Granite Construction Incorporated (NYSE:GVA) today reported net income
of $25.3 million for the year ended December 31, 2014, compared with a
net loss of $36.4 million in the prior year. Diluted earnings per share
(EPS) for the year was $0.64 compared to a loss of $0.94 per share in
2013.
Granite reported net income of $17.0 million for the quarter ended
December 31, 2014, compared with a net loss of $28.9 million in the
fourth quarter of 2013. Diluted EPS in the quarter was $0.43 compared to
a loss of $0.74 per share in the prior-year period.
Fourth quarter and full-year 2013 results include the impact of total
restructuring and impairment charges of $52.1 million1.
Excluding the impact of these charges, Granite’s diluted EPS was $0.02
and a loss of $0.17 per share, for the fourth quarter and year ended
December 31, 2013, respectively.
“2014 was a year of accomplishment and improvement, highlighted by
record safety performance and earnings growth, as well as further
implementation of our Continuous Improvement efforts,” said James H.
Roberts, President and Chief Executive Officer of Granite Construction
Incorporated.
“I am encouraged that we are building the company into a more efficient
business, well poised to take advantage of opportunities across the
company and across North America, and aligned to broader execution of
our strategic plan,” Roberts continued.
Fiscal Year 2014 Results
Total Company
-
Revenues for 2014 were approximately $2.3 billion, up about 0.4
percent from 2013.
-
Gross profit increased 35.1 percent year-over-year to $250.3 million,
driven by improved profitability across all three business segments,
particularly the Large Project Construction segment.
-
Gross profit margin was 11.0 percent compared with 8.2 percent in 2013.
-
Selling, general and administrative (SG&A) expenses were $203.8
million, compared with $200.0 million last year. The increase is
attributable primarily to increased selling costs as well as
investments in Continuous Improvement activities. SG&A expenses as a
percentage of revenue were 9.0 percent, up slightly from 8.8 percent
in 2013.
-
Total contract backlog at December 31, 2014, was $2.7 billion compared
with $2.5 billion a year ago. The increase in contract backlog in 2014
reflects the addition of the I-4 Ultimate project in Florida, but does
not include the Pennsylvania Rapid Bridge Replacement Project, which
is expected to add about $360 million to backlog in the first quarter.
-
Balance sheet remains strong with $358.0 million in cash and
marketable securities.
Construction
-
Construction revenues in 2014 were approximately $1.2 billion, down
5.2 percent from nearly $1.3 billion in 2013, driven primarily by
weaker-than-anticipated results in certain Western markets and delayed
awards in private sector work.
-
Gross profit margin was 10.0 percent compared with 8.5 percent a year
ago. Improved performance and diversification drove the year-over-year
growth.
Large Project Construction
-
Large Project Construction revenue increased 6.1 percent to $825.0
million from $777.8 million in 2013, driven primarily by tunnel and
power projects.
-
Gross profit margin was 13.6 percent compared with 9.2 percent in 2013
primarily reflecting timing of overall project portfolio progression,
dispute resolution, and improved execution. Despite some progress
during the fourth quarter and during 2014, segment gross profit
continues to be impacted by unresolved disputes.
Construction Materials
-
Construction Materials revenue increased to $263.8 million compared
with $237.9 million last year. Improved volumes and pricing in all
products drove the 10.9 percent increase.
-
Gross profit margin in 2014 was 7.2 percent, compared with 3.0 percent
in 2013. Profit growth was driven by efficiency improvements and
improved pricing.
Fourth Quarter 2014 Results
Total Company
-
Revenue decreased 1.4 percent to $589.8 million compared with $598.1
million in the fourth quarter of 2013.
-
Gross profit increased 60.4 percent year-over-year to $79.8 million,
driven by improved profitability across business segments,
particularly in the Construction segment.
-
Gross profit margin was 13.5 percent compared with 8.3 percent in 2013.
