Granite Construction Q1 net loss $23M; record backlog $5.1B; reaffirms FY2023 guidance

GRANITE CONSTRUCTION INC

2023-Q1 EPS reported -$0.53 revenue$560,068,000

Net loss of $23M ($0.53 diluted EPS); adjusted diluted EPS loss of $0.41.
Revenue fell $94M to $560M, down 14% YoY; gross profit margin declined to 7.3% in Construction segment.
Record CAP (committed and awarded projects) of $5.1B, up $1.2B YoY; all regions contributed.
Weather disruptions impacted operations; two bolt-on materials acquisitions completed in Vancouver and Carson City.
Reaffirmed 2023 outlook: revenue $3.4-3.6B, adjusted EBITDA margin 7.5-9.0%, SG&A 8.0-8.5% of revenue.

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