StockSelector.com
  Research, Select, & Monitor Thursday, May 23, 2019 11:04:51 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Granite Construction Inc.$40.03($1.33)(3.22%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Granite Reports Fourth Quarter and Fiscal Year 2016 Results
   Friday, February 17, 2017 6:55:02 AM ET

--Backlog increased 19.8 percent year-over-year to a year-end record $3.5 billion

--Revenues $2.5 billion - up 6.1 percent year-over year

--Gross profit $301.4 million - up $1.5 million year-over-year

--Gross profit margin 12.0 percent compared to 12.6 percent last year

--Diluted earnings per share $1.42 compared to $1.52 last year

Granite Construction Incorporated (GVA ) today reported net income of $57.1 million for the year ended December 31, 2016 compared with net income of $60.5 million in the prior year. Diluted earnings per share (EPS) for the year was $1.42 compared to $1.52 per share in 2015.

Granite reported net income of $16.2 million for the quarter ended December 31, 2016, compared with net income of $28.7 million in the fourth quarter of 2015. Diluted EPS in the quarter was $0.40 compared to $0.72 per share in the prior-year period.

"Momentum to rebuild America’s infrastructure is growing, an encouraging sign for our Company, our industry, and our country. Today, Granite’s business stands in its best position in many years," said James H. Roberts, President and Chief Executive Officer of Granite Construction Incorporated. "Despite fourth quarter results that were negatively impacted by particular weakness in the Large Project Construction segment, overall operational performance remained strong. The Construction segment remains the largest, most profitable portion of our business, producing near-record gross margins and a record segment backlog level in 2016.

"Today, public-funding trends are poised to improve. So as the momentum across the country grows, our outlook continues to improve. We continue to challenge our leaders to take their teams to even higher levels of expectation and success. We are confident in the investments we are making in our business, beginning with our people. Granite employees’ focus, drive, and execution produced solid 2016 results and record Company year-end backlog of nearly $3.5 billion, and it is expected to produce much-improved results, beginning in 2017," Roberts said.

Fiscal Year 2016 Results

Total Company

-- Revenues for 2016 were $2.51 billion, up 6.1 percent from 2015.

-- Gross profit increased 0.5 percent year-over-year to $301.4 million, driven by improved performance in the Construction segment.

-- Gross profit margin was 12.0 percent compared with 12.6 percent in 2015.

-- Selling, general and administrative (SG&A) expenseswere $219.3 million, compared with $203.8 million last year. The increase is attributable primarily to personnel-related costs, including increased business development and selling expenses.

-- Backlog ended at a year-end record $3.48 billion, up 19.8 percent from $2.91 billion in 2015.

-- 2016 EBITDA(1) was $160.8 million, with resulting EBITDA margin of 6.4 percent.

-- $317.1 million in cash and marketable securities, as of December 31, 2016.

Construction

-- Construction revenue in 2016 was $1.37 billion, up 8.1 percent from $1.26 billion in 2015, driven by improved performance in certain Western markets supported by steady private, non-residential construction demand.

-- Gross profit margin increased nearly 50 basis points year-over-year to 15.3 percent, as improved safety, execution, and market diversification drove the year-over-year growth.

-- Construction backlog ended at a year-end record $1.03 billion, up 19.7 percent year-over-year.

Large Project Construction

-- Large Project Construction revenue increased 9.3 percent to $888.2 million from $812.7 million in 2015, as Granite teams advanced work on our coast-to-coast project portfolio.

-- Gross profit margin was 7.2 percent compared with 9.8 percent in 2015 primarily reflecting execution issues on certain projects nearing completion in 2017 and 2018, as well as the prolonged impact of time in resolving disputes with owners and designers.

-- Large project backlog totaled $2.45 billion, up 19.8 percent year-over-year, with the balance of 2016 bookings expected to provide profit improvement beginning in 2017.

Construction Materials

-- Overall 2016 materials consumption was nearly identical to 2015, with demand shifting to increased internal (Construction segment) use in 2016. As a result, Construction Materials revenue (external sales) decreased 11.6 percent to $261.2 million compared with $295.6 million last year.

