This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Granite Reports Second-Quarter 2013 Financial Results

Stocks in this article: GVA

Granite Construction Incorporated (NYSE: GVA) today reported net income attributable to common shareholders of $2.7 million, or $0.07 per diluted share, for the second quarter of 2013 compared with $1.9 million, or $0.05 per diluted share, for the second quarter of 2012.

“Granite continues to focus on driving results through execution of our strategic initiatives both to grow and to diversify the business,” said James H. Roberts, Granite president and chief executive officer.

“The Large Projects business continues to perform as expected. Our record backlog includes the start-up of several new projects in the second half of 2013, which will recognize profit in 2014,” Roberts said. “While our vertically integrated business still faces market-driven, competitive headwinds, we are benefitting from synergies with our acquisition of Kenny.”

Second-quarter 2013 Financial Results

Total Company

  • Revenues for the quarter totaled $550.2 million, compared with $539.6 million in 2012.
  • Gross profit in the second quarter of 2013 was $51.2 million, compared with $51.9 million last year, with corresponding gross profit margins of 9.3 percent and 9.6 percent. Gross profit and gross profit margin in the quarter were driven by the competitive environment in the Construction segment and project timing in the Large Project Construction segment.
  • Selling, general and administrative expenses for the second quarter were $46.5 million, compared with $40.8 million in 2012. Kenny Construction Company (Kenny) accounted for nearly all of the increase.
  • Operating income for the quarter was $8.0 million compared with $14.1 million in the prior year.
  • Total contract backlog at June 30, 2013, was $2.8 billion compared with $2.0 billion at June 30, 2012. Backlog booked during the second quarter included $426.2 million associated with the IH-35E project in Texas and the I-440 project in North Carolina.


  • Construction revenues in the second quarter were $308.6 million compared with $245.1 million a year ago. Revenues from Kenny and certain Western markets outweighed weakness in California in the second quarter.
  • Gross profit margin was 8.2 percent compared with 7.3 percent a year ago. Construction profit performance improved despite continued margin pressure from an intensely competitive environment in key markets in the West.

Large Project Construction

  • Large Project Construction revenues in the second quarter were $181.4 million compared with $228.8 million in the same period last year, reflecting the timing of new projects.
  • Gross profit margin for the quarter of 12.2 percent was in line with 12.3 percent last year.

Construction Materials

  • Construction Materials revenue in the second quarter totaled $60.2 million compared with $63.3 million for the same period last year.
  • Gross profit margin was 6.6 percent compared with 7.9 percent a year ago, driven by ongoing weakness in certain geographic locations.


The Company reaffirms the 2013 guidance provided in the first quarter 2013 earnings press release with two adjustments: Large Project Construction segment revenues are expected to be in the range of $850 million to $950 million, and cash flow from operations is expected to be $70 million to $100 million for the year.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,300.38 +231.51 1.36%
S&P 500 1,995.26 +22.52 1.14%
NASDAQ 4,606.7080 +58.8740 1.29%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs