Granite Construction Reaffirmed Its 2024 Revenue Outlook Of $3.9B-$4.0B Vs $4.012B Estimate; Sees Adjusted EBITDA Margin Of 10%-11%
Outlook
Our updated guidance for 2024 is noted below:
- Revenue unchanged in the range of $3.9 billion to $4.0 billion
- Adjusted EBITDA margin in the range of 10% to 11%, narrowed from 9.5% to 11.5%
- SG&A expense in a range from 8.3% to 8.5% of revenue from a range of 7.5% to 8.0% of revenue due to increased incentive compensation
- Mid-20s effective tax rate for adjusted net income
- Capital expenditures expected to be approximately $130 million
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