Granite Construction restates Q1-Q3 2022; reports FY2022 EPS $1.70, guides FY2023 rev $3.4-3.6B

GRANITE CONSTRUCTION INC

Non-reliance on Q1-Q3 2022 financials due to $12.3M deferred tax error from sale of trenchless business.
Expects to report material weakness in disclosure controls and procedures in 10-K.
FY2022 net income $83M ($1.70 diluted EPS); adjusted EPS $2.31; revenue $3.3B (down 6% YoY).
Committed & Awarded Projects (CAP) $4.5B; California group record $1.7B.
FY2023 guidance: revenue $3.4-3.6B, adjusted EBITDA margin 7.5%-9%, 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 financial results for the quarter and year ended December 31, 2022.

Period: the quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

On February 16, 2023, Granite Construction Incorporated (the “Company”) issued a press release with respect to its earnings for the quarter and year ended December 31, 2022, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference.

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Source: SEC EDGAR

accession 0001437749-23-003566

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