-
Selling, general and administrative expenses increased $5.6 million
from 2013, to $56.1 million.
Construction
-
Construction segment revenue increased 6.2 percent to $313.1 million,
compared with $294.9 million in the fourth quarter of 2013. The
increase was driven by improved performance in certain Western
markets, which more than offset a late-year weather impact in
California.
-
Gross profit margin increased more than 500 basis points
year-over-year to 11.5 percent, driven by improved performance and
diversification in Western markets.
Large Project Construction
-
Large Project Construction segment revenue decreased 10.3 percent to
$213.9 million, compared with $238.5 million in the fourth quarter of
2013, due primarily to job progression. Delays in project awards and
weather also impacted several projects during the quarter.
-
Gross profit margin was 18.9 percent, an improvement of more than 650
basis points from 2013. The improvement was driven by project
portfolio progression, dispute resolution, and improved execution.
Construction Materials
-
Construction Materials revenue decreased 2.9 percent to $62.8 million,
compared with $64.6 million in the fourth quarter of 2013. The revenue
decrease was due to wet weather conditions in the West in the final
six weeks of the year.
-
Gross profit margin for the quarter was 5.4 percent, compared with 2.6
percent in 2013. Increased gross profit performance continues to be
driven by improved pricing and operational efficiencies.
Outlook and Guidance
“We are actively engaged in providing support and direction to our new
Congress to move forward with substantive, long-term funding solutions
for our country’s infrastructure investment needs,” Roberts continued.
“However, while a new Highway Bill could provide significant
opportunities in the back half of 2015 and beyond, we will continue to
grow the top and bottom line without the reliance on Congress.
Granite is positioned well to execute on our more than $2.7 billion of
backlog, with several additional awards pending for the first quarter.
In 2014, our margins improved in all segments of our business. We expect
to grow revenue steadily in the current environment, and we are
confident that additional margin improvement in 2015 will be aligned to
continued efficiency gains,” Roberts said.
|
|
|
|
(1)
|
|
On an adjusted basis. The Company completed the majority of its 2010
Enterprise Improvement Plan in the fourth quarter of 2013, which
resulted in $52.1 million (before taxes and non-controlling
interest) of restructuring and impairment charges related to assets
in the Real Estate and Construction Materials segments. Please refer
to the description and non-GAAP reconciliation of these charges in
the attached table. For additional information, please refer to,
Note 11 of “Notes to the Consolidated Financial Statements” and
“Restructuring and Impairment Charges (Gains), Net” under “Item 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Granite Construction Incorporated 2014
10-K, which is filed with the Securities and Exchange Commission.
|
Conference Call
Granite will conduct a conference call today, Friday, February 27, 2015,
at 8 a.m. Pacific Time/11 a.m. Eastern Time to discuss the results of
the quarter ended December 30, 2014. Access to a live audio webcast is
available on its Investor Relations website, http://investor.graniteconstruction.com/.
An archive of the webcast will be available on the website approximately
one hour after the call. The live call also may be accessed by calling
1-866-807-9684; international callers may dial 1-412-317-5415. A replay
will be available after the live call through March 6, 2015 by calling
1-877-344-7529, replay access code 10060636; international callers may
dial 1-412-317-0088.
About Granite
Through its offices and subsidiaries nationwide, Granite Construction
Incorporated (NYSE:GVA) is one of the nation’s leading infrastructure
contractors and construction materials producers. Recognized as one of
the top 25 largest construction companies in the U.S., Granite
specializes in complex infrastructure projects, including
transportation, industrial and federal contracting, and is a proven
leader in alternative procurement project delivery. Granite is an
award-winning firm in safety, quality and environmental stewardship, and
has been honored as one of the World’s Most Ethical Companies by
Ethisphere Institute for five years in a row. For more information,
visit www.graniteconstruction.com.
Granite is listed on the New York Stock Exchange and is part of the S&P
MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000
Index. For more information, please visit our investor relations website
at investor.graniteconstruction.com.
