Granite Q3 revenue up 14% to $1.3B; adjusted EPS $2.05 vs $1.72; guides adj. EBITDA margin 10-11%

GRANITE CONSTRUCTION INC

2024-Q2 EPS reported $1.79 revenue$3,030,271,000

Q3 net income of $79M ($1.57 diluted EPS); adjusted net income $91M ($2.05 adjusted EPS).
Record Committed and Awarded Projects (CAP) of $5.6B, up $44M sequentially.
Acquired Dickerson & Bowen, Inc. to expand southeast home market; bolt-on M&A strategy continues.
Updated 2024 guidance: adjusted EBITDA margin narrowed to 10-11% (prior 9.5-11.5%); SG&A now 8.3-8.5% due to incentive comp.
Year-to-date operating cash flow increased $249M YoY; revenue range unchanged $3.9-4.0B.

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