Granite reports Q2 EPS $1.42 vs. 76c last year

Reports Q2 revenue $1.13B vs. $1.08B last year. “In Q2, we capitalized on the strong bidding opportunities we are seeing in both the public and private markets and increased our CAP to $6.1B, which is a new record,” said CEO Kyle Larkin. “I am pleased with each of our segments’ execution in the quarter, and we believe our continued focus on operational excellence should continue to produce margin expansion. We are also excited by the opportunities that come with the two acquisitions that we announced yesterday. The acquisition in the Southeast gives us a significant, high-quality aggregate supply on the Mississippi River and provides us with many opportunities to further leverage the supply network to grow our southeast platform. The acquisition in California strengthens our business in the central portion of the state with additional aggregates as we welcome a leading civil construction business into our portfolio. With our upsized credit facility and strong cash generation, I believe we will be able to continue to complete acquisitions to strengthen and expand our home markets in the upcoming quarters.”