Forward-looking Statements
Any statements contained in this news release that are not based on
historical facts, including statements regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results, constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are identified by words such as “future,” “outlook,”
“assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,”
“plans,” “appears,” “may,” “will,” “should,” “could,” “would,”
“continue,” and the negatives thereof or other comparable terminology or
by the context in which they are made. These forward-looking statements
are estimates reflecting the best judgment of senior management and
reflect our current expectations regarding future events, occurrences,
circumstances, activities, performance, outcomes and results. These
expectations may or may not be realized. Some of these expectations may
be based on beliefs, assumptions or estimates that may prove to be
incorrect. In addition, our business and operations involve numerous
risks and uncertainties, many of which are beyond our control, which
could result in our expectations not being realized or otherwise
materially affect our business, financial condition, results of
operations, cash flows and liquidity. Such risks and uncertainties
include, but are not limited to, those described in greater detail in
our filings with the Securities and Exchange Commission, particularly
those specifically described in our Annual Report on Form 10-K and
quarterly reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our
forward-looking statements, the reader is cautioned not to place undue
reliance on them. The reader is also cautioned that the forward-looking
statements contained herein speak only as of the date of this news
release and, except as required by law; we undertake no obligation to
revise or update any forward-looking statements for any reason.
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited - in thousands, except share and per share data)
|
|
|
|
|
|
|
|
December 31,
|
|
2014
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
255,961
|
|
$
|
229,121
|
|
Short-term marketable securities
|
|
|
25,504
|
|
|
49,968
|
|
Receivables, net
|
|
|
310,934
|
|
|
313,598
|
|
Costs and estimated earnings in excess of billings
|
|
|
36,411
|
|
|
33,306
|
|
Inventories
|
|
|
68,920
|
|
|
62,474
|
|
Real estate held for development and sale
|
|
|
11,609
|
|
|
12,478
|
|
Deferred income taxes
|
|
|
53,231
|
|
|
55,874
|
|
Equity in construction joint ventures
|
|
|
184,575
|
|
|
162,673
|
|
Other current assets
|
|
|
23,033
|
|
|
30,711
|
|
Total current assets
|
|
|
970,178
|
|
|
950,203
|
|
Property and equipment, net
|
|
|
409,653
|
|
|
436,859
|
|
Long-term marketable securities
|
|
|
76,563
|
|
|
67,234
|
|
Investments in affiliates
|
|
|
32,361
|
|
|
32,480
|
|
Goodwill
|
|
|
53,799
|
|
|
53,799
|
|
Other noncurrent assets
|
|
|
77,940
|
|
|
76,580
|
|
Total assets
|
|
$
|
1,620,494
|
|
$
|
1,617,155
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
21
|
|
$
|
21
|
|
Current maturities of non-recourse debt
|
|
|
1,226
|
|
|
1,226
|
|
Accounts payable
|
|
|
151,935
|
|
|
160,706
|
|
Billings in excess of costs and estimated earnings
|
|
|
108,992
|
|
|
138,375
|
|
Accrued expenses and other current liabilities
|
|
|
200,652
|
|
|
197,242
|
|
Total current liabilities
|
|
|
462,826
|
|
|
497,570
|
|
Long-term debt
|
|
|
