Granite Construction Reports Loss In Q2, Cuts Annual Revenue Guidance

(RTTNews) - Granite Construction Incorporated (GVA) Thursday reported a net loss of $17 million, or $0.39 per share for the second quarter, compared with net income of $19 million, or $0.39 per share, for the same period in the prior year. The company also cut its full-year revenue guidance.

Net loss in the quarter was primarily attributable to a $51 million non-cash charge related to the refinancing of the company's convertible bonds and a $12 million charge for litigation.

Excluding one-time items, the company reported earnings of $46 million, or $1.03 per share, up from $34 million, or $0.76 per share last year.

Revenue increased to $899 million from $849 million a year ago.

Analysts expected the company to report earnings of $0.99 per share on revenue of $924.09 million. Analysts estimates usually exclude special items.

For the full year, Granite Construction now expects revenue in the range of $3.35 billion - $3.45 billion compared with $3.4 billion - $3.6 billion provided earlier. The consensus estimate stands at $3.43 billion.