Financial Performance - Total revenue for Q2 2024 reached $1,082,486,000, a 20.4% increase from $898,552,000 in Q2 2023[81] - Gross profit for Q2 2024 was $164,711,000, compared to $103,086,000 in Q2 2023, reflecting a significant improvement[81] - Total revenue for the three months ended June 30, 2024, was $5,576,219, a 1.4% increase from $5,499,129 in the previous quarter[87] - Public sector revenue accounted for 77.9% of total revenue, while private sector revenue made up 22.1% as of June 30, 2024[87] - Gross profit for the three months ended June 30, 2024, was $164,711, representing 15.2% of total revenue, up from 11.5% in the same period of 2023[89] - Construction segment gross profit increased by $56.2 million, or 71.0%, compared to the same period in 2023, primarily due to higher revenue[89] Revenue Sources - Construction revenue for Q2 2024 increased by $168.5 million, or 22.5%, driven by operations in California, Nevada, and Alaska[84] - Materials revenue for Q2 2024 rose by $15.4 million, or 10.3%, primarily due to revenue increases from newly acquired businesses[85] - Public work projects account for approximately 80% of the company's portfolio, heavily influenced by federal, state, and local funding levels[76] Acquisitions and Projects - The company completed two acquisitions in 2023, including Coast Mountain Resources and Lehman-Roberts Company, which are now contributing to revenue[79] - The company plans to acquire Dickerson & Bowen, Inc., expected to close in Q3 2024, which will enhance its aggregates and asphalt capabilities[80] - Committed and Awarded Projects (CAP) balance stood at $5.6 billion at the end of Q2 2024, supported by a positive public funding environment[78] - The Infrastructure Investment and Jobs Act (IIJA) has provided $550 billion in incremental funding over five years, enhancing project visibility for state and local governments[76] Cost Management - The company has implemented proactive measures to mitigate the impacts of inflation and supply chain constraints on its operations[78] - Total selling, general, and administrative expenses for the three months ended June 30, 2024, were $70,052, which is 6.5% of revenue, down from 7.2% in the previous year[91] - Other costs, net for the three months ended June 30, 2024, decreased by $3.4 million compared to the prior year, primarily due to a non-recurring litigation charge[94] - Total other expense, net decreased by $17.4 million for the three months ended June 30, 2024, mainly due to lower debt extinguishment costs[95] Tax and Compliance - The provision for income taxes for the three months ended June 30, 2024, was $20,693, with an effective tax rate of 34.7%[96] - The company maintained compliance with financial covenants in the Credit Agreement as of June 30, 2024[108] Cash Flow and Capital Expenditures - Cash provided by operating activities for the six months ended June 30, 2024, was $22.1 million, representing a $141.0 million increase compared to the same period in 2023[102] - Cash used in investing activities decreased by $14.3 million to $50.1 million for the six months ended June 30, 2024, compared to the same period in 2023[104] - Cash used in financing activities increased by $126.7 million to $22.9 million for the six months ended June 30, 2024, primarily due to a decrease in proceeds from debt issuances[105] - Capital expenditures for the six months ended June 30, 2024, were $66.9 million, a decrease from $79.7 million in the same period of 2023, with anticipated capital expenditures for 2024 projected to be between $130 million and $150 million[101] - Significant additions to capital assets during the three months included $183 million for highway projects in California and $114 million for a bridge project in Michigan[88] Shareholder Returns - The company repurchased 225,000 shares under the $300 million share repurchase program, with $218.2 million remaining available as of June 30, 2024[109] Assets and Liabilities - As of June 30, 2024, total cash, cash equivalents, and marketable securities amounted to $377.2 million, down from $453.5 million as of December 31, 2023[100] - Non-controlling partners' share of capital assets increased to $351.6 million as of June 30, 2024, from $219.4 million in the previous quarter[88] - The amount attributable to non-controlling interests decreased by $8.8 million and $13.1 million for the three and six months ended June 30, 2024, respectively, compared to the prior year, primarily due to decreased losses from a consolidated construction joint venture[97] - As of June 30, 2024, the total unused availability under the Credit Agreement was $333.4 million[99] - The company had $29.2 million of contract retention receivables from Brightline, representing 9.4% of total contract assets as of June 30, 2024[99]

