Watsonville, Calif. -based Granite Construction Inc. on Feb. 24 reported it’s fourth-quarter 2009 quarterly and full-year earnings, showing that the major construction company hasn’t escaped the recession unscathed but it’s still doing well despite the current tough economy. (Click here for the full press release on Granite Construction.)
“We delivered the goods on our projects in 2009 despite today’s macroeconomic challenges and extraordinarily competitive markets,” Granite President and Chief Executive Officer William G. Dorey said in a press release. “A number of factors contributed to our results, including excellent execution on our projects, resolution of project issues, bidding discipline and a focus on reducing our cost structure.
“Unfortunately, we also experienced a significant decline in revenue and backlog in the West as the weak private market led to increased competition for public-sector work and lower demand for construction materials,” Dorey continued.
Granite reported a net income of $73.5 million for the full year 2009, compared with $122.4 million for the full year 2008.
Diluted earnings per share were $1.90 for the full year 2009 compared with $3.18 per diluted share for the full year 2008.
For the fourth quarter of 2009, Granite reported net income of $16.0 million, or $0.41 per diluted share. This compares with net income of $31.9 million, or $0.83 per diluted share, for the fourth quarter of 2008.
A summary of the financial results follows:
