GVA - Granite Construction reports Q3 earnings beat; raises FY22 guidance

• Granite Construction press release ( NYSE: GVA ): Q3 Non-GAAP EPS of $1.41 beats by $0.47 .
• Revenue of $1.01B (-4.7% Y/Y) beats by $26.34M .
• Adjusted EBITDA totaled $97M compared to $81M in the prior year.
• For the 2022 fiscal year, guidance is updated as noted below : Revenue updated to a range of $3.2 billion to $3.3 billion vs. consensus of $3.05B; SG&A expense unchanged in the range of 8.0% to 8.5% of revenue; Adjusted effective tax rate range unchanged at low-to-mid-20s; Capital expenditures updated to a range of $120 million to $130 million.
• We are raising our full year 2022 adjusted EBITDA margin guidance to 6% to 7% and expect the mid-point of our 2023 adjusted EBITDA margin guidance will be at least 8%. We are well positioned for success as we complete 2022 and move into 2023.

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