Granite Construction press release (NYSE:GVA): Q2 Non-GAAP EPS of $1.03 beats by $0.02.
Revenue of $899M (+17.1% Y/Y) misses by $25.09M.
Record Committed and Awarded Projects (“CAP”) (1) of $5.4 billion, a sequential increase of $334 million and year-over-year increase of $1.2 billion
Q2 revenue increased $50 million year-over-year led by the California and Mountain Groups.
Gross profit increased $5 million to $103 million compared to $98 million in the same period in the prior year.
Adjusted EBITDA (2) was $80 million compared to $63 million in the same period in the prior year.
2023 Guidance:
Revenue in the range of $3.35 billion to $3.45 billion
Adjusted EBITDA margin in the range of 7.5% to 8.5%
SG&A expense in the range of 8.0% to 8.5% of revenue
Mid-20s effective tax rate for adjusted net income
Capital expenditures range of $100 million to $120 million