Granite Construction Incorporated (NYSE:GVA) Q2 2024 Earnings Conference Call August 1, 2024 11:00 AM ET Company Participants Mike Barker - Vice President-Investor Relations Kyle Larkin - President and Chief Executive Officer Lisa Curtis - Executive Vice President and Chief Financial Officer Conference Call Participants Brent Thielman - D.A. Davidson Steven Ramsey - Thompson Research Group Michael Dudas - Vertical Research Partners Jerry Revich - Goldman Sachs Operator Good day. My name is Jason and I'll be ...

GRANITE e ving a low Q2 2024 Earnings Presentation ITABLESS Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategic goals, shareholder value, outcomes, outlook, guidance, including 2024 revenue, SG&A expense as a percentage of revenue and adjusted EBITDA margin guidance and operating cash flow of 7% of revenue in 2024, ...

Exhibit 99.1 Granite Reports Second Quarter 2024 Results and Announces Agreement to Acquire Dickerson & Bowen, Inc. • Q2 revenue increased 20% year-over-year to $1.1 billion • Q2 diluted EPS of $0.76 and adjusted diluted EPS (1) of $1.73 • Committed and Awarded Projects ("CAP") (2) of $5.6 billion, a sequential increase of $77 million • Entered into an agreement, subject to customary closing conditions, to acquire Dickerson & Bowen, Inc., a leading regional aggregates, asphalt, and highway construction comp ...

This SR33 enhancement project of approximately $27 million, which will be funded by Caltrans, will be included in Granite's second-quarter 2024 Committed and Awarded Projects (CAP). Shares of this civil construction company and aggregate producer gained 21% in the past three months, outperforming the Zacks Building Products - Heavy Construction industry's 18.1% growth. The company's Per the contract, Granite will be responsible for enhancing road safety and driving conditions of this 19-mile stretching SR33 ...

Granite Construction Incorporated's (GVA) joint venture with Kraemer North America, GKJV-II, has been selected by the Michigan Department of Transportation ("MDOT") to remove and replace the Lafayette Bascule Bridge in Michigan. This approximately $113 million project, is funded by the Federal Highway Administration and the MDOT. Per this contract, the joint venture is expected to demolish the existing structure, along with cofferdam installation, new substructure and bascule piers, structural steel, machin ...

Granite Construction Incorporated (GVA) has secured a $16 million contract from the City of Salinas to upgrade a major traffic route between residential areas and Highway 101. The project will widen East Boronda Road into a four-lane roadway and construct a multi-lane roundabout at the McKinnon Street intersection, significantly improving traffic flow and safety. Granite's local operations will supply essential materials, including 7,500 tons of Hot Mix Asphalt, 8,000 tons of Recycled Aggregate Base from th ...

Granite Construction Incorporated (GVA) received an approximately $25 million contract to remove and replace the Edgewater Creek Bridge. The City of Everett has provided this contract, which includes the removal of the existing bridge and the construction of a new bridge over the Edgewater Creek Basin and is funded by federal grants and local funds. Although the project involves some engineering challenges due to the steep and unstable soils of the ravine, GVA's experts will construct a trestle to facilitat ...

The scope of work also includes lengthening and rehabilitation of culverts along the route, upgrading of guard railing and barriers, and replacement of failing bridge approach pavement with concrete approach slabs. Image Source: Zacks Investment Research Tutor Perini Corporation (TPC) currently sports a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here. Dycom Industries, Inc. (DY) sports a Zacks Rank #1 at present. It delivered a trailing four-quarter earnings surprise of 30. ...

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Granite Construction is currently sporting a Zacks Rank of #1 (Strong Buy). Armstrong World Industries (AWI) is another Construction stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 1 ...