Exhibit 99.1 Granite Reports Fourth Quarter and FY 2023 Results WATSONVILLE, Calif. - Granite Construction Incorporated (NYSE: GVA) today announced results for the quarter and year ended December 31, 2023. "Across the Company, our teams had an outstanding fourth quarter," said Kyle Larkin, Granite President and Chief Executive Officer. "The quarter's strong results, however, were tempered by impacts from the legacy Tappan Zee and I-64 projects. Looking back on 2023, it was a transformative year for Granite ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Total assets increased to **$2.58 billion**, Q3 revenue grew to **$1.12 billion**, but net income declined significantly [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.58 billion**, liabilities to **$1.57 billion**, and equity to **$1.01 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | Change | | :--- | :--- | :--- | :--- | | **Total current assets** | $1,695,050 | $1,347,296 | +$347,754 | | **Total assets** | **$2,580,321** | **$2,167,933** | **+$412,388** | | **Total current liabilities** | $1,056,476 | $797,594 | +$258,882 | | **Long-term debt** | $403,785 | $286,934 | +$116,851 | | **Total liabilities** | $1,573,744 | $1,182,788 | +$390,956 | | **Total equity** | **$1,006,577** | **$985,145** | **+$21,432** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 revenue grew to **$1.12 billion**, but net income fell sharply due to a **$51.1 million** debt extinguishment loss Q3 2023 vs Q3 2022 Performance (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,116,820 | $1,008,910 | +10.7% | | Gross Profit | $166,643 | $115,055 | +44.8% | | Operating Income | $73,818 | $54,699 | +35.0% | | Net Income Attributable to Granite | $57,624 | $69,302 | -16.8% | | Diluted EPS | $1.13 | $1.36 | -16.9% | Nine Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | Nine Months 2023 | Nine Months 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2,575,440 | $2,512,043 | +2.5% | | Gross Profit | $302,088 | $272,713 | +10.8% | | Operating Income | $59,429 | $68,738 | -13.5% | | Loss on debt extinguishment | $51,052 | $0 | N/A | | Net Income Attributable to Granite | $17,601 | $61,250 | -71.3% | | Diluted EPS | $0.40 | $1.25 | -68.0% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow improved to a **$34.2 million** inflow, reversing prior year's outflow, with financing providing **$53.2 million** Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 (Restated) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $34,198 | $(14,631) | | Net cash provided by (used in) investing activities | $(89,270) | $13,874 | | Net cash provided by (used in) financing activities | $53,205 | $(157,814) | | **Net decrease in cash** | **$(1,867)** | **$(158,571)** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail 2022 financial restatement, project estimate revisions, and a **$51.1 million** debt extinguishment loss - The company restated its 2022 quarterly financial information to correct errors related to deferred taxes and income tax expense calculation following the sale of its Inliner business. For the nine months ended Sep 30, 2022, the restatement reduced previously reported net income by **$16.4 million**[37](index=37&type=chunk)[38](index=38&type=chunk)[43](index=43&type=chunk) - For the nine months ended Sep 30, 2023, downward revisions in estimates on three projects reduced gross profit by **$51.1 million**, primarily due to increased costs and lower productivity. This was partially offset by an **$8.1 million** upward revision on one project[47](index=47&type=chunk)[49](index=49&type=chunk) - On May 11, 2023, the company issued **$373.8 million** of 3.75% Convertible Notes due 2028. Proceeds were used to exchange a portion of the existing 2.75% Convertible Notes, leading to a **$51.1 million** loss on debt extinguishment in Q2 2023[84](index=84&type=chunk)[87](index=87&type=chunk)[143](index=143&type=chunk) - The company settled the Salesforce Tower legal matter in October 2023, resulting in a pre-tax charge of **$20.0 million**, net of estimated insurance recovery, which was recorded in the nine months ended September 30, 2023[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong market outlook, **$5.6 billion** CAP, Q3 revenue growth, improved gross margin, and sufficient liquidity [Current Economic Environment and Outlook](index=34&type=section&id=Current%20Economic%20Environment%20and%20Outlook) The company maintains a positive outlook, supported by federal IIJA funding and state initiatives, with **$5.6 billion** in CAP - Public work, accounting for approximately **70%** of the company's business, is supported by the ongoing rollout of the **$1.2 trillion** Infrastructure Investment and Jobs Act (IIJA)[117](index=117&type=chunk) - Committed and Awarded Projects (CAP) reached **$5.6 billion** at the end of Q3 2023, indicating a strong future revenue pipeline[121](index=121&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q3 2023 revenue grew 10.7% to **$1.12 billion**, gross profit margin expanded to **14.9%**, with higher SG&A and legal settlement costs Revenue by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Construction | $945,698 | $847,371 | +11.6% | | Materials | $171,122 | $161,539 | +5.9% | | **Total** | **$1,116,820** | **$1,008,910** | **+10.7%** | Gross Profit by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Construction | $137,162 (14.5% margin) | $93,017 (11.0% margin) | +47.5% | | Materials | $29,481 (17.2% margin) | $22,038 (13.6% margin) | +33.8% | | **Total** | **$166,643 (14.9% margin)** | **$115,055 (11.4% margin)** | **+44.8%** | - Committed and Awarded Projects (CAP) increased by **$1.1 billion** from year-end 2022 to **$5.6 billion** at September 30, 2023[133](index=133&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$13.0 million** in Q3 2023 compared to Q3 2022, primarily due to higher incentive compensation resulting from improved financial performance[139](index=139&type=chunk)[141](index=141&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$329.2 million** in cash and **$330.8 million** unused credit, sufficient for future needs - As of September 30, 2023, the company had total cash, cash equivalents, and marketable securities of **$329.2 million**[150](index=150&type=chunk) - The company has **$330.8 million** in unused availability under its Credit Agreement as of September 30, 2023[149](index=149&type=chunk) - The share repurchase program, with **$231.5 million** remaining available, saw no activity during the nine months ended September 30, 2023[164](index=164&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material change in the company's exposure to market risk since the last annual report - There has been no material change in the company's exposure to market risk since the last annual report[167](index=167&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of September 30, 2023, the company's disclosure controls and procedures were effective[168](index=168&type=chunk) - No material changes to internal control over financial reporting occurred during the third quarter of 2023[169](index=169&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 17 of the financial statements - Information regarding legal proceedings is detailed in Note 17 of the Notes to the Condensed Consolidated Financial Statements[171](index=171&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from those disclosed in the company's Annual Report - There have been no material changes in risk factors from those disclosed in the company's Annual Report[172](index=172&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Shares were repurchased for employee tax withholding, not under the **$231.5 million** authorized share repurchase program - During Q3 2023, **3,334** shares were repurchased in connection with employee tax withholding for vested RSUs[173](index=173&type=chunk) - No shares were repurchased under the Board-authorized **$300 million** share repurchase program during the quarter[174](index=174&type=chunk)

