Granite公布2013年第二季度财务业绩
-- Record company backlog of 28亿美元 ; 大型工程建设
contract backlog increased 59% year over year to a record 20亿美元 ,
and 建设 contract backlog increased 16% year over year to $807.7
million
-- Second quarter revenues increased to 5.502亿美元 , compared with
5.396亿美元 in the second quarter of 2012; gross profit margin of 9.3
percent down slightly from last year
-- Revenue and profit performance driven primarily by project timing in
大型工程建设 segment
"Granite continues to focus on driving results through execution of our strategic initiatives both to grow and to diversify the business," said
“大型项目业务继续按预期表现。 我们创纪录的积压订单包括2013年下半年启动的几个新项目，这些项目将在2014年实现盈利。” “虽然我们的垂直整合业务仍然面临市场驱动的竞争阻力，但我们正在从收购Kenny的协同效应中受益。”
2013年第二季度财务业绩
-- Revenues for the quarter totaled 5.502亿美元 , compared with $539.6
million in 2012.
-- Gross profit in the second quarter of 2013 was 5120万美元 , compared
with 5190万美元 last year, with corresponding gross profit margins of
9.3 percent and 9.6 percent. Gross profit and gross profit margin in the
quarter were driven by the competitive environment in the 建设
segment and project timing in the 大型工程建设 segment.
-- Selling, general and administrative expenses for the second quarter were
4650万美元 , compared with 4080万美元 in 2012. Kenny 建设
公司 肯尼几乎占了所有的增长。
-- Operating income for the quarter was 800万美元 compared with $14.1
million in the prior year.
-- Total contract backlog at 2013年6月30日 , was 28亿美元 compared with
20亿美元 at 2012年6月30日 . Backlog booked during the second quarter
included 4.262亿美元 associated with the IH-35E project in 德州 and
the i - 440 project in 北卡罗莱纳 .
建设
-- 建设 revenues in the second quarter were 3.086亿美元 compared
with 2.451亿美元 a year ago. Revenues from Kenny and certain Western
markets outweighed weakness in 加州 in the second quarter.
-- Gross profit margin was 8.2 percent compared with 7.3 percent a year
ago. 建设 profit performance improved despite continued margin
pressure from an intensely competitive environment in key markets in the
West.
-- 大型工程建设 revenues in the second quarter were $181.4
million compared with 2.288亿美元 in the same period last year,
reflecting the timing of new projects.
-- Gross profit margin for the quarter of 12.2 percent was in line with
12.3 percent last year.
建筑材料
-- 建筑材料 revenue in the second quarter totaled $60.2
million compared with 6330万美元 for the same period last year.
-- Gross profit margin was 6.6 percent compared with 7.9 percent a year
ago, driven by ongoing weakness in certain geographic locations.
指导
The 公司 reaffirms the 2013 guidance provided in the first quarter 2013 earnings press release with two adjustments:
电话会议
Granite will conduct a conference call today,
对十大博彩正规平台
Through its offices and subsidiaries nationwide,
前瞻性陈述
本新闻稿中包含的任何非基于历史事实的陈述，包括有关未来事件、事件、情况、活动、业绩、结果和结果的陈述，均构成1995年《私人证券诉讼改革法案》所指的前瞻性陈述。 这些前瞻性陈述是通过诸如“未来”、“展望”、“假设”、“相信”、“期望”、“估计”、“预期”、“打算”、“计划”、“出现”、“可能”、“将”、“应该”、“可能”、“将”、“将”、“继续”等词语及其否定词或其他可比术语或其所处的环境来识别的。 这些前瞻性陈述是反映高级管理层最佳判断的估计，反映了我们对未来事件、事件、情况、活动、业绩、结果和结果的当前预期。 这些期望可能会实现，也可能不会实现。 其中一些期望可能基于可能被证明是不正确的信念、假设或估计。 此外，我们的业务和运营涉及许多风险和不确定因素，其中许多是我们无法控制的，这可能导致我们的预期无法实现或对我们的业务、财务状况、运营结果、现金流和流动性产生重大影响。 Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the
由于与我们的前瞻性陈述相关的固有风险和不确定性，请读者不要过分依赖它们。 读者还需注意，本文中包含的前瞻性陈述仅在本新闻稿发布之日发表，除法律要求外，我们不承担因任何原因修改或更新任何前瞻性陈述的义务。
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
-------------------------------------- - ----------- - ----------- - -----------
June 30, December June 30,
31,
2013 2012 2012
-------------------------------------- - ----------- - ----------- - -----------
ASSETS
Current assets
Cash and cash equivalents $ 247,833 $ 321,990 $ 237,951
Short-term marketable securities 21,271 56,088 43,260
Receivables, net 336,418 325,529 272,562
Costs and estimated earnings in excess
of billings 63,341 34,116 69,688
Inventories 68,905 59,785 67,503
Real estate held for development and
sale 50,697 50,223 57,367
Deferred income taxes 36,687 36,687 38,571
Equity in construction joint ventures 148,727 105,805 107,821
Other current assets 35,651 31,834 20,436
-------------------------------------- - - --------- - - --------- - - ---------
Total current assets 1,009,530 1,022,057 915,159
Property and equipment, net 471,265 481,478 439,664
Long-term marketable securities 55,225 55,342 45,800
Investments in affiliates 31,421 30,799 28,521
Goodwill 53,598 55,419 9,900
Other noncurrent assets 80,365 84,392 68,603
-------------------------------------- - - --------- - - --------- - - ---------
