Granite Construction Q4 Adj. Profit Declines

(RTTNews) - Granite Construction Incorporated (GVA) reported fourth quarter adjusted net income of $1.9 million, or $0.05 per share compared to $19.5 million, or $0.42 per share, last year. The company posted a net loss of $13.2 million, or $0.28 per share compared to net income of $8.0 million, or $0.17 per share, a year ago.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.36, for the quarter. Analysts' estimates typically exclude special items.

Revenue from continuing operations decreased 17.7% to $683.2 million from $830.4 million, last year. Analysts on average had estimated $960.7 million in revenue.

"Our fourth quarter of 2021 was challenged as we worked through our Old Risk Portfolio and inclement weather when compared to the prior year, particularly in the West," said Kyle Larkin, Granite CEO.

For 2022, the company expects: low single digit growth in revenue from continuing operations; and an adjusted EBITDA margin from continuing operations in the range of 6% to 8%.