GRANITE CONSTRUCTION INCORPORATED (NYSE:GVA) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
On February 20, 2019, Granite Construction Incorporated (the “Company”) issued a press release with respect to its earnings for the quarter and year ended December 31, 2018, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference.
The press release referred to above contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA and 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. We are also providing additional non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss) attributable to Granite Construction Incorporated and adjusted diluted earnings (loss) per share to indicate the impact of acquisition, integration and acquired intangible amortization expenses related to the acquisition of Layne Christensen Company and LiquiForce.
Management believes that these additional non-GAAP financial measures facilitate comparisons between securities analysts, institutional investors and other interested parties. 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 herein, including the exhibit 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 Exhibit
EX-99.1 2 gva-ex991_6.htm EXHIBIT 99.1 gva-ex991_6.htm Exhibit 99.1 Granite Reports Fiscal Year 2018 Results Fiscal Year 2018 Financial Highlights • Revenue up 11.0 percent year-over-year to $3.32 billion • Gross profit increased 23.6 percent year-over-year to $389.2 million • Gross profit margin up 119 basis points year-over-year to 11.7 percent • Net income totaled $42.4 million,…
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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.
