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.