Granite(GVA) - 2024 Q4 - Annual Results

Financial Performance - Fourth Quarter 2024 net income was $41 million, or$0.84 per diluted share, compared to $26 million, or$0.55 per diluted share in the prior year, representing a 57.7% increase in net income year-over-year [3]. - Fiscal Year 2024 net income totaled $126 million, or$2.62 per diluted share, compared to $44 million, or$0.97 per diluted share in the prior year, marking a 186.4% increase in net income year-over-year [5]. - Total revenue for the year ended December 31, 2024, was $4,007,574, an increase of 14.1$3,509,138 in 2023 [26]. - Gross profit for the year ended December 31, 2024, was $572,697, representing a 44.3$396,399 in 2023 [26]. - Net income attributable to Granite Construction for the year ended December 31, 2024, was $126,346, a significant increase from$43,599 in 2023 [26]. - Operating income for the year ended December 31, 2024, was $207,363, compared to$80,062 in 2023, indicating a 158.5% increase [26]. - Basic net income per share for the year ended December 31, 2024, was $2.88, compared to$0.99 in 2023, representing a 189.9% increase [26]. - Net income attributable to Granite Construction for Q4 2024 was $41.5 million, up from$26.0 million in Q4 2023, representing a 59.5% increase [34]. - EBITDA for Q4 2024 reached $96.1 million, compared to$61.7 million in Q4 2023, reflecting a 55.5% growth [34]. - Adjusted net income attributable to Granite Construction for Q4 2024 was $55.7 million, compared to$37.7 million in Q4 2023, representing a 47.8% increase [38]. - The company reported a diluted net income per share of $0.84 for Q4 2024, compared to$0.55 in Q4 2023, reflecting a 52.7% increase [38]. Revenue and Growth - Fourth Quarter 2024 revenue increased 5% year-over-year to $977 million, while Fiscal Year 2024 revenue increased 14$4.0 billion [8]. - Revenue for Q4 2024 was $977 million, up from$934 million in Q4 2023, showing a growth of 4.6% [35]. - The company anticipates continued organic revenue growth of 6.0% to 8.0% through 2027, supported by a strong project portfolio and market environment [16]. Operational Efficiency - Adjusted EBITDA for Fiscal Year 2024 increased by $123 million to$402 million compared to $279 million in the prior year, reflecting a significant improvement in operational efficiency [10]. - Adjusted EBITDA for the fiscal year 2024 was$401.7 million, a significant increase from $279.4 million in 2023, marking a 43.7$37.1 million, with a cash gross profit margin of 23.8%, up from 21.8% in Q4 2023 [42]. Assets and Liabilities - Cash and cash equivalents increased to $578,330 as of December 31, 2024, compared to$417,663 at the end of 2023, reflecting a 38.5% increase [28]. - Total assets grew to $3,025,655 as of December 31, 2024, up from$2,813,540 in 2023, marking a 7.5% increase [24]. - The company reported a total current liabilities of $1,031,959 as of December 31, 2024, slightly up from$1,029,883 in 2023 [24]. - Long-term debt increased to $737,939 as of December 31, 2024, from$614,781 in 2023, reflecting a 20.1% increase [24]. Future Projections - The company expects 2025 revenue in the range of $4.2 billion to$4.4 billion, with an adjusted EBITDA margin of 11.0% to 12.0% [20]. - Capital expenditures for 2025 are projected to be approximately $140 million to$160 million, including strategic materials investments of about $50 million [16]. - Committed and Awarded Projects (CAP) totaled$5.3 billion, a decrease of $324 million sequentially and$250 million year-over-year, with expectations for significant project awards in the first half of 2025 [12]. Cash Position - Granite has $586 million in cash and marketable securities, positioning the company well for M&A opportunities and strategic investments [4].