Dive Brief:
On its first earnings call with Wall Street analysts in 16 months yesterday, Granite Construction issued a mea culpa for accounting irregularities in its heavy civil group that led to an internal investigation as well as subpoenas from the Securities and Exchange Commission. But the firm reported that even as it continues to work to put the issues behind it, it sees opportunity ahead in increased federal and state spending coming out of the pandemic.
After issuing restated financials last week for 2017, 2018 and the first nine months of 2019, Granite reported third quarter year-to-date results for 2020 on Thursday, edging one step closer to getting its books back into compliance. Revenue of $2.6 billion for the nine months ending Sept. 30 was up 2.2% for the year. It ended the third quarter of 2020 with a backlog of $4.2 billion, which it said was modestly higher than second-quarter results, but 10% lower than the $4.7 billion it reported in 2019 s third quarter.
Granite Construction Inc (GVA) Q3 2020 Earnings Call Transcript
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Granite Reports Fiscal Year 2019 Results
February 19, 2021 GMT
WATSONVILLE, Calif. (BUSINESS WIRE) Feb 19, 2021
Granite Construction Incorporated (NYSE: GVA) today announced its 2019 financial results, reflecting a net loss of ($60.2) million (($1.29) per diluted share) compared to net income of $0.6 million ($0.01 per diluted share) in 2018. The results include after-tax, acquisition-related expenses for 2019 and 2018 of $33.0 million and $60.5 million, respectively. Revenue in 2019 increased $158.6 million, or 5.0%, to $3.4 billion primarily due to incremental revenue from 2018 acquisitions, while gross profit decreased $113.2 million to $221.7 million due to project write downs within the Heavy Civil Operating Group. Selling, general & administrative (“SG&A”) expenses in 2019 were $308.0 million, or 8.9% of revenue, compared to $272.8 million, or 8.3% of revenue, in 2018, reflect
Suffolk Construction
Suffolk Construction is one of the top industry players in Boston, where it’s headquartered, but it has also been steadily expanding its presence in New York, where Charlie Avolio has been leading the charge. Avolio, who previously worked at Turner, joined Suffolk Construction in 2016 as the company opened a new office in New York City and launched its bid to gain a share of the local market. He works closely with Will Whitesell, New York’s chief operating officer.
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President and CEO, Hunter Roberts Construction Group
A civil engineer by training, James C. McKenna founded Hunter Roberts Construction Group in 2005 and built it into what is now a top 10 construction firm in the New York area. The company, which also has offices in Philadelphia and New Jersey, is the construction manager on Barry Diller’s conversion of Pier 55 into “Little Island” park jutting out into the Hudson River. The company has also been a partner on an ar
Press release content from Accesswire. The AP news staff was not involved in its creation.
Construction Sector Coalition Urges Federal and Provincial Governments to Deliver on Infrastructure Investments
February 4, 2021 GMT
OTTAWA, ON / ACCESSWIRE / February 4, 2021 / A coalition of construction sector associations have allied to urge the federal and provincial governments to deliver on infrastructure investments. The newly formed Building for Recovery coalition .
OTTAWA, ON / ACCESSWIRE / February 4, 2021 / A coalition of construction sector associations have allied to urge the federal and provincial governments to deliver on infrastructure investments. The newly formed Building for Recovery coalition .
OTTAWA, ON / ACCESSWIRE / February 4, 2021 / A coalition of construction sector associations have allied to urge the federal and provincial governments to deliver on infrastructure investments. The newly formed Building for Recovery coalition includes Associated Equipment Distri
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