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Granite Reports Fourth Quarter and Fiscal 2011 Results
Date : 02/22/2012 @ 7:49PM
Source : Business Wire
Stock : Granite Construction Incorporated (GVA)
Quote : 27.02 0.24 (0.90%) @ 8:00PM
Granite Reports Fourth Quarter and Fiscal 2011 Results
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Granite (NYSE:GVA)
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Today : Thursday 23 February 2012
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Granite Construction Incorporated (NYSE: GVA) today reported a net income of $51 million for the full year 2011, compared to a net loss of $59 million the prior year. Diluted earnings per share (EPS) for the year was $1.31 compared to a loss per share of $(1.56) in 2010.
For the fourth quarter of 2011, Granite reported a net income of $19 million, compared to a net loss of $50 million for the fourth quarter of 2010. Diluted EPS for the quarter ended December 31, 2011 was $0.48 compared to a loss per share of $(1.32) in the prior year period. Included in the fourth quarter of 2010 were restructuring charges of $107 million associated with the Company’s Enterprise Improvement Plan.
“Our solid performance in 2011 is the result of our continued successful project execution, the tremendous efforts of our people to improve efficiencies throughout the company and the significant reductions we have made to our cost structure,” said James H. Roberts, president and chief executive officer.
Fiscal 2011 Highlights:
Total Company
Revenue totaled $2.0 billion compared with $1.8 billion in 2010, driven by increases in both Construction and Large Project Construction revenue.
Gross profit margin was 12 percent compared with 10 percent in 2010.
SG&A expenses decreased $29 million to $162 million primarily due to a workforce reduction in 2010 and restructuring of administrative services.
Operating income was $99 million in 2011 compared with an operating loss of $109 million in 2010. Fiscal 2010 includes restructuring charges of approximately $109 million.
Total other (expense) income decreased $13 million from 2010 due primarily to previously deferred income and impairment charges on other investments.
Net income attributable to noncontrolling interests was $15 million compared with a net loss attributable to noncontrolling interests of $4 million in 2010.
Total contract backlog at December 31, 2011, was $2.0 billion compared with $1.9 billion a year ago.
Construction
Construction revenue increased 11 percent to $1.0 billion driven by a higher volume of work and mild weather in the fourth quarter.
Gross profit margin was 12 percent compared with 10 percent a year ago reflecting successful execution on projects and improved cost management.
Large Project Construction
Large Project Construction revenue increased 24 percent to $725 million aided by the progress on several large projects.
Gross profit margin was 14 percent compared with 12 percent in 2010 reflecting an increase in the volume of projects that reached the profit recognition threshold during the year.
Construction Materials
Construction Materials revenue was $221 million compared with $222 million last year.
Gross profit on the sale of construction materials was 8 percent compared with 5 percent in 2010 driven by production efficiencies.
Fourth Quarter 2011 Highlights
Total Company
Revenue totaled $540 million compared with $417 million in 2010, driven by increases in both Construction and Large Project Construction revenue.
Gross profit margin was 15 percent compared with 11 percent in 2010.
Selling, general and administrative expenses for the fourth quarter increased $3 million to $43 million due to higher incentive compensation related to higher earnings.
Operating income for the quarter was $40 million compared with an operating loss of $99 million in the prior year. The fourth quarter 2010 includes restructuring charges of $107 million related to workforce reductions as well as real estate and fixed asset impairment charges.
Net income attributable to noncontrolling interests was $6 million compared with net loss attributable to noncontrolling interest of $15 million in 2010. The results for 2010 include $20 million associated with impairment charges related to the implementation of the company’s Enterprise Improvement Plan.
Construction
Construction revenue for the quarter increased 21 percent to $259 million due to relatively mild weather throughout the quarter.
Gross profit margin for the fourth quarter was 14 percent compared with 12 percent a year ago reflecting successful execution on projects and improved cost management.
Large Project Construction
Large Project Construction revenue for the quarter increased 37 percent to $212 million reflecting progress on several large projects across the country.
Gross profit margin for the quarter was 16 percent compared with 11 percent for the same period last year. During the fourth quarter, projects which reached profit recognition include the Houston Metro Light Rail project and the State Route 520 project in the Northwest.
Construction Materials
Construction Materials revenue for the quarter increased 19 percent to $56 million reflecting drier weather in the fourth quarter of 2011 compared to the fourth quarter of 2010.
Gross profit margin on the sale of construction materials was 11 percent compared with 5 percent in 2010.
