GRANITE CONSTRUCTION INCORPORATED (NYSE:GVA) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
On February16, 2018, Granite Construction Incorporated (the “Company”) issued a press release with respect to its earnings for the quarter and year ended December31, 2017, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference.
The press release referred to above contains non-GAAP financial measures of EBITDA and Consolidated EBITDA Margin. Management believes the non-GAAP measures of EBITDA and Consolidated EBITDA Margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. 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.
The information set forth is furnished to Item 2.02, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, nor shall the information, including the Exhibit, be deemed incorporated by reference in any filing of the Company, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits
(d) Exhibits. The following exhibits are attached hereto and furnished herewith:
GRANITE CONSTRUCTION INC ExhibitEX-99.1 2 a12312017exhibit991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Granite Reports Fourth Quarter and Fiscal Year 2017 Results2017 Financial and Operational Highlights Fourth Quarter•Revenues $801.3 million – up 20.2 percent year-over year •Gross profit $100.7 million – up 23.9 percent year-over-year •Diluted earnings per share $0.811 – up 103 percent year-over-yearFiscal Year•Revenues $2.99 billion – up 18.9 percent year-over year •Gross profit $314.9 million – up 4.5 percent year-over-year •SG&A expenses at 7.5 percent of revenue – down 125 basis points year-over-year •Diluted earnings per share $1.711 – up 20.5 percent year-over-year•Backlog increased 6.7 percent year-over-year to a year-end record $3.72 billionWATSONVILLE,…To view the full exhibit click here
About GRANITE CONSTRUCTION INCORPORATED (NYSE:GVA)
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects. The Company’s Large Project Construction segment focuses on large and complex infrastructure projects, which have a longer duration than its Construction segment work. The Company’s Construction Materials segment mines and processes aggregates and operates plants that produce construction materials for internal use and for sale to third parties.