Granite Construction ( (GVA) ) has released its Q4 earnings. Here is a breakdown of the information Granite Construction presented to its investors.
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Granite Construction Incorporated, a leading diversified civil contractor and construction materials producer in the United States, has reported its financial results for the fourth quarter and fiscal year 2024, highlighting record-breaking achievements in revenue and profitability metrics.
Granite Construction witnessed significant increases in both quarterly and annual revenues, with Q4 2024 revenue rising by 5% to $977 million and fiscal year revenue up by 14% to $4 billion. The company also reported notable improvements in net income and adjusted earnings per share, with Q4 diluted EPS reaching $0.84 and adjusted diluted EPS at $1.23. For the fiscal year, diluted EPS was $2.62, and adjusted diluted EPS stood at $4.82. The company achieved a record operating cash flow of $456 million, marking an 11.4% yield on its revenue.
Key performance indicators showed robust growth across segments. The Construction segment’s revenue increased by 14% to $3.4 billion, with gross profit witnessing a remarkable 51% rise. The Materials segment also performed well, with revenues up by 14.6% to $592 million. Despite a slight dip in committed and awarded projects, Granite expressed confidence in the strength of its project pipeline, driven by high public funding levels and strong private investment, which are expected to continue providing substantial opportunities in the future.
Looking ahead, Granite Construction anticipates continued growth, setting a revenue target of $4.2 billion to $4.4 billion for 2025. The company aims to maintain SG&A expenses at approximately 9% of revenue and projects an adjusted EBITDA margin of 11% to 12%. With a strong cash position and strategic investment plans, Granite is well-positioned to capitalize on merger and acquisition opportunities, further strengthening its market position in the coming years.