270,105
|
|
|
270,127
|
|
Long-term non-recourse debt
|
|
|
5,516
|
|
|
6,741
|
|
Other long-term liabilities
|
|
|
44,495
|
|
|
48,580
|
|
Deferred income taxes
|
|
|
20,446
|
|
|
7,793
|
|
Equity
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none
outstanding
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01 par value, authorized 150,000,000 shares; issued
and outstanding 39,186,386 shares as of December 31, 2014 and
38,917,728 shares as of December 31, 2013
|
|
|
392
|
|
|
389
|
|
Additional paid-in capital
|
|
|
134,177
|
|
|
126,449
|
|
Retained earnings
|
|
|
659,816
|
|
|
655,102
|
|
Total Granite Construction Incorporated shareholders’ equity
|
|
|
794,385
|
|
|
781,940
|
|
Non-controlling interests
|
|
|
22,721
|
|
|
4,404
|
|
Total equity
|
|
|
817,106
|
|
|
786,344
|
|
Total liabilities and equity
|
|
$
|
1,620,494
|
|
$
|
1,617,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited - in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Years Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
$
|
313,089
|
|
|
$
|
294,910
|
|
|
|
|
$
|
1,186,445
|
|
|
$
|
1,251,197
|
|
|
Large project construction
|
|
|
213,934
|
|
|
|
238,544
|
|
|
|
|
|
825,044
|
|
|
|
777,811
|
|
|
Construction materials
|
|
|
62,766
|
|
|
|
64,645
|
|
|
|
|
|
263,781
|
|
|
|
237,893
|
|
|
Total revenue
|
|
|
589,789
|
|
|
|
598,099
|
|
|
|
|
|
2,275,270
|
|
|
|
2,266,901
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
277,027
|
|
|
|
276,523
|
|
|
|
|
|
1,067,611
|
|
|
|
1,144,823
|
|
|
Large project construction
|
|
|
173,597
|
|
|
|
208,865
|
|
|
|
|
|
712,443
|
|
|
|
706,003
|
|
|
Construction materials
|
|
|
59,374
|
|
|
|
62,960
|
|
|
|
|
|
244,910
|
|
|
|
230,812
|
|
|
Total cost of revenue
|
|
|
509,998
|
|
|
|
548,348
|
|
|
|
|
|
2,024,964
|
|
|
|
2,081,638
|
|
|
Gross profit
|
|
|
79,791
|
|
|
|
49,751
|
|
|
|
|
|
250,306
|
|
|
|
185,263
|
|
|
Selling, general and administrative expenses
|
|
$
|
56,090
|
|
|
|
50,447
|
|
|
|
|
|
203,821
|
|
|
|
199,946
|
|
|
Restructuring and impairment (gains) charges, net
|
|
|
(2,643
|
)
|
|
|
52,162
|
|
|
|
|
|
(2,643
|
)
|
|
|
52,139
|
|
|
Gain on sales of property and equipment
|
|
|
(9,081
|
)
|
|
|
(4,477
|
)
|
|
|
|
|
(15,972
|
)
|
|
|
(12,130
|
)
|
|
Operating income (loss)
|
|
|
35,425
|
|
|
|
(48,381
|
)
|
|
|
|
|
65,100
|
|
|
|
(54,692
|
)
|
|
Other expense (income)
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(529
|
)
|
|
|
(675
|
)
|
|
|
|
|
(1,872
|
)
|
|
|
(1,785
|
)
|
|
Interest expense
|
|
|
3,733
|
|
|
|
3,306
|
|
|
|
|
|
14,159
|
|
|
|
14,386
|
|
|
Equity in loss (income) of affiliates
|
|
|
1,409
|
|
|
|
(1,031
|
)
|
|
|
|
|
(901
|
)
|
|
|
(1,304
|
)
|
|
Other income, net
|
|
|
(1,433
|
)
|
|
|
(330
|
)
|
|
|
|
|
(1,883
|
)
|
|
|
(1,960
|
)
|
|
Total other expense
|
|
|
3,180
|
|
|
|
1,270
|
|
|
|
|
|
9,503
|
|
|
|
9,337
|
|
|
Income (loss) before provision for (benefit from) income taxes
|
|
|
32,245
|
|
|
|
(49,651
|
)
|
|
|
|
|
55,597
|
|
|
|
(64,029
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
11,420
|
|
|
|
(16,396
|
)
|
|
|
|
|
19,721
|
|
|
|
(19,263
|
)
|
|
Net income (loss)
|
|
|
20,825
|
|
|
|
(33,255
|
)
|
|
|
|
|
35,876
|
|
|
|
(44,766
|
)
|
|
Amount attributable to non-controlling interests
|
|
|
(3,849
|
)
|
|
|
4,357
|
|
|
|
|
|
(10,530
|
)
|
|
|
8,343
|
|
|
Net income (loss) attributable to Granite Construction Incorporated
|
|
