Granite net income increases to $54.5m

Granite's second quarter results ended 30 June 2021 confirm net income increased to $54.5 million compared to net income of $3.4m for the same period year-over-year.
Loading, Hauling & Excavation / August 11, 2021
By Ben Spencer
Granite second quarter results revenue increase mineral exploration
Granite says revenue increased 5.3% to $964.2m (© Casimirokt |

Granite says revenue increased 5.3% to $964.2m compared to $915.8m for the same period year-over-year.

Gross profit increased to $116.9m compared to $88.3 million for the same period year-over-year, the company adds. 

Specialty revenue in the second quarter increased for the same period year-over-year. It was led by recovery of mineral exploration within the mining industry in the Water and Mineral Services Operating Group and project progression of a federal site development project in the Heavy Civil Operating Group. Gross profit decreased as disputed work continued on a previously reported tunnel project.

Granite CEO Kyle Larkin says: "I am pleased with the performance of the business this quarter as we work through the Heavy Civil Operating Group Old Risk Portfolio.

“Our second quarter adjusted diluted net income per share of $0.91 and adjusted EBITDA of $79.9 million were propelled by strong results from our vertically-integrated businesses in the California and Northwest Operating Groups. Public and private markets are robust, as is demonstrated by the increases in transportation CAP within the vertically-integrated groups and in both the water and specialty segments for the same period year-over-year. Our cash and balance sheet remain strong as we head into the second half of the year.”


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