Granite Construction Q3 EPS $1.44, raises FY22 adjusted EBITDA margin guidance to 6%-7%

GRANITE CONSTRUCTION INC

2022-Q3 EPS reported $1.56 revenue$2,514,194,000

Net income $73M ($1.44 diluted EPS); adjusted diluted EPS $1.41, vs $0.93 prior year.
Revenue $1,010M (-$52M YoY); comparable revenue up $13M excluding divested Granite Inliner.
Construction segment gross margin ex-ORP improved to 14.8% (from 13.3% YoY); ORP loss $21M on $44M revenue.
CAP $4.08B; cash + marketable securities $317M, debt $288M (80% fixed rate).
FY22 adjusted EBITDA margin guidance raised to 6%-7% (from prior 5%-6% implied); expects 2023 mid-point at least 8%.

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