$
|
16,976
|
|
|
$
|
(28,898
|
)
|
|
|
|
$
|
25,346
|
|
|
$
|
(36,423
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic(1)
|
|
$
|
0.43
|
|
|
$
|
(0.74
|
)
|
|
|
|
$
|
0.65
|
|
|
$
|
(0.94
|
)
|
|
Diluted(1)
|
|
$
|
0.43
|
|
|
$
|
(0.74
|
)
|
|
|
|
$
|
0.64
|
|
|
$
|
(0.94
|
)
|
|
Weighted average shares of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
39,163
|
|
|
|
38,894
|
|
|
|
|
|
39,096
|
|
|
|
38,803
|
|
|
Diluted
|
|
|
39,809
|
|
|
|
38,894
|
|
|
|
|
|
39,795
|
|
|
|
38,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1) Computed using the two-class method, except when in a net loss
position
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited - in thousands)
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
2014
|
|
2013
|
|
Operating activities
|
|
|
|
|
|
Net income (loss)
|
|
$
|
35,876
|
|
|
$
|
(44,766
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
Non-cash restructuring and impairment (gains) charges, net
|
|
|
(2,643
|
)
|
|
|
44,734
|
|
|
Depreciation, depletion and amortization
|
|
|
68,252
|
|
|
|
72,899
|
|
|
Gain on sales of property and equipment
|
|
|
(15,972
|
)
|
|
|
(12,130
|
)
|
|
Change in deferred income tax
|
|
|
14,907
|
|
|
|
(19,557
|
)
|
|
Stock-based compensation
|
|
|
11,160
|
|
|
|
13,443
|
|
|
Equity in net income from unconsolidated joint ventures
|
|
|
(49,168
|
)
|
|
|
(72,764
|
)
|
|
Changes in assets and liabilities, net of the effects of acquisition
in 2012
|
|
|
(19,270
|
)
|
|
|
23,521
|
|
|
Net cash provided by operating activities
|
|
|
43,142
|
|
|
|
5,380
|
|
|
Investing activities
|
|
|
|
|
|
Purchases of marketable securities
|
|
|
(64,975
|
)
|
|
|
(74,924
|
)
|
|
Maturities of marketable securities
|
|
|
45,000
|
|
|
|
63,650
|
|
|
Proceeds from sale of marketable securities
|
|
|
35,000
|
|
|
|
5,000
|
|
|
Purchases of property and equipment
|
|
|
(43,428
|
)
|
|
|
(43,682
|
)
|
|
Proceeds from sales of property and equipment
|
|
|
28,614
|
|
|
|
25,759
|
|
|
Acquisition of Kenny, net of cash acquired
|
|
|
—
|
|
|
|
(8,382
|
)
|
|
Other investing activities, net
|
|
|
569
|
|
|
|
931
|
|
|
Net cash provided by (used in) investing activities
|
|
|
780
|
|
|
|
(31,648
|
)
|
|
Financing activities
|
|
|
|
|
|
Long-term debt principal payments
|
|
|
(1,226
|
)
|
|
|
(12,148
|
)
|
|
Cash dividends paid
|
|
|
(20,319
|
)
|
|
|
(20,210
|
)
|
|
Purchase of common stock
|
|
|
(5,124
|
)
|
|
|
(5,896
|
)
|
|
Contributions from non-controlling partners
|
|
|
15,835
|
|
|
|
5,117
|
|
|
Distributions to noncontrolling partners
|
|
|
(8,066
|
)
|
|
|
(34,600
|
)
|
|
Other financing activities, net
|
|
|
1,818
|
|
|
|
1,136
|
|
|
Net cash used in financing activities
|
|
|
(17,082
|
)
|
|
|
(66,601
|
)
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
26,840
|
|
|
|
(92,869
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
229,121
|
|
|
|
321,990
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
255,961
|
|
|
$
|
229,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
Business Segment Information
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
Years Ended December 31,
|
|
|
|
Construction
|
|
Large Project
Construction
|
|
Construction
Materials
|
|
|
|
Construction
|
|
Large Project
Construction
|
|
Construction
Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
313,089
|
|
|
$
|
213,934
|
|
|
$
|
62,766
|
|
|
|
|
$
|
1,186,445
|
|
