‘Outstanding’ Q4 boosts Granite Construction’s 2023 results

Image: Granite Construction

The company also saw its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rise to $269 million for the year, compared to $210 million the year before.

In the fourth quarter of 2023, the company enjoyed revenue growth of $145 million to $934 million, compared to $789 million for the same period in the prior year.

Kyle Larkin, Granite president and chief executive said, “Across the company, our teams had an outstanding fourth quarter.

“The quarter’s strong results, however, were tempered by impacts from the legacy Tappan Zee and I-64 projects. Looking back on 2023, it was a transformative year for Granite as we delivered on our strategic plan. We met our expectations for organic revenue growth and achieved our adjusted EBITDA margin range. We continued to develop our home markets while growing what we believe is the highest quality committed and awarded projects (CAP) in Granite’s history by $1 billion year-over-year.”

Offering forward guidance for 2024, Granite said it expected revenue in the range of $3.8 billion - $4 billion, with an adjusted EBITDA margin in the range of 9% to 11%.