2017 Financial and Operational
Highlights
Fourth Quarter
- Revenues $801.3 million – up 20.2
percent year-over year
- Gross profit $100.7 million – up 23.9
percent year-over-year
- Diluted earnings per share $0.811 – up
103 percent year-over-year
Fiscal Year
- Revenues $2.99 billion – up 18.9
percent year-over year
- Gross profit $314.9 million – up 4.5
percent year-over-year
- SG&A expenses at 7.5 percent of
revenue – down 125 basis points year-over-year
- Diluted earnings per share $1.711 – up
20.5 percent year-over-year
- Backlog increased 6.7 percent
year-over-year to a year-end record $3.72 billion
Granite Construction Incorporated (NYSE:GVA) today reported net
income of $69.1 million for the year ended December 31, 2017
compared with net income of $57.1 million in the prior year.
Diluted earnings per share (EPS) for the year was $1.71 compared to
$1.42 per share in 2016.
Granite reported net income of $32.8 million for the quarter
ended December 31, 2017, compared with net income of $16.2
million in the fourth quarter of 2016. Diluted EPS in the quarter
was $0.81 compared to $0.40 per share in the prior-year period.
“Granite delivered outstanding revenue growth and improved
profitability in 2017, thanks to the continued focus of our
employees and teams on execution, quality and safety,” said James
H. Roberts, President and Chief Executive Officer of Granite
Construction Incorporated. "A mild start to winter across much of
the West allowed our teams to work efficiently to execute on last
quarter's all-time record backlog. With today's steady economic
trends and steady-to-improving funding environments, along with our
ongoing focus on operating efficiency, we expect to continue to
drive strong cash flow generation and help deliver significant
profit improvement in 2018 and beyond.
"The Construction segment in 2017 produced a third consecutive
year with gross profit margin in line with our mid-teens
expectations, and a strong year-end performance enabled our
Construction Materials segment to deliver solid quarterly and
annual profit and margin improvement. As we have seen for much of
the past couple years, the Large Project Construction segment was
the most challenging, but we expect significant improvement in the
back half of 2018,” Roberts continued.
Fiscal Year 2017 Results
Total Company
- Revenues for 2017 were $2.99 billion,
up 18.9 percent from 2016.
- Gross profit increased 4.5 percent
year-over-year to $314.9 million, driven by improved performance in
the Construction and Construction Materials segments.
- Gross profit margin was 10.5 percent
compared with 12.0 percent in 2016.
- Selling, general and administrative
expenses (SG&A) were $222.8 million, up 1.6 percent from $219.3
million last year. Reflecting our ongoing commitment to cost
management, the modest increase was attributable primarily to
personnel-related costs.
- Backlog ended at a year-end record
$3.72 billion, up 6.7 percent from $3.48 billion in 2016.
- 2017 net income was $69.1 million, up
21.0 percent from the prior year.
- 2017 EBITDA2 was $170.2 million, with
resulting EBITDA margin of 5.7 percent.
- Improved working capital and operating
cash flow trends helped strengthen the balance sheet, as we
finished the year with $366.5 million in cash and marketable
securities, as of December 31, 2017.
Construction
- Construction revenue in 2017 was $1.66
billion, up 21.9 percent from $1.37 billion in 2016, driven by
improved performance in certain Western markets, supported by
steady private, non-residential construction demand.
- Gross profit increased to $247.0
million in 2017, up 18.1 percent from the prior year, with
resulting gross profit margin in line with our mid-teens
expectations at 14.8 percent, down about 50 basis points
year-over-year.
- Construction backlog ended the year at
$897.0 million, down 13.0 percent year-over-year, as mild late-2017
weather allowed us to work later in the year. Bidding opportunities
and bookings also declined in the quarter, particularly in
California. Early in 2018, we have begun to see an increase in
lettings and related spending, as expected.
Large Project Construction
- Large Project Construction revenue
increased 16.2 percent to $1.03 billion from $888.2 million in
2016, as Granite teams advanced work on our diverse project
portfolio.
- Gross profit margin was 2.9 percent
compared with 7.2 percent in 2016, as performance continued to be
impacted by accelerated work on a number of challenging, mature
projects, as well as extended timeframes for dispute resolution
with owners and designers.
- Large project backlog totaled $2.8
billion, up 15.0 percent year-over-year, which includes the
contribution of project wins aligned with our strategy to balance
our portfolio with more Granite-controlled, lower-risk work over
the past couple years.
Construction Materials
- Construction Materials revenue
increased 12.1 percent to $292.8 million compared with $261.2
million last year, primarily attributable to increased demand
across geographies, as well as modest price increases.
