Granite Construction Q1 Loss Narrows, But Revenue Down; Backs Annual Revenue View

(RTTNews) - Granite Construction Incorporated (GVA) Tuesday reported a net loss of $23.02 million, or $0.53 per share for the first quarter, narrower than $26.73 million, or $0.58 per share loss, for the same period in the prior year, despite decrease in revenue.

Granite had a benefit from income taxes of $9.47 million in the latest quarter, compared with provision for income taxes of $6.35 million last year.

Excluding one-time items, loss was $18 million or $0.41 per share. Analysts on average polled by Thomson-Reuters were expecting an earnings of $0.02 per share for the quarter. Analysts' estimates exclude special items.

Revenue decreased to $560.7 million from $653.89 million last year. The consensus estimate was for $654.35 million.

The company said comparable revenue for the quarter decreased $58 million year over year primarily due to the wind down of certain projects in the Central Group and the inclement weather.

Looking forward, the company is maintaining its full-year revenue outlook at $3.4 billion-$3.6 billion range. Analysts see revenue of $3.48 billion for the year.