Granite Construction Q2 net loss $17M on $51M bond charge; adjusted EPS $1.03 vs $0.76; CAP record $5.4B

GRANITE CONSTRUCTION INC

2023-Q2 EPS reported -$0.91 revenue$1,458,620,000

Q2 GAAP net loss $17M ($0.39 loss per share) included $51M non-cash bond charge and $12M litigation charge.
Adjusted net income $46M, adjusted diluted EPS $1.03 (vs $0.76); revenue up $50M to $899M.
Record CAP of $5.4B, up $1.2B YoY and $334M sequentially; California group led with $2.35B.
I-64 High Rise Bridge project reduced Q2 gross profit by $21M ($10M after non-controlling interest); completion expected early Q4.
FY 2023 guidance: revenue $3.35-3.45B, adj. EBITDA margin 7.5-8.5%, capex $100-120M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GRANITE CONSTRUCTION INC reported three months ended June 30, 2023 results: revenue $899 million, net income net loss of $17 million, EPS $(0.39) per diluted share.

Period: three months ended June 30, 2023
Revenue: $899 million
Net income: net loss of $17 million
EPS: $(0.39) per diluted share
Result: reported results

Exact text from the filing

Second Quarter 2023 Results Net loss totaled $17 million, or $(0.39) per diluted share, compared to net income of $19 million, or $0.39 per diluted share, for the same period in the prior year. Net loss in the quarter was primarily attributable to a $51 million non-cash charge related to the refinancing of our convertible bonds and a $12 million charge for litigation. Adjusted net income (2) totaled $46 million, or $1.03 per diluted share, compared to adjusted net income (2) of $34 million, or $0.76 per diluted share, in the same period in the prior year. • Revenue increased $50 million to $899 million compared to $849 million in the same period in the prior year.

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Source: SEC EDGAR

accession 0000861459-23-000014

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