Granite Q2 net loss of $2M; cuts adjusted EBITDA margin guidance to 5.5-6.5%

GRANITE CONSTRUCTION INC

2022-Q2 EPS reported $0.10 revenue$1,315,872,000

Q2 net loss $2M ($0.05/sh) vs net income $25M ($0.52) a year ago.
Revenue $768M, down $67M YoY; gross margin 10.2% vs 11.8%; ORP gross loss $21M on $49M revenue.
Adjusted net income $17M ($0.38) vs $30M ($0.66); adj. EBITDA $39M vs $62M.
CAP up $279M sequentially to $4.2B; materials revenue +12% but margin fell to 12.7% from 18.1%.
FY2022 adj. EBITDA margin guidance cut to 5.5-6.5% from 6-8%; $12M accrued for SEC resolution.

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