Outlook
“I am very pleased with the quality of our backlog and the opportunities to grow it even further in all segments of our business throughout 2012,” commented Roberts. “Despite operating in an extremely competitive bidding environment, our teams continue to meet the challenge by being strategic about the work we bid, intensely focused on execution, and responsive to market conditions. ”
“Going forward, we will continue to aggressively manage expenses and drive efficiencies. We will also leverage our capabilities and experience to drive opportunities to grow our business. Our efforts this past eighteen months have set the stage for long-term profitability,” said Roberts. “In addition, we have renewed our focus on growing the business and are excited about the future for Granite. Our strategy is centered on several key initiatives including growing both our large projects and vertically integrated businesses, as well as diversifying our business model, and continually optimizing our asset portfolio. We are building momentum around these initiatives and looking forward to executing on our plan not only this year, but over the years to come.”
Conference Call
Granite will conduct a conference call tomorrow, February 23, 2012 at 8 a.m. Pacific time/11 a.m. Eastern time to discuss the results of the quarter and year ended December 31, 2011. Access to a live audio webcast is available at http://investor.graniteconstruction.com. The live conference call may be accessed by calling (877) 643-7158. The conference ID for the live call is 47718778. The call will be recorded and will be available for replay approximately two hours after the live audio webcast through May 15, 2012 by calling (855) 859-2056. The conference ID for the replay is 47718778.
About Granite
Granite is one of the nation’s leading infrastructure contractors and is member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. Through its wholly owned subsidiary, Granite is one of the nation’s largest diversified heavy civil contractors and construction materials producers serving public- and private-sector clients nationwide. In addition, Granite has one of the oldest and most robust ethics and compliance programs in the industry. The Company has been recognized by Ethisphere Institute as one of the World’s Most Ethical Companies for two straight years. For more information, please visit graniteconstruction.com.
Forward-looking Statements
Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, activities, performance, outcomes and results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those specifically described in our Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law, we undertake no obligation to revise or update any forward-looking statements for any reason.
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
December 31,
2011 2010
ASSETS
Current assets
Cash and cash equivalents $ 256,990 $ 252,022
Short-term marketable securities 70,408 109,447
Receivables, net 251,838 243,986
Costs and estimated earnings in excess of billings 37,703 10,519
Inventories 50,975 51,018
Real estate held for development and sale 67,037 75,716
Deferred income taxes 38,571 53,877
Equity in construction joint ventures 101,029 74,716
Other current assets 35,171 42,555
Total current assets 909,722 913,856
Property and equipment, net 447,140 473,607
Long-term marketable securities 79,250 34,259
Investments in affiliates 31,071 31,410
Other noncurrent assets 80,616 82,401
Total assets $ 1,547,799 $ 1,535,533
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 9,102 $ 8,359
Current maturities of non-recourse debt 23,071 29,760
Accounts payable 158,660 129,700
Billings in excess of costs and estimated earnings 90,845 120,185
Accrued expenses and other current liabilities 166,790 150,773
Total current liabilities 448,468 438,777
Long-term debt 208,501 217,014
Long-term non-recourse debt 9,912 25,337
Other long-term liabilities 49,221 47,996
Deferred income taxes 4,034 10,774
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding - -
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 38,682,771 shares as of December 31, 2011 and 38,745,542 shares as of December 31, 2010 387 387
Additional paid-in capital 111,514 104,232
Retained earnings 687,296 656,412
Total Granite Construction Incorporated shareholders’ equity 799,197 761,031
Noncontrolling interests 28,466 34,604
Total equity 827,663 795,635
Total liabilities and equity $ 1,547,799 $ 1,535,533
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
Three Months Ended Years Ended
December 31, December 31,
2011 2010 2011 2010
Revenue
Construction $ 259,221 $ 214,127 $ 1,043,614 $ 943,245
Large project construction 211,565 154,781 725,043 584,406
Construction materials 55,500 46,677 220,583 222,058
Real estate 13,262 1,643 20,291 13,256
