Earnings ·
Reports Q3 net loss of $3M on $535M convertible note settlement charges, adjusted EPS of $3.81
GVAGranite Construction Inc
Granite Construction reported a third-quarter net loss attributable to shareholders of $3 million, or $0.07 per diluted share, compared to net income of $103 million in the prior year period. The loss was driven by $162 million in non-operating charges related to the cash settlement of convertible note conversions. Adjusted net income rose 40% to $173 million, or $3.81 per diluted share, while revenue increased 23% year-over-year to $1.77 billion and adjusted EBITDA grew 32% to $283 million. The company also announced new long-term financial targets projecting a 10% to 12% organic revenue CAGR through 2029. Granite Construction is a diversified civil contractor and construction materials producer in the United States.