Total assets 1701404美元 1729487美元 1507647美元
-------------------------------------- - - --------- - - --------- - - ---------
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 20 $ 8,353 $ 9,102
Current maturities of non-recourse
debt 2,147 10,707 16,328
Accounts payable 188,124 202,541 186,290
Billings in excess of costs and
estimated earnings 144,044 139,692 75,629
Accrued expenses and other current
liabilities 200,521 169,979 155,322
-------------------------------------- - - --------- - - --------- - - ---------
Total current liabilities 534,856 531,272 442,671
Long-term debt 270,148 270,148 200,168
Long-term non-recourse debt 7,354 922 4,641
Other long-term liabilities 46,817 47,124 47,393
Deferred income taxes 8,055 8,163 3,644
Equity
Preferred stock, 0.01美元 par value,
authorized 3,000,000 shares, none
outstanding -- -- --
Common stock, 0.01美元 par value,
authorized 150,000,000 shares; issued
and outstanding 38,852,463 shares as
of 2013年6月30日 , 38,730,665 shares as
of 2012年12月31日 and 38,684,540
shares as of 2012年6月30日 389 387 387
Additional paid-in capital 121,368 117,422 112,815
Retained earnings 682,610 712,144 667,278
-------------------------------------- - - --------- - - --------- - - ---------
十大正规博彩平台施工总量
Incorporated shareholders' equity 804,367 829,953 780,480
Noncontrolling interests 29,807 41,905 28,650
-------------------------------------- - - --------- - - --------- - - ---------
Total equity 834,174 871,858 809,130
-------------------------------------- - - --------- - - --------- - - ---------
Total liabilities and equity 1701404美元 1729487美元 1507647美元
-------------------------------------- - - --------- - - --------- - - ---------
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
---------------------------------------------------------------------------------------------------------------------------------
----------- - ----------- - - - ----------- - -----------
Three Months Ended June Six Months Ended June 30,
30,
------------------------- ----- -------------------------
2013 2012 2013 2012
------------------------------------------------------------------- - - ----------- - ----------- - - - ----------- - -----------
Revenue
建设 308602美元 245113美元 485720美元 363059美元
大型工程建设 181,371 228,799 353,086 392,727
建筑材料 60,185 63,349 89,935 88,972
Real Estate 4 2,354 125 5,017
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Total revenue 550,162 539,615 928,866 849,775
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Cost of revenue
建设 283,448 227,152 447,367 336,518
大型工程建设 159,283 200,560 308,278 342,239
建筑材料 56,231 58,349 91,955 89,922
Real Estate 3 1,638 13 4,244
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Total cost of revenue 498,965 487,699 847,613 772,923
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Gross profit 51,197 51,916 81,253 76,852
Selling, general and administrative expenses 46,454 40,806 104,112 85,882
Gain on restructuring -- -- 497 1,888
Gain on sales of property and equipment 3,306 2,954 4,394 4,871
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Operating income (loss) 8,049 14,064 (17,968 ) (2,271 )
Other income (expense)
Interest income 380 611 508 1,655
Interest expense (3,700 ) (2,827 ) (7,345 ) (6,009 )
Equity in income (loss) of affiliates 698 (484 ) 275 (1,101 )
Other (expense) income, net (495 ) (5,018 ) 608 1,853
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Total other expense (3,117 ) (7,718 ) (5,954 ) (3,602 )
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Income (loss) before provision for (benefit from) income taxes 4,932 6,346 (23,922 ) (5,873 )
Provision for (benefit from) income taxes 1,766 1,859 (7,261 ) (1,673 )
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Net income (loss) 3,166 4,487 (16,661 ) (4,200 )
Amount attributable to noncontrolling interests (448 ) (2,538 ) (2,603 ) (5,624 )
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Net income (loss) attributable to 十大正规博彩平台公司 $ 2,718 $ 1,949 $ 19,264 $ (9,824 )
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
Net income (loss) per share attributable to common shareholders:
Basic $ 0.07 $ 0.05 $ (0.50 ) $ (0.26 )
Diluted $ 0.07 $ 0.05 $ (0.50 ) $ (0.26 )
Weighted average shares of common stock:
Basic 38,829 38,471 38,720 38,368
Diluted 39,769 39,151 38,720 38,368
------------------------------------------------------------------- - - - ------- - - - ------- - - - - - ------- - - - ------- -