- Gross profit margin in 2017 was 13.0
percent, compared with 10.7 percent in 2016, as overall
public-market demand improved. Profitability also was impacted
positively late in the year, as steady demand and mild late-2017
weather allowed us to work later and more efficiently than in
2016.
Fourth Quarter 2017 Results
Total Company
- Revenues increased 20.2 percent to
$801.3 million compared with $666.7 million in the fourth quarter
of 2016.
- Gross profit increased 23.9 percent
year-over-year to $100.7 million, driven primarily by the strong
performance of our vertically integrated business in the West, as
mild late-2017 weather allowed us to work later and more
efficiently than in 2016.
- Gross profit margin was 12.6 percent
compared with 12.2 percent in 2016.
- SG&A expenses decreased $0.3
million from 2016, to $59.1 million.
Construction
- Construction segment revenue increased
19.4 percent to $429.4 million, compared with $359.7 million in the
fourth quarter of 2016. Revenue growth was fueled by record segment
backlog entering the quarter, combined with mild late-2017 weather,
which allowed our teams to work later and more efficiently than the
prior year.
- Gross profit margin, at 15.2 percent,
remained very healthy and in line with our mid-teens expectations.
Customer and project mix late in the year included low-risk,
high-revenue work with below-trend margins.
Large Project Construction
- Large Project Construction segment
revenue increased 18.2 percent to $290.9 million, compared with
$246.1 million in the fourth quarter of 2016, based on execution on
our broad project portfolio.
- Gross profit margin was 7.0 percent, up
more than 150 basis points from 5.5 percent last year, as segment
performance continues to reflect the impact of accelerated work on
a number of challenging, mature projects, as well as extended
timeframes for dispute resolution with owners and designers.
Construction Materials
- Construction Materials revenue
increased 33.0 percent to $80.9 million, compared with $60.9
million in the fourth quarter of 2016. Revenue growth was driven by
the combination of strong market conditions aligned to mild
late-2017 weather in the West, which allowed our businesses to
operate efficiently to address steady demand late in the year.
- Gross profit margin for the quarter was
18.7 percent, compared with 10.0 percent in 2016. Operational
performance remains solid, as we target continued improvement in
pricing and production efficiency.
Definitive Agreement to Acquire Layne Christensen
On February 14, 2018, Granite announced an agreement
to acquire Layne Christensen Company (NASDAQ:LAYN) in a
$565-million stock merger, including the assumption of net debt.
"This complementary transaction is the next logical step in the
evolution of Granite’s strategy, and creates a platform for growth
that will deliver significant benefits for shareholders, employees,
and customers," said Roberts. "The addition of Layne, a leading
water management, construction and drilling company with the #1
position in well drilling and a #2 position in cured-in-place pipe
(CIPP) rehabilitation, significantly enhances Granite's presence in
the large, growing water infrastructure market."
The transaction is expected to close in the second quarter of
2018.
Outlook
"With voters and legislators making a concerted push for
generational commitments to infrastructure investment at the state,
regional, and local level, we are only now seeing the early
benefits of the long-term public infrastructure funding commitments
that were made last year,” Roberts continued.
"Granite teams are extremely well positioned to deliver steady
growth and significantly improved profitability in 2018 and beyond.
We continue to invest in opportunities for our people, leveraging
their immense talents to create and sustain value from both
year-end record backlog of $3.72 billion and significant, long-term
growth opportunities across geographies and end markets," Roberts
said.
The Company’s current expectations for 20183 are:
- High-single to low-double digit
consolidated revenue growth
- Consolidated EBITDA margin2 of 7.0% to
8.0%
(1) Net Income includes a $3.7 million provisional benefit, or
$0.09 per share, from the revaluation of deferred tax assets and
liabilities required by the recently passed H.R. 1, commonly
referred to as the Tax Cuts and Jobs Act.
(2) Please refer to a description and reconciliation in the
attached EBITDA Reconciliation table.
(3) Granite only. Does not include or reflect potential impact
from the acquisition announced February 14, 2018.
Conference Call
Granite will conduct a conference call today, Friday,
February 16, 2018, at 8 a.m. Pacific Time/11 a.m. Eastern Time
to discuss the results of the quarter ended December 31, 2017.
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 23,
2018, by calling 1-877-344-7529, replay access code 10116934;
international callers may dial 1-412-317-0088.
