GVA - Granite Construction Non-GAAP EPS of $1.03 revenue of $899M

2023-07-27 06:48:11 ET

Granite Construction press release ( NYSE: GVA ): Q2 Non-GAAP EPS of $1.03.

Revenue of $899M (+5.9% Y/Y).

Record Committed and Awarded Projects ("CAP") (1) of $5.4 billion, a sequential increase of $334 million and year-over-year increase of $1.2 billion

Q2 revenue increased $50 million year-over-year led by the California and Mountain Groups.

Gross profit increased $5 million to $103 million compared to $98 million in the same period in the prior year.

Adjusted EBITDA (2) was $80 million compared to $63 million in the same period in the prior year.

2023 Guidance:

Revenue in the range of $3.35 billion to $3.45 billion

Adjusted EBITDA margin in the range of 7.5% to 8.5%

SG&A expense in the range of 8.0% to 8.5% of revenue

Mid-20s effective tax rate for adjusted net income

Capital expenditures range of $100 million to $120 million

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