Thu, Oct 31, 9:16 PM (63 days ago)
Granite Construction Incorporated (GVA) reported significant financial improvements for the third quarter ending September 30, 2024, with total revenue reaching $1,275,510, a 14.3% increase from $1,116,820 in Q3 2023. The company's gross profit also rose to $202,949, reflecting a gross margin of 15.9%, up from 14.9% year-over-year. This performance was driven by increased construction revenue, particularly from public projects, and contributions from recent acquisitions, including Dickerson & Bowen, Inc. Net income attributable to Granite soared to $78,951 compared to $57,624 in the prior year, reflecting a robust operating income of $104,298. Cash flow from operations was notably strong at $283,549, a substantial increase from $34,198 in the same period last year, bolstered by improved working capital management. The company maintains a strong liquidity position, with $462,286 in cash and cash equivalents as of September 30, 2024, and an unused credit facility of $333.5 million. However, uncertainties remain regarding future cash flow due to potential delays in payments from clients like Brightline. Overall, the company is well-positioned for future growth, supported by a favorable funding environment and a committed project backlog of $5.6 billion.