About Granite
Through its offices and subsidiaries nationwide, Granite
Construction Incorporated (NYSE: 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 nine
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
All statements included or incorporated by reference in this
communication, other than statements or characterizations of
historical fact, are forward-looking statements within the meaning
of the federal securities laws, including Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on Granite’s current expectations, estimates
and projections about its business and industry, management’s
beliefs, and certain assumptions made by Granite and Layne, all of
which are subject to change. Forward-looking statements can often
be identified by words such as “anticipates,” “expects,” “intends,”
“plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,”
“will,” “should,” “would,” “could,” “potential,” “continue,”
“ongoing,” similar expressions, and variations or negatives of
these words. Examples of such forward-looking statements include,
but are not limited to: (1) references to the anticipated benefits
of the proposed transaction; (2) the expected future capabilities
and served markets of the individual and/or combined companies; (3)
projections of financial results, whether by specific market
segment, or as a whole, and whether for each individual company or
the combined company; (4) market expansion opportunities and
segments that may benefit from sales growth as a result of changes
in market share or existing markets; (5) the financing components
of the proposed transaction; (6) potential credit scenarios,
together with sources and uses of cash; and (7) the expected date
of closing of the transaction.
These forward-looking statements are not guarantees of future
results and are subject to risks, uncertainties and assumptions
that could cause actual results to differ materially and adversely
from those expressed in any forward-looking statement. Important
risk factors that may cause such a difference in connection with
the proposed transaction include, but are not limited to, the
following factors: (1) the risk that the conditions to the closing
of the transaction are not satisfied, including the risk that
required approvals for the transaction from governmental
authorities or the stockholders of Layne are not obtained; (2)
litigation relating to the transaction; (3) uncertainties as to the
timing of the consummation of the transaction and the ability of
each party to consummate the transaction; (4) risks that the
proposed transaction disrupts the current plans and operations of
Granite or Layne; (5) the ability of Granite or Layne to retain and
hire key personnel; (6) competitive responses to the proposed
transaction and the impact of competitive products; (7) unexpected
costs, charges or expenses resulting from the transaction; (8)
potential adverse reactions or changes to business relationships
resulting from the announcement or completion of the transaction;
(9) the combined companies’ ability to achieve the growth prospects
and synergies expected from the transaction, as well as delays,
challenges and expenses associated with integrating the combined
companies’ existing businesses; (10) the terms and availability of
the indebtedness planned to be incurred in connection with the
transaction; and (11) legislative, regulatory and economic
developments, including changing business conditions in the
construction industry and overall economy as well as the financial
performance and expectations of Granite and Layne’s existing and
prospective customers. These risks, as well as other risks
associated with the proposed transaction, will be more fully
discussed in the proxy statement/prospectus that will be included
in the Registration Statement on Form S-4 that Granite will file
with the Securities and Exchange Commission (“SEC”) in connection
with the proposed transaction. Investors and potential investors
are urged not to place undue reliance on forward-looking statements
in this document, which speak only as of this date. Neither Granite
nor Layne undertakes any obligation to revise or update publicly
any forward-looking statement to reflect future events or
circumstances. Nothing contained herein constitutes or will be
deemed to constitute a forecast, projection or estimate of the
future financial performance of Granite, Layne, or the combined
company, following the implementation of the proposed transaction
or otherwise.
In addition, actual results are subject to other risks and
uncertainties that relate more broadly to Granite’s overall
business, including those more fully described in Granite’s filings
with the SEC including its annual report on Form 10-K for the
fiscal year ended December 31, 2016, and Layne’s overall business
and financial condition, including those more fully described in
Layne’s filings with the SEC including its annual report on Form
10-K for the fiscal year ended January 31, 2017.
No Offer or Solicitation
This document does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Additional Information and Where to Find It
In connection with the proposed transaction, Granite will file a
registration statement on Form S-4, which will include a
preliminary prospectus of Granite and a preliminary proxy statement
of Layne (the “proxy statement/prospectus”), and each party will
file other documents regarding the proposed transaction with the
SEC. The registration statement has not yet become effective and
the proxy statement/prospectus included therein is in preliminary
form. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. A definitive proxy statement/prospectus will be sent
to Layne’s stockholders.
You may obtain copies of all documents filed with the SEC
regarding this transaction, free of charge, at the SEC’s website
(www.sec.gov). In addition, investors and stockholders will be able
to obtain free copies of the proxy statement/prospectus and other
documents filed with the SEC by Granite on Granite’s Investor
Relations website (investor.Granite.com) or by writing to Granite,
Investor Relations, 585 West Beach Street, Watsonville, CA 95076
(for documents filed with the SEC by Granite), or by Layne on
Layne’s Investor Relations website (investor.laynechristensen.com)
or by writing to Layne Company, Investor Relations, 1800 Hughes
Landing Boulevard, Suite 800, The Woodlands, TX 77380 (for
documents filed with the SEC by Layne).
Participants in the Solicitation
Granite, Layne, and certain of their respective directors,
executive officers, other members of management and employees and
agents retained, may, under SEC rules, be deemed to be participants
in the solicitation of proxies from Layne stockholders in
connection with the proposed transaction. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of Layne stockholders in connection with the proposed
transaction will be set forth in the proxy statement/prospectus
when it is filed with the SEC. You can find more detailed
information about Granite’s executive officers and directors in its
definitive proxy statement filed with the SEC on April 25, 2017.
You can find more detailed information about Layne’s executive
officers and directors in its definitive proxy statement filed with
the SEC on April 28, 2017. Additional information about Granite’s
executive officers and directors and Layne’s executive officers and
directors will be provided in the above-referenced Registration
Statement on Form S-4 when it becomes available.
GRANITE CONSTRUCTION INCORPORATED CONSOLIDATED
BALANCE SHEETS (Unaudited - in thousands, except share and
per share data)
December 31, December 31,
2017 2016
ASSETS
Current assets Cash and cash equivalents $ 233,711 $ 189,326
Short-term marketable securities 67,775 64,884 Receivables, net
479,791 419,345 Costs and estimated earnings in excess of billings
103,965 73,102 Inventories 62,497 55,245 Equity in construction
joint ventures 247,826 247,182 Other current assets
36,513 39,908 Total current assets 1,232,078
1,088,992 Property and equipment, net 407,418 406,650 Long-term
marketable securities 65,015 62,895 Investments in affiliates
38,469 35,668 Goodwill 53,799 53,799 Other noncurrent assets
75,199 85,449 Total assets $
1,871,978 $ 1,733,453
LIABILITIES AND EQUITY
Current liabilities Current maturities of long-term debt $ 46,048 $
14,796 Accounts payable 237,673 199,029 Billings in excess of costs
and estimated earnings 135,146 97,522 Accrued expenses and other
current liabilities 236,407 218,587
Total current liabilities 655,274 529,934 Long-term debt
178,453 229,498 Deferred income taxes 1,361 5,441 Other long-term
liabilities 44,085 45,989 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 and
outstanding 39,871,314 shares as of December 31, 2017 and
39,621,140 shares as of December 31, 2016 399 396 Additional
paid-in capital 160,376 150,337 Accumulated other comprehensive
income (loss) 634 (371 ) Retained earnings 783,699
735,626 Total Granite Construction
Incorporated shareholders’ equity 945,108
885,988 Non-controlling interests
47,697 36,603 Total equity
992,805 922,591 Total liabilities and equity
$ 1,871,978 $ 1,733,453
GRANITE
CONSTRUCTION INCORPORATED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited - in thousands, except per share
data)
Three Months EndedDecember
31,
Years Ended December 31,
2017 2016 2017
2016 Revenue Construction $ 429,444 $
359,741 $ 1,664,708 $ 1,365,198 Large Project Construction 290,888
246,077 1,032,229 888,193 Construction Materials
80,942 60,863 292,776
261,226 Total revenue
801,274 666,681 2,989,713
2,514,617 Cost of revenue Construction
364,231 298,045 1,417,694 1,155,983 Large Project Construction
270,530 232,618 1,002,436 824,056 Construction Materials
65,806 54,768
254,650 233,208 Total cost of revenue
700,567 585,431
2,674,780 2,213,247 Gross profit
100,707 81,250 314,933 301,370 SG&A expenses 59,068 59,342
222,811 219,299
Restructuring gains
(1,394 ) (1,000 ) (2,411 ) (1,925 ) Gain on sales of property and
equipment (1,352 ) (5,994 )
(4,182 ) (8,358 ) Operating income
44,385 28,902
98,715 92,354 Other (income) expense
Interest income (1,386 ) (801 ) (4,742 ) (3,225 ) Interest expense
2,703 3,096 10,800 12,366 Equity in income of affiliates (2,200 )
(2,594 ) (7,107 ) (7,177 ) Other income, net (1,878 )
(685 ) (4,699 ) (5,972 )
Total other income (2,761 ) (984 )
(5,748 ) (4,008 ) Income before
provision for income taxes 47,146 29,886 104,463 96,362 Provision
for income taxes 11,821 10,622
28,662 30,162 Net
income 35,325 19,264 75,801 66,200 Amount attributable to
non-controlling interests (2,552 )
(3,091 ) (6,703 ) (9,078 ) Net income
attributable to Granite Construction Incorporated $ 32,773
$ 16,173 $ 69,098 $
57,122 Net income per share attributable to common
shareholders: Basic $ 0.82 $ 0.41 $ 1.74 $ 1.44 Diluted $ 0.81 $
0.40 $ 1.71 $ 1.42 Weighted average shares of common stock: Basic
39,857 39,610 39,795 39,557 Diluted 40,387 40,306 40,372 40,225
GRANITE CONSTRUCTION INCORPORATED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited - in thousands)
Years Ended December 31, 2017
2016 Operating activities Net income $ 75,801 $
66,200 Adjustments to reconcile net income to net cash provided by
operating activities: Non-cash restructuring gains (939 ) (1,000 )
Depreciation, depletion and amortization 66,345 64,375 Gain on
sales of property and equipment (4,182 ) (8,358 ) Change in
deferred income taxes (4,824 ) 9,842 Stock-based compensation
15,764 13,383 Equity in net loss (income) from unconsolidated
construction joint ventures 14,634 (15,614 ) Net income from
affiliates (7,107 ) (7,177 ) Changes in assets and liabilities:
(9,297 ) (48,505 ) Net cash provided by operating
activities 146,195 73,146 Investing
activities Purchases of marketable securities (124,543 ) (129,685 )
Maturities of marketable securities 120,000 50,000 Proceeds from
called marketable securities — 55,000 Purchases of property and
equipment (67,695 ) (90,970 ) Proceeds from sales of property and
equipment 10,202 12,946 Collection of notes receivable 1,052 4,331
Other investing activities, net 1,798 1,988
Net cash used in investing activities (59,186 )
(96,390 ) Financing activities Proceeds from long-term debt
25,000 30,000 Debt principal payments (45,000 ) (45,025 ) Cash
dividends paid (20,687 ) (20,563 ) Purchases of common stock (6,977
) (5,227 ) Contributions from non-controlling partners 11,500 5,250
Distributions to non-controlling partners (7,109 ) (5,258 ) Other
financing activities 649 557 Net cash
used in financing activities (42,624 ) (40,266 )
Increase (decrease) in cash and cash equivalents 44,385 (63,510 )
Cash and cash equivalents at beginning of year 189,326
252,836 Cash and cash equivalents at end of
year $ 233,711 $ 189,326
GRANITE CONSTRUCTION INCORPORATED Business Segment
Information (Unaudited - dollars in thousands)
Three Months Ended December 31,
Years Ended December 31,
Construction
Large
ProjectConstruction
ConstructionMaterials
Construction
Large
ProjectConstruction
ConstructionMaterials
2017 Revenue $ 429,444 $ 290,888 $
80,942 $ 1,664,708 $ 1,032,229 $ 292,776 Gross profit 65,213 20,358
15,136 247,014 29,793 38,126 Gross profit as a percent of revenue
15.2 % 7.0 % 18.7 % 14.8 % 2.9 % 13.0 % 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 %
GRANITE CONSTRUCTION
INCORPORATED Contract Backlog by Segment (Unaudited -
dollars in thousands)
December 31, 2017 December 31, 2016
Construction $ 896,955
24.1 % $ 1,030,487 29.6 % Large Project Construction
2,821,202 75.9 % 2,453,918 70.4
% Total $ 3,718,157 100.0 % $
3,484,405 100.0 %
GRANITE CONSTRUCTION
INCORPORATED EBITDA(1) (Unaudited - dollars in
thousands)
Three Months EndedDecember
31,
Years EndedDecember 31,
2017 2016 2017
2016 Net income attributable to Granite Construction
Incorporated $ 32,773 $ 16,173 $ 69,098 $ 57,122
Depreciation, depletion and amortization expense(2) 17,823 17,738
66,345 64,375 Provision for income taxes 11,821 10,622 28,662
30,162 Interest expense, net of interest income 1,317
2,295 6,058 9,141 EBITDA $ 63,734
$ 46,828 $ 170,163 $ 160,800
Consolidated EBITDA Margin(3) 8.0% 7.0% 5.7% 6.4%
Note: (1)We define EBITDA as GAAP net income
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
$801,274 and $2,989,713 for three and twelve months ended December
31, 2017, respectively, and $666,681 and $2,514,617 for three and
twelve months ended December 31, 2016, respectively,
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180216005172/en/
Granite Construction IncorporatedMediaJacque Fourchy,
831-761-4741orInvestorsRon Botoff, 831-728-7532
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