-- Gross profit margin in 2016 was 10.7 percent, compared with 11.1 percent in 2015, as overall public-market demand remained flat. Although weather slowed production in the fourth quarter, bidding activity and pricing remained steady through the end of 2016, which resulted in growing committed volumes for 2017.

Fourth Quarter 2016 Results

Total Company

-- Revenues increased 5.8 percent to $666.7 million compared with $630.2 million in the fourth quarter of 2015.

-- Gross profit decreased 19.3 percent year-over-year to $81.3 million, driven primarily by the underperformance of certain large projects, as well as by weather impacts across much of the West in December.

-- Gross profit margin was 12.2 percent compared with 16.0 percent in 2015.

-- SG&A expenses decreased $0.7 million from 2015, to $59.3 million.

Construction

-- Construction segment revenue increased 5.3 percent to $359.7 million, compared with $341.5 million in the fourth quarter of 2015. While impacted by wet weather in the West, revenue growth was driven by steady private, non-residential demand and continued diversification.

-- Gross profit margin, down from nearly 20 percent last year, remained a healthy 17.2 percent, with weather headwinds largely countered by improved safety and solid execution.

Large Project Construction

-- Large Project Construction segment revenue increased 10.6 percent to $246.1 million, compared with $222.4 million in the fourth quarter of 2015, based on execution on our broad project portfolio.

-- Gross profit margin was 5.5 percent, down from 11.6 percent last year, reflecting significant underperformance at three projects aligned to the prolonged impact of time in resolving disputes with owners and designers.

Construction Materials

-- Construction Materials revenue decreased 8.0 percent to $60.9 million, compared with $66.2 million in the fourth quarter of 2015, driven primarily by a shift to greater internal consumption of materials coupled with weather impacts in December pushing sales into 2017.

-- Gross profit margin for the quarter was 10.0 percent, compared with 11.0 percent in 2015. Operational performance remains solid, as we target continued improvement in pricing and production efficiency.

Outlook

"Last November, voters across the country approved more than $200 billion of long-term infrastructure investment in the form of local measures, with the majority of this in California and Washington State," Roberts continued. "In California, state officials continue to make progress toward legislation on a long-term transportation bill. We are maintaining our focus on the Governor and California legislators to deliver much overdue investment beginning in 2017," Roberts said.

"Still, much of the focus remains at the federal level where the FAST Act, the long-term highway bill passed by Congress in December 2015, has yet to provide any incremental spending. Congress continues to fund government spending by continuing resolution. We still believe the FAST Act is critical for planning at state and local levels. However, until federal spending increases, the 2017 outlook for public-market growth is limited.

"Our broad asset base and coast-to-coast project portfolio, coupled with ongoing efficiency investment in Continuous Improvement has prepared us well. Granite teams are ready to deliver both on the President’s commitment to rebuilding our country’s infrastructure, as well as on solid growth in our markets across the country. These investments are creating efficiencies and leverage that, combined with year-end record backlog of $3.5 billion, will provide Granite teams with an opportunity to grow at a rate faster than we have seen in recent years," Roberts said.

The Company’s current expectations for 2017 are:

-- Low-double digit consolidated revenue growth

-- Consolidated EBITDA margin(1) of 6.5% to 7.5%

(1) Please refer to a description and reconciliation in the attached EBITDA Reconciliation table.

Conference Call

Granite will conduct a conference call today, Friday, February 17, 2017, at 8 a.m. Pacific Time/11 a.m. Eastern Time to discuss the results of the quarter ended December 31, 2016. Access to a live audio webcast is available on its Investor Relations website, investor.graniteconstruction.com. An archive of the webcast will be available on the website approximately one hour after the call. The live call also is available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. A replay will be available after the live call through February 24, 2017, by calling 1-877-344-7529, replay access code 10101265; international callers may dial 1-412-317-0088.

About Granite

Through its offices and subsidiaries nationwide, Granite Construction Incorporated (GVA ) is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for seven consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit graniteconstruction.com.

Forward-looking Statements

Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as "future," "outlook," "assumes," "believes," "expects," "estimates," "anticipates," "intends," "plans," "appears," "may," "will," "should," "could," "would," "continue," and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, activities, performance, outcomes and results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those specifically described in our Annual Report on Form 10-K and quarterly reports on Form 10-Q.

Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.

 
                                                                                                                                  GRANITE CONSTRUCTION INCORPORATED
                                                                                                                                     CONSOLIDATED BALANCE SHEETS
                                                                                                                     (Unaudited - in thousands, except share and per share data)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        December 31,                                                 December 31,
                                                                                                         2016                                                         2015
--------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------
ASSETS
Current assets
      Cash and cash equivalents                                                                                                                            $        189,326                                                                                   $        252,836
      Short-term marketable securities                                                                                                                               64,884                                                                                             25,043
      Receivables, net                                                                                                                                              419,345                                                                                            340,822
      Costs and estimated earnings in excess of billings                                                                                                             73,102                                                                                             59,070
      Inventories                                                                                                                                                    55,245                                                                                             55,553
      Equity in construction joint ventures                                                                                                                         247,182                                                                                            224,689
      Other current assets                                                                                  39,908                 26,985  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
         Total current assets                                                                                                                                     1,088,992                                                                                            984,998
Property and equipment, net                                                                                                                                         406,650                                                                                            385,129
Long-term marketable securities                                                                                                                                      62,895                                                                                             80,652
Investments in affiliates                                                                                                                                            35,668                                                                                             33,182
Goodwill                                                                                                                                                             53,799                                                                                             53,799
Deferred income taxes, net                                                                                                                                   --                                                                                              4,329
Other noncurrent assets                                                                                     85,449                 84,789  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
          Total assets                                                                                               $      1,733,453                          $      1,626,878  
============================================================================================= ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ====================
LIABILITIES AND EQUITY
Current liabilities
      Current maturities of long-term debt                                                                                                                 $         14,796                                                                                   $         14,800
      Accounts payable                                                                                                                                              199,029                                                                                            157,571
      Billings in excess of costs and estimated earnings                                                                                                             97,522                                                                                             92,515
      Accrued expenses and other current liabilities                                                       218,587                200,935  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
         Total current liabilities                                                                                                                                  529,934                                                                                            465,821
Long-term debt                                                                                                                                                      229,498                                                                                            244,323
Deferred income taxes                                                                                                                                                 5,441                                                                                     --
Other long-term liabilities                                                                                                                                          45,989                                                                                             46,613
Equity
   Preferred stock, $0.01 par value, authorized 3,000,000 shares, none                                                                                       --                                                                                     --
   outstanding
   Common stock, $0.01 par value, authorized 150,000,000 shares; issued                                                                                                 396                                                                                                394
   and outstanding
   39,621,140 shares as of December 31, 2016 and 39,412,877 shares as
   of December 31, 2015
   Additional paid-in capital                                                                                                                                       150,337                                                                                            140,912
   Accumulated other comprehensive loss                                                                                                                                (371 )                                                                                           (1,500 )
   Retained earnings                                                                                       735,626                699,431  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total Granite Construction Incorporated shareholders’ equity              885,988                839,237  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Non-controlling interests                                                                                36,603                 30,884  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total equity                                                                                         922,591                870,121  
--------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
         Total liabilities and equity                                                                                $      1,733,453                          $      1,626,878  
============================================================================================= ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ====================
 
 
                                                                                                                                                                                                 GRANITE CONSTRUCTION INCORPORATED
                                                                                                                                                                                               CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                         (Unaudited - in thousands, except per share data)
 
                                                                                                                                           Three Months Ended                                                                                                                   Years Ended December 31,
                                                                                                                           December 31,                                                                         
--------------------------------------------------------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------          -------------------- -------------------- ------------------------------------------------------------------------------------------------------------
                                                                               2016                                                     2015                                             2016                                     2015
--------------------------------------------------------------------- -------------------- -------------------- ------------------------------------------------------------------------- -------------------- ------------------------------------------------------------------------- -------------------- -------------------------------------------------------- -------------------- --------------------------------------
Revenue                                                                                                                                                                                                                                                                                                        
   Construction                                                                                                  $   359,741                                                                 $   341,533                                                                   $ 1,365,198                                                                     $ 1,262,675
   Large Project Construction                                                                                                           246,077                                                                                        222,438                                                                       888,193                                                                         812,720
   Construction Materials                                                                          60,863                                66,191              261,226                295,634  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
      Total revenue                                                                               666,681                               630,162            2,514,617              2,371,029  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
Cost of revenue
   Construction                                                                                                                         298,045                                                                                        273,976                                                                     1,155,983                                                                       1,075,169
   Large Project Construction                                                                                                           232,618                                                                                        196,640                                                                       824,056                                                                         733,253
   Construction Materials                                                                          54,768                                58,922              233,208                262,771  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
      Total cost of revenue                                                                       585,431                               529,538            2,213,247              2,071,193  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
         Gross profit                                                                                                                    81,250                                                                                        100,624                                                                       301,370                                                                         299,836
SG&A expenses                                                                                                                            59,342                                                                                         60,010                                                                       219,299                                                                         203,817
Restructuring and impairment gains                                                                                                       (1,000 )                                                                                       (6,007 )                                                                      (1,925 )                                                                        (6,003 )
Gain on sales of property and equipment                                                            (5,994 )                                                 (6,196 )                                (8,358 )                                  (8,286 )
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
         Operating income                                                                          28,902                                52,817               92,354                110,308  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
Other (income) expense
   Interest income                                                                                                                         (801 )                                                                                         (574 )                                                                      (3,225 )                                                                        (2,135 )
   Interest expense                                                                                                                       3,096                                                                                          3,291                                                                        12,366                                                                          14,257
   Equity in income of affiliates                                                                                                        (2,594 )                                                                                       (1,448 )                                                                      (7,177 )                                                                        (3,210 )
   Other income, net                                                                                 (685 )                                                   (622 )                                (5,972 )                                  (2,031 )
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
      Total other (income) expense                                                                   (984 )                                                    647               (4,008 )                                   6,881  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
         Income before provision for income taxes                                                                                        29,886                                                                                         52,170                                                                        96,362                                                                         103,427
Provision for income taxes                                                                         10,622                                17,031               30,162                 35,179  
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
         Net income                                                                                                                      19,264                                                                                         35,139                                                                        66,200                                                                          68,248
Amount attributable to non-controlling interests                                                   (3,091 )                                                 (6,466 )                                (9,078 )                                  (7,763 )
--------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- ----------------------------------- -------------------- -------------------- -------------------------------------
         Net income attributable to Granite Construction Incorporated      $    16,173        $    28,673          $    57,122            $    60,485  
===================================================================== ==================== ==================== == ==================== ======= ==================== ==================== ==================== == ==================== ======= ==================== ==================== ==================== ==== ========= ==================== ==================== ==================== ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                             
Net income per share attributable to common shareholders:
   Basic                                                                                                         $                         0.41                                                                 $                         0.73                                                                   $      1.44                                                                     $      1.54
   Diluted                                                                                                       $                         0.40                                                                 $                         0.72                                                                   $      1.42                                                                     $      1.52
Weighted average shares of common stock:
   Basic                                                                                                                                 39,610                                                                                         39,393                                                                        39,557                                                                          39,337
   Diluted                                                                                                                               40,306                                                                                         39,894                                                                        40,225                                                                          39,868
 
 
                                                                                                                                                        GRANITE CONSTRUCTION INCORPORATED
                                                                                                                                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                                           (Unaudited - in thousands)
 
