secwatch.observer — SEC 8-K summary
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Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001437749-23-011988
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000143774923011988/0001437749-23-011988-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000143774923011988/gva20230228_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-011988

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer