Granite Construction Inc Earnings: Everything You Must Know Now
Granite Construction Incorporated (NYSE:GVA) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Granite Construction Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.57 in the quarter versus EPS of $-0.31 in the year-earlier quarter.
Revenue: Rose 22.1% to $378.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Granite Construction Incorporated reported adjusted EPS loss of $0.57 per share. By that measure, the company missed the mean analyst estimate of $-0.21. It beat the average revenue estimate of $353.93 million.
Quoting Management: “As expected, we had strong backlog growth in the quarter driven by significant large project awards,” said James H. Roberts, Granite president and chief executive officer. “We remain very encouraged by the quality of our backlog and the opportunities to grow the company in 2013 and beyond. We are slated to bid approximately $13 billion of Large Project work over the next 12 months, of which Granite’s share would be approximately $6 billion.
“Our integration of Kenny is progressing well, meeting our expectations, and reinforcing the continued execution of our strategic plan. We are working successfully to expand our presence into targeted end-markets such as power delivery, water and wastewater infrastructure and tunneling, all of which have attractive long-term fundamentals.”
Key Stats (on next page)…
Revenue decreased 24.98% from $504.78 million in the previous quarter. EPS decreased to $-0.57 in the quarter versus EPS of $0.46 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.47 to a profit $0.45. For the current year, the average estimate has moved down from a profit of $1.97 to a profit of $1.72 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)