Years Ended December 31,                                                                                        2016                                                                                               2015
-------------------------------------------------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------- -------------------- -----------------------------------------------------------------------------------------------
Operating activities                                                                                                                                                 
   Net income                                                                                             $        66,200                                                                 $        68,248
   Adjustments to reconcile net income to net cash provided by
   operating activities:
      Non-cash restructuring and impairment gains                                                                                                                           (1,000 )                                                                                                                                 (1,044 )
      Depreciation, depletion and amortization                                                                                                                              64,375                                                                                                                                   64,309
      Gain on sales of property and equipment                                                                                                                               (8,358 )                                                                                                                                 (8,286 )
      Change in deferred income taxes                                                                                                                                        9,842                                                                                                                                   28,258
      Stock-based compensation                                                                                                                                              13,383                                                                                                                                    8,763
      Equity in net income from unconsolidated joint ventures                                                                                                              (15,614 )                                                                                                                                (43,374 )
      Gain on real estate entity                                                                                                                                            (2,452 )                                                                                                                         --
      Net income from affiliates                                                                                                                                            (7,177 )                                                                                                                                 (3,210 )
   Changes in assets and liabilities:                                                                                                (46,053 )                                                                                          (46,686 )
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
         Net cash provided by operating activities                                                                                    73,146                                                                          66,978  
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
Investing activities
   Purchases of marketable securities                                                                                                                                     (129,685 )                                                                                                                               (104,971 )
   Maturities of marketable securities                                                                                                                                      50,000                                                                                                                                   29,260
   Proceeds from called marketable securities                                                                                                                               55,000                                                                                                                                   75,000
   Purchases of property and equipment                                                                                                                                     (90,970 )                                                                                                                                (44,179 )
   Proceeds from sales of property and equipment                                                                                                                            12,946                                                                                                                                   13,148
   Distributions from affiliates                                                                                                                                             2,233                                                                                                                                      305
   Collection of notes receivable                                                                                                                                            4,331                                                                                                                                      943
   Other investing activities, net                                                                                                      (245 )                                                                                             (213 )
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
         Net cash used in investing activities                                                                                       (96,390 )                                                                                          (30,707 )
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
Financing activities
   Proceeds from long-term debt                                                                                                                                             30,000                                                                                                                                   30,000
   Debt principal payments                                                                                                                                                 (45,025 )                                                                                                                                (46,763 )
   Cash dividends paid                                                                                                                                                     (20,563 )                                                                                                                                (20,445 )
   Purchases of common stock                                                                                                                                                (5,227 )                                                                                                                                 (3,777 )
   Contributions from non-controlling partners                                                                                                                               5,250                                                                                                                                    7,462
   Distributions to non-controlling partners                                                                                                                                (5,258 )                                                                                                                                 (6,992 )
   Other financing activities                                                                                                            557                                                                           1,119  
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
         Net cash used in financing activities                                                                                       (40,266 )                                                                                          (39,396 )
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
Decrease in cash and cash equivalents                                                                                                                                      (63,510 )                                                                                                                                 (3,125 )
Cash and cash equivalents at beginning of year                                                                                       252,836                                                                         255,961  
-------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------
Cash and cash equivalents at end of year                            $       189,326        $       252,836  
============================================================== ==================== ==================== == ==================== ==================== ==================== ======= ==================== ==================== ==================== == ==================== ==================== ==================== ======= ====================
 
 
                                                                                                                                                                                        GRANITE CONSTRUCTION INCORPORATED
                                                                                                                                                                                          Business Segment Information
                                                                                                                                                                                       (Unaudited - dollars in thousands)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                              Three Months Ended December 31,                                                                                                                    Years Ended December 31,
                                                                                                        Large Project        Construction                                                                        Large Project          Construction
                         Construction          Construction           Materials            Construction           Construction             Materials
------------------------------------ -------------------- -------------------- -------------------------------------- -------------------- -------------------------------------- -------------------- ------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                                                             
2016
Revenue                                                                           $ 359,741                                                   $ 246,077                                                   $ 60,863                                                   $ 1,365,198                                                   $ 888,193                                                     $ 261,226
Gross profit                                                                         61,696                                                      13,459                                                      6,095                                                       209,215                                                      64,137                                                        28,018
Gross profit as a percent of revenue                                                   17.2 %                                                       5.5 %                                                     10.0 %                                                        15.3 %                                                       7.2 %                                                        10.7 %
                                                                                                                                                                                                                                                                                                                                                                                             
2015
Revenue                                                                           $ 341,533                                                   $ 222,438                                                   $ 66,191                                                   $ 1,262,675                                                   $ 812,720                                                     $ 295,634
Gross profit                                                                         67,557                                                      25,798                                                      7,269                                                       187,506                                                      79,467                                                        32,863
Gross profit as a percent of revenue             19.8 %                11.6 %               11.0 %                  14.8 %                 9.8 %                  11.1 %
==================================== ==================== ==================== ================= ==================== ==================== ================= ==================== ==================== ================ ==================== ==================== =================== ==================== ==================== ================= ==================== ==================== ====================
 
