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Granite Construction gross profit up 166.1% year-over-year – New Business Ethiopia

First Quarter 2021 Results
Results for the first quarter of 2021 were a net loss of ($66.2) million, or ($1.45) per diluted share, compared to a net loss of ($65.4) million, or ($1.44) per diluted share, in the prior year.
Adjusted net loss(2) for the first quarter of 2021, which excludes other costs(3), non-cash impairments of goodwill, Transaction costs(4), and amortization of debt discount related to our 2.75% convertible notes, was ($4.9) million, or ($0.11) per diluted share, compared to an adjusted net loss(2) of ($31.6) million, or ($0.69) per diluted share, in the prior year.
– Revenue increased 5.3% to $669.9 million compared to $635.9 million in the prior year.
– Gross profit increased 166.1% to $63.3 million compared to $23.8 million in the prior year. Gross profit margin increased to 9.5% compared to 3.7% in the prior year. ....

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Granite Reports Fiscal Year 2019 Results

Press release content from Business Wire. The AP news staff was not involved in its creation.
Granite Reports Fiscal Year 2019 Results
February 19, 2021 GMT
WATSONVILLE, Calif. (BUSINESS WIRE) Feb 19, 2021
Granite Construction Incorporated (NYSE: GVA) today announced its 2019 financial results, reflecting a net loss of ($60.2) million (($1.29) per diluted share) compared to net income of $0.6 million ($0.01 per diluted share) in 2018. The results include after-tax, acquisition-related expenses for 2019 and 2018 of $33.0 million and $60.5 million, respectively. Revenue in 2019 increased $158.6 million, or 5.0%, to $3.4 billion primarily due to incremental revenue from 2018 acquisitions, while gross profit decreased $113.2 million to $221.7 million due to project write downs within the Heavy Civil Operating Group. Selling, general & administrative (“SG&A”) expenses in 2019 were $308.0 million, or 8.9% of revenue, compared to $272.8 million, or 8.3% of revenue, i ....

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