|
$
|
825,044
|
|
|
$
|
263,781
|
|
|
Gross profit
|
|
|
36,062
|
|
|
|
40,337
|
|
|
|
3,392
|
|
|
|
|
|
118,834
|
|
|
|
112,601
|
|
|
|
18,871
|
|
|
Gross profit as a percent of revenue
|
|
|
11.5
|
%
|
|
|
18.9
|
%
|
|
|
5.4
|
%
|
|
|
|
|
10.0
|
%
|
|
|
13.6
|
%
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
294,910
|
|
|
$
|
238,544
|
|
|
$
|
64,645
|
|
|
|
|
$
|
1,251,197
|
|
|
$
|
777,811
|
|
|
$
|
237,893
|
|
|
Gross profit
|
|
|
18,387
|
|
|
|
29,679
|
|
|
|
1,685
|
|
|
|
|
|
106,374
|
|
|
|
71,808
|
|
|
|
7,081
|
|
|
Gross profit as a percent of revenue
|
|
|
6.2
|
%
|
|
|
12.4
|
%
|
|
|
2.6
|
%
|
|
|
|
|
8.5
|
%
|
|
|
9.2
|
%
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
Contract Backlog by Segment
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Backlog by
Segment
|
|
December 31, 2014
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
$
|
712,967
|
|
26.2
|
%
|
|
|
$
|
681,415
|
|
27.0
|
%
|
|
Large project construction
|
|
|
2,005,906
|
|
73.8
|
%
|
|
|
|
1,845,336
|
|
73.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
2,718,873
|
|
100.0
|
%
|
|
|
$
|
2,526,751
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
Non-GAAP Information(1)
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2014
|
|
YTD 2014
|
|
Q4 2013
|
|
YTD 2013
|
|
Net income (loss) attributable to Granite Construction Incorporated
|
|
$
|
16,976
|
|
|
$
|
25,346
|
|
|
$
|
(28,898
|
)
|
|
$
|
(36,423
|
)
|
|
Restructuring and impairment (gains) charges
|
|
|
(2,643
|
)
|
|
|
(2,643
|
)
|
|
|
52,162
|
|
|
|
52,139
|
|
|
Amount attributable to non-controlling interests (real estate
impairments)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,919
|
)
|
|
|
(3,919
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
1,023
|
|
|
|
1,023
|
|
|
|
(18,452
|
)
|
|
|
(18,452
|
)
|
|
Non-GAAP adjustment for restructuring and impairment (gains)
charges
|
|
|
(1,620
|
)
|
|
|
(1,620
|
)
|
|
|
29,791
|
|
|
|
29,768
|
|
|
Non-GAAP net income (loss) before restructuring and impairment
(gains) charges
|
|
$
|
15,356
|
|
|
$
|
23,726
|
|
|
$
|
893
|
|
|
$
|
(6,655
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss) per share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.43
|
|
|
$
|
0.65
|
|
|
$
|
(0.74
|
)
|
|
$
|
(0.94
|
)
|
|
Diluted
|
|
$
|
0.43
|
|
|
$
|
0.64
|
|
|
$
|
(0.74
|
)
|
|
$
|
(0.94
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP impact - Restructuring and impairment (gains) charges:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
Diluted
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.74
|
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common shareholders
excluding restructuring and impairment (gains) charges:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.39
|
|
|
$
|
0.61
|
|
|
$
|
0.02
|
|
|
$
|
(0.17
|
)
|
|
Diluted
|
|
$
|
0.39
|
|
|
$
|
0.60
|
|
|
$
|
0.02
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
39,163
|
|
|
|
39,096
|
|
|
|
38,894
|
|
|
|
38,803
|
|
|
Diluted
|
|
|
39,809
|
|
|
|
39,795
|
|
|
|
40,119
|
|
|
|
38,803
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1) The table on this page contains the non-GAAP financial measures
of net income (loss) and net income (loss) per share excluding
restructuring and impairment gains and charges associated with the
2010 Enterprise Improvement Plan. Management believes that these
non-GAAP financial measures are useful in evaluating the Company's
ability to generate earnings from operations and that providing such
measure will allow investors to more readily compare the net income
(loss) referred to in the press release to the net income (losses)
experienced by the Company in past and future periods. Management
believes that excluding these gains and charges is particularly
useful where the amounts of such gains and charges are not
consistent in the periods presented. However, the reader is
cautioned that any non-GAAP financial measures provided by the
Company are provided in addition to, and not as alternatives for,
the Company's reported results prepared in accordance with GAAP.
Items that may have a significant impact on the Company's financial
position, results of operations and cash flows must be considered
when assessing the Company's actual financial condition and
performance regardless of whether these items are included in
non-GAAP financial measures. The methods used by the Company to
calculate its non-GAAP financial measures may differ significantly
from methods used by other companies to compute similar measures. As
a result, any non-GAAP financial measures provided by the Company
may not be comparable to similar measures provided by other
companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
EBITDA(1)
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Years Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
Net income (loss) attributable to Granite Construction Incorporated
|
|
$
|
16,976
|
|
|
$
|
(28,898
|
)
|
|
|
$
|
25,346
|
|
|
$
|
(36,423
|
)
|
|
Depreciation, depletion and amortization expense(2)
|
|
|
18,284
|
|
|
|
18,111
|
|
|
|
|
68,252
|
|
|
|
72,899
|
|
|
Provision for (benefit from) income taxes
|
|
|
11,420
|
|
|
|
(16,396
|
)
|
|
|
|
19,721
|
|
|
|
(19,263
|
)
|
|
Interest expense, net of interest income
|
|
|
3,204
|
|
|
|
2,631
|
|
|
|
|
12,287
|
|
|
|
12,601
|
|
|
EBITDA(1)
|
|
$
|
49,884
|
|
|
$
|
(24,552
|
)
|
|
|
$
|
125,606
|
|
|
$
|
29,814
|
|
|
Consolidated EBITDA Margin
|
|
|
8.5
|
%
|
|
|
(4.1
|
)%
|
|
|
|
5.5
|
%
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
(1)We define EBITDA as GAAP net income (loss)
attributable to Granite Construction Incorporated, adjusted for
interest, taxes, depreciation, depletion and amortization. We
believe this non-GAAP financial measure and the associated margin
are useful in evaluating operating performance and are regularly
used by security analysts, institutional investors and other
interested parties in reviewing the Company. However, the reader
is cautioned that any non-GAAP financial measures provided by the
Company are provided in addition to, and not as alternatives for,
the Company's reported results prepared in accordance with GAAP.
The methods used by the Company to calculate its non-GAAP
financial measures may differ significantly from methods used by
other companies to compute similar measures. As a result, any
non-GAAP financial measures provided by the Company may not be
comparable to similar measures provided by other companies.
|
|
(2)Amount includes the sum of depreciation, depletion
and amortization which are classified as Cost of Revenue, and
Selling, General and Administrative expenses in the consolidated
statements of operations of Granite Construction Incorporated.
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2015