 4,279 words · 17 min read · ~14 pages · Grade level 15.2 · Accepted 2025-02-13 20:42:01
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value GVA New York Stock Exchange
- $0 — 4,583 shares of common stock, par value $0.01, of the registrant were outstanding.
- $567.6 million — ber 31, 2024, 2023 and 2022 represented $567.6 million (14.2% of total revenue), $458.2 millio
- $458.2 million — 567.6 million (14.2% of total revenue), $458.2 million (13.1% of total revenue) and $348.0 mil
- $348.0 million — .2 million (13.1% of total revenue) and $348.0 million (10.5% of total revenue), respectively,
- $5.3 billion — beginning or year-end CAP. Our CAP wa s $5.3 billion and $5.5 billion a s of December 31, 20
- $5.5 billion — -end CAP. Our CAP wa s $5.3 billion and $5.5 billion a s of December 31, 2024 and 2023, resp
- $2.6 billion — and 2023, respectively. Approximat ely $2.6 billion of the December 31, 2024 unearned reven
Filing Documents
- gva-20241231.htm (10-K) — 2566KB
- exhibit-xltipawardagreem.htm (EX-10.13) — 14KB
- gva-20241231xexx21.htm (EX-21) — 9KB
- gva-20241231xexx231.htm (EX-23.1) — 2KB
- gva-20241231xexx311.htm (EX-31.1) — 10KB
- gva-20241231xexx312.htm (EX-31.2) — 10KB
- gva-20241231xexx32.htm (EX-32) — 6KB
- gva-20241231xexx95.htm (EX-95) — 260KB
- exhibit-xltipawardagreem001.jpg (GRAPHIC) — 190KB
- exhibit-xltipawardagreem002.jpg (GRAPHIC) — 228KB
- exhibit-xltipawardagreem003.jpg (GRAPHIC) — 250KB
- exhibit-xltipawardagreem004.jpg (GRAPHIC) — 123KB
- gva-20241231_g1.jpg (GRAPHIC) — 4KB
- gva-20241231_g2.jpg (GRAPHIC) — 195KB
- gva-20241231_g3.jpg (GRAPHIC) — 92KB
- 0000861459-25-000007.txt ( ) — 16367KB
- gva-20241231.xsd (EX-101.SCH) — 88KB
- gva-20241231_cal.xml (EX-101.CAL) — 150KB
- gva-20241231_def.xml (EX-101.DEF) — 536KB
- gva-20241231_lab.xml (EX-101.LAB) — 1078KB
- gva-20241231_pre.xml (EX-101.PRE) — 842KB
- gva-20241231_htm.xml (XML) — 2194KB
BUSINESS
BUSINESS 3 Item 1A.
RISK FACTORS
RISK FACTORS 13 Item 1B. UNRESOLVED STAFF COMMENTS 27 Item 1C. CYBERSECURITY 27 Item 2.
PROPERTIES
PROPERTIES 28 Item 3.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 32 Item 4. MINE SAFETY DISCLOSURES 32 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 32 Item 6. [RESERVED] 34 Item 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34 Item 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43 Item 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 45 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 45 Item 9A.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 45 Item 9B. OTHER INFORMATION 46 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 46 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 47 Item 11.
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION 47 Item 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 47 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 47 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 47 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 48 EXHIBIT 21 EXHIBIT 23.1 EXHIBIT 31.1 EXHIBIT 31.2 EXHIBIT 32 EXHIBIT 95 EXHIBIT 101.INS EXHIBIT 101.SCH EXHIBIT 101.CAL EXHIBIT 101.DEF EXHIBIT 101.LAB EXHIBIT 101.PRE EXHIBIT 104 1 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS From time to time, Granite makes certain comments and disclosures in reports and statements, including in this Annual Report on Form 10-K, and its officers or directors make statements that are not based on historical facts, including statements regarding future events, occurrences, circumstances, strategy, activities, performance, outlook, outcomes, targets, guidance, capital expenditures, committed and awarded projects, and results, that may 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," "target," and the negatives thereof or other comparable terminology or by the context in which they are made. In addition, other written or oral statements that constitute forward-looking statements have been made and may in the future be made by or on behalf of Granite. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, strategy, activities, performance, outlook, outcomes, targets, guidance, capital expenditures, committed and awarded projects, and results. These expectations may
BUSINESS
Item 1. BUSINESS Introduction Granite Construction Company was incorporated in 1922. In 1990, Granite Construction Incorporated was formed as the holding company for Granite Construction Company and its wholly-owned and consolidated subsidiaries and was incorporated in Delaware. Unless otherwise indicated, the terms "we," "us," "our," "Company" and "Granite" refer to Granite Construction Incorporated and its wholly-owned and consolidated subsidiaries. We deliver infrastructure solutions for public and private clients primarily in the United States. We are one of the largest diversified, vertically integrated civil contractors and construction materials producers in the United States. Within the public sector, we primarily concentrate on infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, dams, power-related facilities, utilities, tunnels, water well drilling and other infrastructure-related projects. Within the private sector, we perform various services such as site preparation, mining services and infrastructure services for commercial and industrial sites, railways, residential development, energy development, as well as provide construction management professional services. We own and lease aggregate reserves, and we own processing plants that are vertically integrated into our construction operations. We also produce construction materials for sale to third parties. We have vertically integrated operations across Alaska, Arizona, California, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in Illinois, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division, the Rail division, the Federal division, which performs civil construction across the continental United States and Guam, the Industrial & Energy division, which primarily focuses on commercial solar con