Granite(US:GVA)2025-11-06 11:45Financial Performance - Net income attributable to Granite for Q3 2025 was $103 million, or $1.98 per diluted share, a 30% increase year-over-year[3] - Adjusted net income for Q3 2025 was $124 million, or $2.70 per diluted share, reflecting a 36% year-over-year increase[3] - Q3 revenue increased 12% year-over-year to $1.43 billion, with gross profit rising to $261 million, a 28.6% increase[8] - Adjusted EBITDA for Q3 2025 was $216 million, a 44% increase year-over-year[8] - Net income attributable to Granite Construction for the three months ended September 30, 2025, was $102,929, up 30.4% from $78,951 in 2024[26] - Basic net income per share for the three months ended September 30, 2025, was $2.35, an increase from $1.81 in 2024[26] - EBITDA for Q3 2025 reached $197.3 million, compared to $138.8 million in Q3 2024, reflecting a 42.1% growth[34] - The net income margin for Q3 2025 improved to 7.2%, up from 6.2% in Q3 2024[34] - Total revenue for Q3 2025 was $1.43 billion, compared to $1.28 billion in Q3 2024, marking an increase of 11.8%[35] Revenue and Profitability - Committed and Awarded Projects (CAP) reached a record $6.3 billion, up $273 million sequentially and $718 million year-over-year[4][13] - Gross profit for the nine months ended September 30, 2025, was $543,496, representing a 28.8% increase from $421,945 in 2024[26] - Gross profit for the materials segment in Q3 2025 was $68.2 million, compared to $32.3 million in Q3 2024, representing a significant increase of 111.1%[40] - Total revenue for the nine months ended September 30, 2025, was $544.452 million, a 24.8% increase from $436.399 million in the same period of 2024[45] - Gross profit for the total Materials Segment was $112.046 million, representing a gross profit margin of 20.6%[45] - Cash gross profit for the total Materials Segment was $155.465 million, with a cash gross profit margin of 28.6%[45] Guidance and Projections - The company updated its 2025 revenue guidance to a range of $4.35 billion to $4.45 billion, while increasing the adjusted EBITDA margin range to 11.50% to 12.50%[20] - Capital expenditures are expected to total approximately $130 million, or about 3% of revenue[20] - The bidding pipeline remains robust, with ample opportunities to build CAP and drive organic growth towards 2027 financial targets[13][21] Assets and Liabilities - Total assets increased to $4,145,320 as of September 30, 2025, compared to $3,025,655 as of December 31, 2024, reflecting a growth of 37.0%[24] - Cash and cash equivalents decreased to $441,804 at the end of September 2025, down from $578,330 at the end of December 2024[24] - Long-term debt increased to $966,346 as of September 30, 2025, from $737,939 as of December 31, 2024[24] Acquisitions and Investments - The acquisition of Cinderlite is expected to strengthen Granite's operations in Nevada[4][21] - The company completed acquisitions totaling $705,278 during the nine months ended September 30, 2025, compared to $122,448 in 2024[28] Segment Performance - External revenue for the Aggregate product line was $200.894 million, while the Asphalt product line generated $342.353 million in external revenue for the nine months ended September 30, 2025[45] - Sales tons for the Aggregate product line increased to 18,108 tons in 2025 from 15,252 tons in 2024, reflecting a growth of 12.2%[45] - The average selling price per ton for the Aggregate product line rose to $18.20 in 2025, up from $16.07 in 2024, indicating a 13.2% increase[47] - The average selling price per ton for aggregates in Q3 2025 was $20.54, up from $16.36 in Q3 2024, indicating a 25.5% increase[40] Expenses - SG&A expenses for Q3 2025 were $102 million, or 7.1% of revenue, compared to 7.2% in the prior year[8] - Depreciation, depletion, and amortization expenses totaled $43.419 million for the nine months ended September 30, 2025[45] - Granite Construction's provision for income taxes for Q3 2025 was $38.1 million, up from $25.5 million in Q3 2024, an increase of 49.4%[37]