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November 29—December 1, 2023
The Diplomat, Hollywood, FL

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October 30, 2019

Granite Construction Takes Q3 Loss; CEO Cites “Resolution of Ongoing Disputes” as Critical to Future Progress

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Economic Forecasts | Ethics and Compliance | Infrastructure and Transportation | Insurance and Surety | Latest News | Litigation Strategies/Dispute Resolution | News | Risk & Contract Management | Workforce and Labor
October 30, 2019

Granite Construction Takes Q3 Loss; CEO Cites “Resolution of Ongoing Disputes” as Critical to Future Progress

WATSONVILLE, CA – Granite Construction Incorporated reported net income of $20.5 million for the quarter ended Sept. 30, 2019, compared to net income of $55.7 million for the quarter ended Sept. 30, 2018. On a year-to-date basis, net loss was $111.9 million, compared to net income of $35.9 million ($0.84 per diluted share) last year.

“During the third quarter, strong core operational performance was dampened by a negative contribution from the Heavy Civil operating group primarily driven by disputed work,” said James H. Roberts, president and CEO at Granite Construction Incorporated. “Our core businesses capitalized on good weather this quarter combined with well-funded infrastructure markets. As we restore balance in Heavy Civil, a critical piece of the puzzle is resolution of ongoing disputes which continue to have a distorted impact on our cash flows and earnings.” See full Granite press release here.

Economic Forecasts•Ethics and Compliance•Infrastructure and Transportation•Insurance and Surety•Latest News•Litigation Strategies/Dispute Resolution•News•Risk & Contract Management•Workforce and Labor

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