Granite(US:GVA)2025-05-01 10:45Financial Performance - Net loss attributable to Granite Construction for Q1 2025 was $34 million, or $(0.77) per diluted share, compared to a net loss of $31 million, or $(0.70) per diluted share in Q1 2024[3]. - Revenue for Q1 2025 increased by 4% year-over-year to $700 million, with the Construction segment growing by 3% and the Materials segment by 10%[6][7]. - Adjusted EBITDA for Q1 2025 totaled $28 million, up from $14 million in the same period last year[7]. - Gross profit for Q1 2025 increased by $30 million to $84 million, with a gross profit margin of 12%[7]. - Net loss attributable to Granite Construction Incorporated was $33.7 million, compared to a net loss of $31.0 million in the prior year[22]. - Adjusted EBITDA for the three months ended March 31, 2025, was $28.1 million, significantly higher than $14.1 million in 2024, reflecting an adjusted EBITDA margin of 4.0%[30]. - The net loss margin for the three months ended March 31, 2025, was (4.8)%, slightly worse than (4.6)% in 2024[30]. - Total revenue for the three months ended March 31, 2025, was $84,929 million, a 10.5% increase from $77,062 million in the same period of 2024[37]. - Gross profit for the three months ended March 31, 2025, was $(1,589) million, compared to a gross loss of $(2,543) million in the same period of 2024, indicating an improvement[37]. - For the year ended December 31, 2024, total revenue was $592,349 million, a 14.6% increase from $516,884 million in 2023[39]. - Gross profit for the year ended December 31, 2024, was $81,695 million, with a gross profit margin of 13.8%[39]. Expenses and Costs - Selling, general, and administrative (SG&A) expenses rose to $116 million, or 16.6% of revenue, primarily due to an increase in stock-based compensation[7]. - The company incurred stock-based compensation expenses of $32.2 million, compared to $12.9 million in the previous year[30]. - Depreciation, depletion, and amortization for the year ended December 31, 2024, totaled $45,091 million, compared to $26,766 million in 2023[39]. Cash Flow and Capital Management - The company reported a net cash provided by operating activities of $3.6 million, a decrease from $24.1 million in the same quarter of 2024[24]. - Total cash and cash equivalents at the end of the period were $379.1 million, down from $321.8 million year-over-year[24]. - The company repurchased $15.2 million of common stock during the quarter, compared to $7.4 million in the same period last year[24]. Project and Revenue Outlook - Committed and Awarded Projects (CAP) increased by $444 million sequentially to $5.7 billion, reflecting substantial opportunities in both public and private markets[6][9]. - Granite's guidance for 2025 remains unchanged, with expected revenue in the range of $4.2 billion to $4.4 billion and an adjusted EBITDA margin of 11.0% to 12.0%[12][17]. - The company anticipates mid-20s effective tax rate for adjusted net income and capital expenditures of approximately $140 million to $160 million for 2025[17]. - Granite is focused on vertical integration strategies to enhance aggregate margins and expects additional growth in the coming years[4][11]. Segment Performance - The Materials segment reported revenue of $84.9 million, a 10.2% increase year-over-year, driven by higher aggregates and asphalt volumes[10][11]. - Intersegment revenues for the three months ended March 31, 2025, were $20.7 million, up from $11.6 million in the same period of 2024[38]. - The Asphalt product line reported external revenue of $395,798 million for the year ended December 31, 2024, an increase from $339,608 million in 2023[39]. - Average selling price per ton for the Aggregate product line was $16.08 in 2024, compared to $14.87 in 2023, reflecting a 8.1% increase[39]. - Cash gross profit for the three months ended March 31, 2025, was $10,477 million, representing 12.3% of revenue, up from 10.2% in the same period of 2024[37]. - The company reported a cash gross profit of $126,786 million for the year ended December 31, 2024, which is 21.4% of total revenue[39].