Source: Granite Construction Incorporated Granite Construction © 2023 Granite Construction. All Rights Reserved. 2 "should," "could," "would," "guidance," "continue," 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, circumstances, opportunities, targets, activities, performance, growth, d ...

• Materials revenue and gross profit increased YOY driven by higher asphalt and aggregates sales and improved aggregate sales volume • Record CAP of $5.4 billion, up $1.2 billion YOY and $334 million sequentially • Strong public market environment • Strong balance sheet and liquidity position • 2023 guidance revised with revenue between $3.35 billion and $3.45 billion and adjusted EBITDA margin between 7.5% and 8.5% CAP $5,438 MSee appendix for a presentation of the most directly comparable GAAP measure and ...

UNITED STATES Table of Contents SECURITIES AND EXCHANGE COMMISSION o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-12911 Washington, D.C. 20549 FORM 10-Q GRANITE CONSTRUCTION INCORPORATED x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 77-0239383 State of Incorporation: I.R.S. Employer Identification Number: For the quarterly period ...

Granite Construction Incorporated (NYSE:GVA) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Company Participants Mike Barker - Vice President-Investor Relations Kyle Larkin - President & Chief Executive Officer Lisa Curtis - Executive Vice President & Chief Financial Officer Conference Call Participants Brent Thielman - D.A. Davidson Brian Russo - Sidoti Steven Ramsey - Thompson Research Group Michael Dudas - Vertical Research Operator Good morning. My name is Sarah, and I will be your conferenc ...

Granite Construction Incorporated (NYSE:GVA) Q1 2023 Earnings Conference Call May 2, 2023 11:00 AM ET Company Participants Mike Barker – Vice President-Investor Relations Kyle Larkin – President and Chief Executive Officer Conference Call Participants Steven Ramsey – Thompson Research Group Brent Thielman – D.A. Davidson Brian Russo – Sidoti Michael Dudas – Vertical Research Partners Jerry Revich – Goldman Sachs Operator Good morning. My name is Andrea and I will be your conference facilitator today. At thi ...

Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-12911 GRANITE CONSTRUCTION INCORPORATED State of Incorporation: I.R.S. Employer Identification Number: Delaware 77-0 ...

Financial Performance - Total revenue was $560 million [22], with a negative adjusted EBITDA of $(9) million [22] resulting in an adjusted EBITDA margin of (1.6)% [22] - Adjusted net loss attributable to Granite Construction Incorporated was $(17.83) million [42], leading to an adjusted diluted loss per share of $(0.41) [34, 42] - Materials revenue was $57 million [22] CAP (Committed and Awarded Projects) - Total CAP reached a record of $5.1 billion [6, 44], up by $619 million sequentially, representing a 14% increase, and a 30% increase year-over-year [6] - California Group's CAP totaled $1.4 billion [14], a sequential increase of $364 million or 34%, and a year-over-year increase of 40% [14] - Mountain Group's CAP was $1.8 billion [29], up $89 million or 5% sequentially, and 22% year-over-year [29] - California Group's CAP was $1.9 billion [6], up $167 million or 10% sequentially, and 29% year-over-year [6] Segment Performance - Asphalt volumes decreased by 39% year-over-year [21] and aggregate volumes decreased by 21% year-over-year [21] in the materials segment due to inclement weather [21] Outlook - The company maintains its 2023 guidance with revenue expected to be between $3.4 billion and $3.6 billion [24], and an adjusted EBITDA margin between 7.5% and 9.0% [24, 36]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 1-12911 Granite Construction Incorporated (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...