Granite Construction Q2 Revenue Hits $1.9B

TL;DR

GVA Q2 revenue $1.9B, Construction $1.5B, Materials $397.6M. Solid performance.

AI Summary

Granite Construction Inc. reported its Q2 2024 results, with total revenue for the six months ended June 30, 2024, reaching $1.9 billion. The company's Construction segment generated $1.5 billion in revenue for the same period, while its Materials segment contributed $397.6 million. This filing covers the period up to June 30, 2024.

Why It Matters

This filing provides insight into Granite Construction's financial performance in the first half of 2024, indicating revenue trends in its core construction and materials businesses.

Risk Assessment

Risk Level: medium — The filing details financial performance, which is subject to market fluctuations and project execution risks inherent in the construction industry.

Key Numbers

• $1.9B — Total Revenue (For the six months ended June 30, 2024)
• $1.5B — Construction Segment Revenue (For the six months ended June 30, 2024)
• $397.6M — Materials Segment Revenue (For the six months ended June 30, 2024)

Key Players & Entities

• Granite Construction Inc. (company) — Filer of the 10-Q report
• 2024-06-30 (date) — End of the reporting period
• $1.9 billion (dollar_amount) — Total revenue for the six months ended June 30, 2024
• $1.5 billion (dollar_amount) — Revenue for the Construction segment for the six months ended June 30, 2024
• $397.6 million (dollar_amount) — Revenue for the Materials segment for the six months ended June 30, 2024

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value GVA New York Stock Exchange
• $0.13 — — — — — — — Dividends on common stock ($0.13 per share) — — 79 — ( 5,759 ) ( 5,680 )
• $300.0 million — rectors authorized us to purchase up to $300.0 million of our common stock at management's dis
• $59.32 — is authorization at an average price of $59.32 per share for $13.3 million. The share
• $13.3 million — n average price of $59.32 per share for $13.3 million. The share repurchases are included in
• $218.2 million — ent of Cash Flows. As of June 30, 2024, $218.2 million of the authorization remained available
• $22.0 million — values presented below. We recorded a $22.0 million provisional estimate related to tax mak
• $7.1 m — ke-whole obligation. Our obligation was $7.1 million, which was paid in June 2024. Du
• $2.2 million — m net working capital adjustments and a $2.2 million net decrease in the value of the net ta
• $14.9 million — intangible assets acquired, offset by a $14.9 million decrease in the estimated obligation as
• $8.1 million — justments was a decrease in goodwill of $8.1 million. We paid $ 13.2 million during the six
• $6.1 million — acquisition of LRC/MSG, which includes $6.1 million for working capital adjustments and $7.
• $7.1 million — ion for working capital adjustments and $7.1 million for the tax make-whole obligation. As
• $5.0 million — ons which individually had an impact of $5.0 million or more on gross profit during the thre
• $6.1 m — which had an impact to gross profit of $6.1 milli

Filing Documents

• gva-20240630.htm (10-Q) — 1553KB
• gva-20240630xexx311.htm (EX-31.1) — 10KB
• gva-20240630xexx32.htm (EX-32) — 7KB
• gva-20240630xexx312.htm (EX-32.2) — 10KB
• gva-20240630xexx95.htm (EX-95) — 200KB
• gva-20240630_g1.jpg (GRAPHIC) — 10KB
• 0000861459-24-000035.txt ( ) — 8880KB
• gva-20240630.xsd (EX-101.SCH) — 60KB
• gva-20240630_cal.xml (EX-101.CAL) — 94KB
• gva-20240630_def.xml (EX-101.DEF) — 322KB
• gva-20240630_lab.xml (EX-101.LAB) — 709KB
• gva-20240630_pre.xml (EX-101.PRE) — 536KB
• gva-20240630_htm.xml (XML) — 1257KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2024 and 2023 Condensed Consolidated Statements of Comprehensive Income ( Loss ) for the Three and Six Months Ended June 30 , 2024 and 2023 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 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) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents ($ 121,963 and $ 120,224 related to consolidated construction joint ventures ("CCJVs")) $ 366,746 $ 417,663 Short-term marketable securities 10,500 35,863 Receivables, net ($ 54,659 and $ 62,040 related to CCJVs) 709,248 598,705 Contract assets ($ 92,513 and $ 68,520 related to CCJVs) 309,376 262,987 Inventories 119,060 103,898 Equity in construction joint ventures 157,070 171,233 Other current assets ($ 5,080 and $ 5,590 related to CCJVs) 34,168 53,102 Total current assets 1,706,168 1,643,451 Property and equipment, net ($ 7,295 and $ 7,557 related to CCJVs) 670,876 662,864 Investments in affiliates 93,499 92,910 Goodwill 146,768 155,004 Intangible assets 107,575 117,322 Right of use assets 78,374 78,176 Deferred income taxes, net 19,989 8,179 Other noncurrent assets 58,120 55,634 Total assets $ 2,881,369 $ 2,813,540 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,510 $ 39,932 Accounts payable ($ 65,499 and $ 62,755 related to CCJVs) 450,656 408,363 Contract liabilities ($ 58,170 and $ 50,929 related to CCJVs) 262,198 243,848 Accrued expenses and other current liabilities ($ 6,568 and $ 5,426 related to CCJVs) 302,039 337,740 Total current liabilities 1,016,403 1,029,883 Long-term debt 737,436 614,781 Long-term lease liabilities 64,995 63,548 Deferred income taxes, net 3,272 3,708 Other long-term liabilities 71,848 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: 43,686,508 shares as of June 30, 2024 and 43,944,118 shares as of December 31, 2023 437 439 Additional

View Full Filing

View this 10-Q filing on SEC EDGAR