Operator
Good day. My name is Ailee [Phonetic] and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Granite Construction Investor Relations First Quarter 2021 Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Granite Construction Incorporated, Vice President of Investor Relations, Mike Barker. Sir, the floor is yours.
Mike Barker
Vice President of Investor Relations
Good morning and thank you for joining us. I m pleased to be here today with Granite President, Kyle Larkin; and Executive Vice President and Chief Financial Officer, Lisa Curtis. Please note that today s earnings presentation will be available on the Events and Presentations page of Granites Investor Relations website. We begin today with an overview of the company s Safe Harbor language. Some of the discussion today may include forward-looking statements within the meaning of the Private Securities Litigation Refor
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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