The following is a summary of the Granite Construction Incorporated (GVA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• In Q1 2024, Granite Construction Inc. reported a revenue increase of $112 million (20%).

• Gross profit saw a significant increase of $22 million (68%), while the adjusted net loss improved by $5 million.

• The company saw increased revenue in both its major segments, with construction segment increasing by $92 million (18%) and material segment by $20 million.

• Significant improvement in operating cash flow with a $101 million increase, with the company anticipating to meet its target of 7% of revenue for 2024.

• There was a decrease in total debt by $102 million due to full paydown of the revolver, however, cash and marketable securities decreased by $116 million.

• Adjusted EBITDA margin for 2024 has been revised upwards from 9% - 11% to 9.5% - 11.5%.

Business Progress:

• Reorganization of operations was undertaken in Q1 to better align with the reportable segments of construction and materials.

• The Material segment growth was driven primarily by acquisitions and an increase in sales volumes and prices.

• The company intends to continue its strategic investment in the material segment with a planned budget of around $50M for 2024.

• Agile pricing revisions have paved the way for 10% increase in aggregates and 5% increase in asphalt prices.

• Granite Construction is exploring further expansion through M&A into new geographies as a strategy to increase shareholder value in 2024.

• An upward revision in the Adjusted EBITDA margin range points to an improved business outlook for 2024.

More details: Granite Construction IR

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