Granite Construction Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Granite Construction Inc. filed its quarterly 10-Q report for the period ending March 31, 2024, detailing financial performance and operational segments.</b>

AI Summary

GRANITE CONSTRUCTION INC (GVA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Granite Construction Inc. reported financial results for the quarter ended March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's principal business is heavy construction, other than building construction. The filing includes data for various financial statement line items and segments. The company is incorporated in Delaware and headquartered in Watsonville, CA.

Why It Matters

For investors and stakeholders tracking GRANITE CONSTRUCTION INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with up-to-date financial information on Granite Construction's performance, enabling informed investment decisions. Understanding the company's financial health and operational segments is crucial for assessing its current market position and future growth prospects.

Risk Assessment

Risk Level: medium — GRANITE CONSTRUCTION INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, which inherently carries medium risk due to the dynamic nature of the construction industry and economic factors.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify trends and potential investment opportunities or risks.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 1600 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• GRANITE CONSTRUCTION INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 10-Q (document) — Form type
• Watsonville, CA (location) — Business address city and state
• 1600 (industry_code) — Standard Industrial Classification code

FAQ

Risk Factors

• Standard SEC Filing Requirements [medium — regulatory]: As a publicly traded company, Granite Construction Inc. is subject to ongoing SEC reporting requirements, including the timely filing of 10-Q and 10-K reports.
• Construction Industry Volatility [high — market]: The construction industry is subject to economic cycles, fluctuations in material costs, and demand for infrastructure and building projects, impacting Granite Construction's revenue and profitability.
• Project Execution and Management [medium — operational]: Successful execution of large-scale construction projects requires effective project management, labor availability, and supply chain efficiency, all of which can pose operational risks.
• Debt and Liquidity Management [medium — financial]: Managing debt levels and ensuring adequate liquidity are critical for construction companies to fund operations, capital expenditures, and weather industry downturns.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value GVA New York Stock Exchange

Filing Documents

• gva-20240331.htm (10-Q) — 1137KB
• gva-20240331xexx311.htm (EX-31.1) — 10KB
• gva-20240331xexx312.htm (EX-31.2) — 10KB
• gva-20240331xexx32.htm (EX-32) — 7KB
• gva-20240331xexx95.htm (EX-95) — 341KB
• gva-20240331_g1.jpg (GRAPHIC) — 10KB
• 0000861459-24-000020.txt (&nbsp;) — 7845KB
• gva-20240331.xsd (EX-101.SCH) — 58KB
• gva-20240331_cal.xml (EX-101.CAL) — 89KB
• gva-20240331_def.xml (EX-101.DEF) — 317KB
• gva-20240331_lab.xml (EX-101.LAB) — 671KB
• gva-20240331_pre.xml (EX-101.PRE) — 514KB
• gva-20240331_htm.xml (XML) — 983KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 202 4 and December 31, 202 3 Condensed Consolidated Statements of Operations for the Three Month s Ended March 31 , 202 4 and 202 3 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31 , 202 4 and 202 3 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 3 1 , 202 4 and 202 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 20 2 3 Notes to the Condensed Consolidated Financial Statements Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk Item 4.

Controls and Procedures

Controls and Procedures

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings Item 1A.

Risk Factors

Risk Factors Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

SIGNATURES

SIGNATURES 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 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents ($ 137,121 and $ 120,224 related to consolidated construction joint ventures ("CCJVs")) $ 321,752 $ 417,663 Short-term marketable securities 15,500 35,863 Receivables, net ($ 45,744 and $ 62,040 related to CCJVs) 429,830 598,705 Contract assets ($ 79,779 and $ 68,520 related to CCJVs) 306,004 262,987 Inventories 116,957 103,898 Equity in construction joint ventures 168,985 171,233 Other current assets ($ 5,780 and $ 5,590 related to CCJVs) 59,078 53,102 Total current assets 1,418,106 1,643,451 Property and equipment, net ($ 7,592 and $ 7,557 related to CCJVs) 665,524 662,864 Investments in affiliates 92,677 92,910 Goodwill 160,842 155,004 Intangible assets 113,201 117,322 Right of use assets 79,580 78,176 Deferred income taxes, net 8,108 8,179 Other noncurrent assets 56,997 55,634 Total assets $ 2,595,035 $ 2,813,540 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 39,986 $ 39,932 Accounts payable ($ 55,374 and $ 62,755 related to CCJVs) 347,382 408,363 Contract liabilities ($ 49,339 and $ 50,929 related to CCJVs) 223,964 243,848 Accrued expenses and other current liabilities ($ 6,573 and $ 5,426 related to CCJVs) 325,103 337,740 Total current liabilities 936,435 1,029,883 Long-term debt 513,203 614,781 Long-term lease liabilities 65,115 63,548 Deferred income taxes, net 3,636 3,708 Other long-term liabilities 72,041 74,654 Commitments and contingencies (see Note 17) 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: 44,149,644 shares as of March 31, 2024 and 43,944,118 shares as of December 31, 2023 441 439 Additional

View Full Filing

View this 10-Q filing on SEC EDGAR