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands)
--------------------------------------------------------------------------- - ----------- - -----------
Six Months Ended June 30, 2013 2012
--------------------------------------------------------------------------- - ----------- - -----------
Operating activities
Net loss $ （16,661） $ (4,200 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization 33,988 29,573
Non-cash restructuring, net (497 ) (1,888 )
Other non-cash impairment charges - 2,752
Gain on sales of property and equipment (4,394 ) (4,871 )
Stock-based compensation 8,101 6,492
Changes in assets and liabilities (72,185 ) (62,482 )
--------------------------------------------------------------------------- - - ------- - - - ------- -
Net cash used in operating activities (51,648 ) (34,624 )
--------------------------------------------------------------------------- - - ------- - - - ------- -
Investing activities
Purchases of marketable securities (14,975 ) (39,945 )
Maturities of marketable securities 43,000 65,100
Proceeds from sale of marketable securities 5,000 35,000
Additions to property and equipment (19,422 ) (19,855 )
Proceeds from sales of property and equipment 8,481 6,078
Payment of Kenny post-closing adjustments (4,621 ) -
Other investing activities, net 163 (978 )
--------------------------------------------------------------------------- - - ------- - - - ------- -
Net cash provided by investing activities 17,626 45,400
--------------------------------------------------------------------------- - - ------- - - - ------- -
Financing activities
Long-term debt principal payments (10,594 ) (10,834 )
Cash dividends paid (10,078 ) (10,050 )
Purchase of common stock (5,022 ) (4,054 )
Contributions from noncontrolling partners 6,001 -
Distributions from noncontrolling partners (21,142 ) (5,440 )
Other financing activities, net 700 563
--------------------------------------------------------------------------- - - ------- - - - ------- -
Net cash used in financing activities (40,135 ) (29,815 )
--------------------------------------------------------------------------- - - ------- - - - ------- -
Decrease in cash and cash equivalents (74,157 ) (19,039 )
Cash and cash equivalents at beginning of period 321,990 256,990
--------------------------------------------------------------------------- - - ------- - - - ------- -
Cash and cash equivalents at end of period 247833美元 237951美元
--------------------------------------------------------------------------- - - ------- - - - ------- -
GRANITE CONSTRUCTION INCORPORATED
Business Segment Information
(Unaudited - dollars in thousands)
------------------------------------------- ----------- - ----------- - ---------- - --------- ----------- - ----------- - ----------- - ---------
Three Months Ended June 30, Six Months Ended June 30,
Large Large
Project Constructio Real Project 建设 Real
建设 建设 材料 Estate 建设 建设 材料 Estate
------------------------------------------- ----------- - ----------- - ---------- - --------- ----------- - ----------- - ----------- - ---------
2013
Revenue 308602美元 181371美元 60185美元 $ 4 485720美元 353086美元 89935美元 $ 125
Gross profit (loss) 25,154 22,088 3,954 1 38,353 44,808 (2,020 ) 112
Gross profit (loss) as a percent of revenue 8.2 % 12.2 % 6.6 % 25.0 % 7.9 % 12.7 % (2.2 )% 89.6 %
2012
Revenue 245113美元 228799美元 63349美元 2354美元 363059美元 392727美元 88972美元 5017美元
Gross profit (loss) 17,961 28,239 5,000 716 26,541 50,488 (950 ) 773
Gross profit (loss) as a percent of revenue 7.3 % 12.3 % 7.9 % 30.4 % 7.3 % 12.9 % (1.1 )% 15.4 %
------------------------------------------- - ------- - - - ------- - - - ------ - - - ----- - - ------- - - - ------- - - - ------ -- - - ----- -
GRANITE CONSTRUCTION INCORPORATED
Contract Backlog by Segment
(Unaudited - dollars in thousands)
--------------------------- - ----------- - ------- - ----------- - ------- - ----------- - -------
Contract Backlog by Segment 2013年6月30日 March 31, 2013 2012年6月30日
--------------------------- - --------------------- - --------------------- - ---------------------
建设 $ 807,686 28.9 % $ 740,259 30.8 % $ 697,535 35.8 %
大型工程建设 1,989,156 71.1 % 1,660,056 69.2 % 1,252,828 64.2 %
--------------------------- - - --------- - ----- - - - --------- - ----- - - - --------- - ----- -
Total 2796842美元 100.0 % 2400315美元 100.0 % 1950363美元 100.0 %
--------------------------- - - --------- - ----- - - - --------- - ----- - - - --------- - ----- -
来源: 十大博彩正规平台公司 