GVA - Granite Construction reports misses Q1 top and bottom consensus; reaffirms FY23 outlook

2023-05-02 06:53:55 ET

• Granite Construction press release ( NYSE: GVA ): Q1 Non-GAAP EPS of -$0.41 misses by $0.32 .
• Revenue of $560.07M (-14.3% Y/Y) misses by $88.03M .
• Gross profit decreased $28 million to $32 million compared to $60 million in the same period in the prior year.
• Adjusted EBITDA was -$9M compared to $6 million in the same period in the prior year.
• Reiterating 2023 guidance:
• Revenue in the range of $3.4 billion to $3.6 billion vs. consensus of $3.48B.
• Adjusted EBITDA margin in the range of 7.5% to 9.0%
• SG&A expense in the range of 8.0% to 8.5% of revenue
• Low to mid-20s effective tax rate range for adjusted net income
• Capital expenditures range of $100 million to $120 million

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