Stock Monitor: Orion Group Holdings Post Earnings Reporting

LONDON, UK / ACCESSWIRE / March 29, 2018 / Active-Investors.com has just released a free earnings report on Granite Construction Inc. (NYSE: GVA) ("Granite"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GVA. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 16, 2018. The contractor and construction materials producer exceeded top- and bottom-line expectations, and ended the year with a record backlog. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Orion Group Holdings, Inc. (NYSE: ORN), which also belongs to the Industrial Goods sector as the Company Granite Construction. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=ORN

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Granite Construction most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=GVA

Earnings Highlights and Summary

For the three months ended December 31, 2017, Granite's revenues advanced 20.2% to $801.3 million compared to $666.7 million in Q4 2016. The Company's revenue numbers beat analysts' estimates of $763.4 million.

For the full year FY17, Granite's revenues were $2.99 billion, up 18.9% from $2.51 billion in FY16.

During Q4 2017, Granite's gross profit increased 23.9% to $100.7 million on a y-o-y basis, driven primarily by the strong performance of its vertically-integrated business in the West, and mild late-2017 weather which allowed the Company to work later and more efficiently than in FY16. The Company's gross profit margin was 12.6% in the reported quarter compared to 12.2% in the prior year's same quarter.

Granite reported a net income of $32.8 million, or $0.81 per diluted share, in Q4 2017 compared to $16.2 million, or $0.40 per diluted share, in Q4 2016. The Company's reported quarter results included a $3.7 million provisional benefit, or $0.09 per share, from the revaluation of deferred tax assets and liabilities as required by the recently-enacted Tax Cuts and Jobs Act 2017 (TCJA). Granite's earnings numbers beat Wall Street's estimates of $0.68 per share.

For FY17, Granite's net income totaled $69.1 million, or $1.71 per diluted share, compared to $57.1 million, or $1.42 per diluted share, in FY16.

Granite's backlog at the year-end 2017 was a record $3.72 billion, up 6.7% from $3.48 billion in FY16.

Segment Results

During Q4 2017, Granite's Construction segment's revenues advanced 19.4% to $429.4 million compared to $359.7 million in Q4 2016, driven by a record segment backlog entering the reported quarter, combined with mild late-2017 weather. The segment's gross profit margin of 15.2% remained very healthy and was in-line with the Company's mid-teens expectations. The segment's backlog finished at $897 million, reflecting mild weather and modestly-weaker public lettings and bookings in the reported quarter, especially in California.

For Q4 2017, Granite's Large Project Construction segment's revenues jumped 18.2% to $290.9 million compared to $246.1 million in Q4 2016, with the growth attributed to the execution on the Company's broad project portfolio. The segment's gross profit margin was 7.0% in the reported quarter, up more than 150 basis points from 5.5% in the prior year's same quarter, reflecting the impact of accelerated work on a number of challenging, mature projects, as well as extended timeframes for dispute resolution with owners and designers. The segment's backlog finished at $2.82 billion, up 15% on a y-o-y basis, reflecting the net addition of new consolidated and Granite only projects.

Granite's Construction Materials segment's revenues surged 33.0% to $80.9 million in Q4 2017 compared to $60.9 million in Q4 2016, driven by the combination of strong market conditions aligned to mild late-2017 weather in the West. The segment's gross profit margin was 18.7% in the reported quarter versus 10.0% in the year earlier comparable quarter.

Cash Matters

As of December 31, 2017, Granite had $366.5 million in cash and marketable securities, benefitting from an improved working capital and operating cash flow trends.

Outlook

For the full fiscal year 2018, Granite is forecasting revenue growth to be in the high-single to low-double digit range. The Company is expecting consolidated EBITDA margin to be in the band of 7.0% to 8.0%.

Stock Performance Snapshot

March 28, 2018 - At Wednesday's closing bell, Granite Construction's stock rose 1.35%, ending the trading session at $53.37.

Volume traded for the day: 433.26 thousand shares, which was above the 3-month average volume of 305.87 thousand shares.

Stock performance in the past twelve-month period ? up 13.84%

After yesterday's close, Granite Construction's market cap was at $2.26 billion.

Price to Earnings (P/E) ratio was at 33.17.

The stock has a dividend yield of 0.97%.

The stock is part of the Industrial Goods sector, categorized under the Heavy Construction industry.

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