Granite(GVA) - 2024 Q2 - Quarterly Results

Financial Performance - Q2 2024 revenue increased 20% year-over-year to $1.1 billion, up from $899 million in Q2 2023[1] - Q2 2024 diluted EPS was $0.76, compared to a net loss of $(0.39) per diluted share in Q2 2023[2] - Revenue for the first six months of 2024 increased to $1.8 billion, up from $1.5 billion in the same period last year[3] - Total revenue for Q2 2024 reached $1,082,486,000, a 20.4% increase from $898,552,000 in Q2 2023[13] - Net income attributable to Granite Construction Incorporated for Q2 2024 was $36,895,000, a significant recovery from a net loss of $17,000,000 in Q2 2023[13] - Basic net income per share for Q2 2024 was $0.84, compared to a loss of $0.39 per share in Q2 2023[13] - Adjusted net income for the first six months of 2024 was $68 million, or $1.52 per diluted share, compared to $33 million, or $0.74 per diluted share, in the prior year[3] - Net income for the six months ended June 30, 2024, was $9,415,000, a significant improvement from a net loss of $49,618,000 in the same period of 2023[14] Profitability Metrics - Adjusted EBITDA for Q2 2024 totaled $130 million, up from $81 million in Q2 2023[2] - Gross profit for Q2 2024 increased to $165 million, compared to $103 million in the same period last year[2] - The company reported a gross margin of 15.2% for Q2 2024, compared to 11.5% in Q2 2023[13] - Gross profit for Q2 2024 was $164,711,000, compared to $103,086,000 in Q2 2023, reflecting a 59.5% increase[13] - EBITDA for the six months ended June 30, 2024, was $79,773,000, up from $1,371,000 in 2023, reflecting a margin increase to 4.5% from 0.1%[19] - Adjusted EBITDA for the six months ended June 30, 2024, was $143,916,000, compared to $77,255,000 in 2023, with an adjusted EBITDA margin of 8.2%[19] - Cash gross profit for the three months ended June 2024 was $39,300,000, up from $30,314,000 in the same period last year, reflecting a 29.5% increase[21] - Gross profit as a percentage of revenue increased to 17.8% in June 2024 from 16.0% in June 2023[21] - Cash gross profit as a percentage of revenue for the six months ended June 2024 was 19.3%, compared to 15.2% for the same period in 2023[21] Expenses and Liabilities - SG&A expenses for Q2 2024 were $70 million, or 6.5% of revenue, down from 7.2% in Q2 2023[2] - Selling, general and administrative expenses for Q2 2024 were $70,052,000, an increase from $64,563,000 in Q2 2023[13] - Total liabilities decreased slightly to $1,893,839,000 as of June 30, 2024, compared to $1,958,866,000 at the end of 2023[12] - Long-term debt increased to $737,436,000 as of June 30, 2024, up from $614,781,000 at the end of 2023[12] - The company incurred stock-based compensation expenses of $15,084,000 for the six months ended June 30, 2024, compared to $6,702,000 in 2023[14] Cash Flow and Assets - Net cash provided by operating activities was $22,084,000 for the six months ended June 30, 2024, compared to a net cash used of $118,948,000 in 2023[14] - Cash and cash equivalents at the end of the period were $366,746,000, an increase from $214,446,000 at the end of the same period in 2023[14] - Net cash used in investing activities was $50,122,000 for the six months ended June 30, 2024, an improvement from $64,378,000 in 2023[14] - The company reported a net decrease in cash and cash equivalents of $50,917,000 for the six months ended June 30, 2024, compared to a decrease of $79,545,000 in 2023[14] - Total current assets increased to $1,706,168,000 as of June 30, 2024, up from $1,643,451,000 at the end of 2023[12] - Total assets increased to $2,881,369,000 as of June 30, 2024, from $2,813,540,000 at the end of 2023[12] Future Outlook - The company expects 2024 revenue to be in the range of $3.9 billion to $4.0 billion, narrowed from previous guidance[7] - The acquisition of Dickerson & Bowen, Inc. is expected to close in Q3 2024, adding four asphalt plants and three sand and gravel pits[2] Transaction Costs and Debt - The company reported a loss on debt extinguishment of $27,824,000 for the six months ended June 30, 2024, down from $51,052,000 in 2023[19] - Loss on debt extinguishment for June 2024 was $27,824,000, down from $51,052,000 in June 2023, showing a 45.5% reduction[20] - The company incurred transaction costs of $4,313,000 in June 2024, compared to $2,460,000 in June 2023, indicating a 75.3% increase[20] Earnings Per Share - Adjusted diluted earnings per share attributable to common shareholders increased to $1.73 in June 2024 from $1.06 in June 2023, a rise of 63.2%[20] - The diluted net income per share attributable to common shareholders was $0.76 in June 2024, compared to a loss of $0.39 in June 2023[20] - Adjusted net income attributable to Granite Construction Incorporated for June 2024 was $76,977,000, compared to $47,328,000 in June 2023, representing a 62.5% increase[20]