 
                                                                                                               GRANITE CONSTRUCTION INCORPORATED
                                                                                                                  Contract Backlog by Segment
                                                                                                              (Unaudited - dollars in thousands)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Contract Backlog by Segment                             December 31, 2016                                                           December 31, 2015
--------------------------- -------------------- -------------------- ------------------------------------------------------------------------------------- -------------------- ------------------------------------------------------------------------------
                                                                                 
Construction                                                             $ 1,030,487                                           29.6 %                                               $   860,657                                                 29.6 %
Large Project Construction           2,453,918     70.4 %           2,047,781           70.4 %
--------------------------- -------------------- -------------------- ----------------------------------- -------------------- ---- -- -------------------- -------------------- ----------------------------------- -------------------- ---------- ---------
                                                                                                                                                                                                                                           
Total                              $ 3,484,405      100 %         $ 2,908,438            100 %
=========================== ==================== ==================== ==== ========= ==================== ==================== ==== == ==================== ==================== ==== ========= ==================== ==================== ========== =========
 
 
                                                                                                                                                         GRANITE CONSTRUCTION INCORPORATED
                                                                                                                                                                     EBITDA(1)
                                                                                                                                                        (Unaudited - dollars in thousands)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             Three Months Ended                                                                                      Years Ended
                                                                                             December 31,                                                                                        December 31,
------------------------------------------------------------ -------------------- -------------------- --------------------------------------------------------------------------------------------------        -------------------- -------------------- --------------------------------------------------------------------------------
                                                            2016                                2015                                2016                       2015
------------------------------------------------------------ -------------------- -------------------- ---------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- ----------------------------------------------------- -------------------- ------------
Net income attributable to Granite Construction Incorporated                                             $ 16,173                            $ 28,673                                                                  $  57,122                            $  60,485
      Depreciation, depletion and amortization expense(2)                                                  17,738                                                                    15,792                                                                     64,375                                                                     64,309
      Provision for income taxes                                                                           10,622                                                                    17,031                                                                     30,162                                                                     35,179
      Interest expense, net of interest income                        2,295            2,717             9,141            12,122
------------------------------------------------------------ -------------------- -------------------- ------------------------------- -------------------- -------------------- ------------------------------- -------------------- -------------------- -------------------------------- -------------------- -------------------- ------------
EBITDA                                                             $ 46,828         $ 64,213         $ 160,800         $ 172,095
------------------------------------------------------------ -------------------- -------------------- --- ------ -------------------- -------------------- -------------------- --- ------ -------------------- -------------------- -------------------- --- ------- -------------------- -------------------- -------------------- --- -------
   Consolidated EBITDA Margin(3)                                               7.0%                                10.2%                               6.4%                       7.3%
============================================================ ==================== ==================== ==================================================== ==================== ==================================================== ==================== ===================================================== ==================== ============
 
Note:
 
(1)We define EBITDA as GAAP net income (loss)
attributable to Granite Construction Incorporated, adjusted for
interest, taxes, depreciation, depletion and amortization. We
believe this non-GAAP financial measure and the associated margin
are useful in evaluating operating performance and are regularly
used by security analysts, institutional investors and other
interested parties in reviewing the Company. However, the reader is
cautioned that any non-GAAP financial measures provided by the
Company are provided in addition to, and not as alternatives for,
the Company’s reported results prepared in accordance with GAAP. The
methods used by the Company to calculate its non-GAAP financial
measures may differ significantly from methods used by other
companies to compute similar measures. As a result, any non-GAAP
financial measures provided by the Company may not be comparable to
similar measures provided by other companies.
 
(2)Amount includes the sum of depreciation, depletion
and amortization which are classified as Cost of Revenue and
Selling, General and Administrative expenses in the consolidated
statements of operations of Granite Construction Incorporated.
 
(3)Represents EBITDA divided by consolidated revenue.
Consolidated revenue was $666,681 and $2,514,617 for three and
twelve months ended December 31, 2016, respectively, and $630,162
and $2,371,029 for the three and twelve months ended December 31,
2015, respectively.
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170217005184r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170217005184/en/

SOURCE: Granite Construction Incorporated

Granite Construction Incorporated 
Ron Botoff, 831-728-7532


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2019 StockSelector.com. All rights reserved.