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 inCalifornia and Mountain groups offset by expected decreases in Central group - Completed the sale of Granite Inliner, LLC
First Quarter 2022 Results
Net loss from continuing operations totaled
- 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 |
|||||||||||||||||
|
$ |
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
CAP was down
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
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, |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
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 |
|
|
413,655 |
|
|
|
437,648 |
|
Cash, cash equivalents and |
|
$ |
369,967 |
|
|
$ |
454,440 |
|
Less: Cash, cash equivalents and |
|
|
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
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
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
(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
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220427006218/en/
Investors
Wenjun Xu, 831-761-7861
or
Media
Erin Kuhlman, 831-768-4111
Source: Granite Construction Incorporated