Total revenue 539,548 417,228 2,009,531 1,762,965
Cost of revenue
Construction 222,197 187,831 919,108 847,536
Large project construction 176,970 137,108 620,935 517,099
Construction materials 49,613 44,151 203,942 210,040
Real estate 11,642 1,921 17,583 10,506
Total cost of revenue 460,422 371,011 1,761,568 1,585,181
Gross profit
79,126 46,217 247,963 177,784
Selling, general and administrative expenses 42,536 39,766 162,302 191,593
Restructuring charges 670 107,297 2,181 109,279
Gain on sales of property and equipment 4,217 2,331 15,789 13,748
Operating income (loss) 40,137 (98,515) 99,269 (109,340)
Other (expense) income
Interest income 583 833 2,878 4,980
Interest expense (2,709) (2,446) (10,362) (9,740)
Equity in income of affiliates 750 933 2,193 756
Other (expense) income, net (2,594) 1,114 (4,545) 6,968
Total other (expense) income (3,970) 434 (9,836) 2,964
Income (loss) before provision for (benefit from) income taxes 36,167 (98,081) 89,433 (106,376)
Provision for (benefit from) income taxes 11,375 (32,695) 23,348 (43,928)
Net income (loss) 24,792 (65,386) 66,085 (62,448)
Amount attributable to noncontrolling interests (6,038) 15,367 (14,924) 3,465
Net income (loss) attributable to Granite Construction Incorporated $ 18,754 $ (50,019) $ 51,161 $ (58,983)
Net income (loss) per share attributable to common shareholders:
Basic (1) $ 0.48 $ (1.32) $ 1.32 $ (1.56)
Diluted (1) $ 0.48 $ (1.32) $ 1.31 $ (1.56)
Weighted average shares of common stock:
Basic 38,191 37,875 38,117 37,820
Diluted 38,607 37,875 38,473 37,820
Note:
(1) Computed using the two-class method, except when in a net loss position
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands)
Years Ended December 31,
2011
2010
Operating activities
Net income (loss) $ 66,085 $ (62,448 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Restructuring impairment charges 1,678 93,862
Other impairment charges 5,067 821
Depreciation, depletion and amortization 60,546 74,435
Gain on sales of property and equipment (15,789 ) (13,748 )
Change in deferred income tax 8,566 (39,289 )
Stock-based compensation 12,155 13,040
Loss (gain) on company owned life insurance 18 (3,321 )
Equity in income of affiliates (2,193 ) (756 )
Changes in assets and liabilities, net of the effects of consolidations
(43,788 ) (33,278 )
Net cash provided by operating activities 92,345 29,318
Investing activities
Purchases of marketable securities (155,122 ) (121,626 )
Maturities of marketable securities 110,875 74,000
Proceeds from sale of marketable securities 33,268 15,000
Purchase of company owned life insurance (359 ) (8,195 )
Additions to property and equipment (45,035 ) (37,004 )
Proceeds from sales of property and equipment 27,959 21,148
Purchase of private preferred stock (50 ) (6,400 )
Contributions to (distributions from) affiliates, net 1,458 (1,658 )
Issuance of notes receivable (3,979 ) (1,313 )
Collection of notes receivable 1,599 3,126
Other investing activities, net 1,658 2,487
Net cash used in investing activities
(27,728 ) (60,435 )
Financing activities
Proceeds from long-term debt 2,122 1,918
Long-term debt principal payments (16,907 ) (19,829 )
Cash dividends paid (20,117 ) (20,150 )
Purchase of common stock (4,029 ) (3,641 )
Contributions from noncontrolling partners
519 7,321
Distributions to noncontrolling partners (21,581 ) (21,498 )
Other financing activities, net 344 62
Net cash used in financing activities (59,649 ) (55,817 )
Increase (decrease) in cash and cash equivalents 4,968 (86,934 )
Cash and cash equivalents at beginning of period 252,022 338,956
Cash and cash equivalents at end of period $ 256,990 $ 252,022
GRANITE CONSTRUCTION INCORPORATED
Business Segment Information
(Unaudited - dollars in thousands)
Three Months Ended December 31, Years Ended December 31,
Construction
Large Project
Construction
Construction
Materials
Real Estate Construction
Large Project
Construction
Construction
Materials
Real Estate
2011
Revenue $ 259,221 $ 211,565 $ 55,500 $ 13,262 $ 1,043,614 $ 725,043 $ 220,583 $ 20,291
Gross profit 37,024 34,595 5,887 1,620 124,506 104,108 16,641 2,708
Gross profit as a percent of revenue 14.3 % 16.4 % 10.6 % 12.2 % 11.9 % 14.4 % 7.5 % 13.3 %
2010
Revenue $ 214,127 $ 154,781 $ 46,677 $ 1,643 $ 943,245 $ 584,406 $ 222,058 $ 13,256
Gross profit (loss) 26,296 17,673 2,526 (278 ) 95,709 67,307 12,018 2,750
Gross profit (loss) as a percent of revenue 12.3 % 11.4 % 5.4 % -16.9 % 10.1 % 11.5 % 5.4 % 20.7 %
GRANITE CONSTRUCTION INCORPORATED
Contract Backlog by Segment
(Unaudited - dollars in thousands)
Contract Backlog by Segment December 31, 2011 December 31, 2010
Construction $ 513,624 25.4 % $ 465,271 24.5 %
Large project construction 1,508,830 74.6 % 1,433,899 75.5 %
Total $ 2,022,454 100.0 % $ 1,899,170 100.0 %
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