Granite Construction Inc. (GVA, Financial) filed Quarterly Report for the period ended 2010-09-30.
Granite Construction Inc. has a market cap of $1.03 billion; its shares were traded at around $26.46 with a P/E ratio of 189 and P/S ratio of 0.5. The dividend yield of Granite Construction Inc. stocks is 2%. Granite Construction Inc. had an annual average earning growth of 11.7% over the past 10 years.GVA is in the portfolios of Arnold Van Den Berg of Century Management, John Keeley of Keeley Fund Management, Jeff Auxier of Auxier Focus Fund, Michael Price of MFP Investors LLC, Kenneth Fisher of Fisher Asset Management, LLC, PRIMECAP Management, Chuck Royce of Royce& Associates, George Soros of Soros Fund Management LLC.
The Company anticipates recognizing restructuring and impairment charges between $99 million and $145 million, the majority of which will be incurred during the fourth quarter of 2010. Of the total, approximately $89 million to $133 million are primarily related to non-cash impairment charges associated with the revision of estimated cash flows in certain projects of GLC s real estate portfolio and the expectation that certain materials related fixed assets will be sold within the next 12 months. The balance is associated with severance-related costs that will primarily be paid during the fourth quarter of 2010. The portions of the impairment charges allocable to noncontrolling interests on real estate projects are expected to be between $19 million and $23 million. The decision to sell these assets in future periods, and thus the amount and timing of the related impairment charges, is highly dependent upon market conditions and the Company s ability to optimize the return on sale of these assets.
Revenue for the three and nine months ended September 30, 2010 decreased by $56.6 million, or 12.1%, and $183.0 million, or 20.1%, respectively, compared to the same periods in 2009. These decreases were due to reductions in available work in both the public and private sectors caused by the weak demand and a highly competitive bidding environment for available work. As a result, we were engaged in fewer public sector projects during the nine months ended September 30, 2010 than in the comparable period of 2009. In addition, 2009 revenue included $82.9 million from federally funded security projects that were substantially completed in 2009.
Read the The complete Report
Granite Construction Inc. has a market cap of $1.03 billion; its shares were traded at around $26.46 with a P/E ratio of 189 and P/S ratio of 0.5. The dividend yield of Granite Construction Inc. stocks is 2%. Granite Construction Inc. had an annual average earning growth of 11.7% over the past 10 years.GVA is in the portfolios of Arnold Van Den Berg of Century Management, John Keeley of Keeley Fund Management, Jeff Auxier of Auxier Focus Fund, Michael Price of MFP Investors LLC, Kenneth Fisher of Fisher Asset Management, LLC, PRIMECAP Management, Chuck Royce of Royce& Associates, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
On October 25, 2010, we publicly announced our work in progress on an Enterprise Improvement Plan that includes continued actions to reduce our cost structure, enhance operating efficiencies and strengthen our business to achieve long term profitable growth. During the fourth quarter of 2010, we initiated a reduction in force that affected approximately 13% of our salaried workforce and implemented several cost saving initiatives. We expect the cost savings from these efforts to benefit 2011 pre-tax income between $36 million and $40 million.The Company anticipates recognizing restructuring and impairment charges between $99 million and $145 million, the majority of which will be incurred during the fourth quarter of 2010. Of the total, approximately $89 million to $133 million are primarily related to non-cash impairment charges associated with the revision of estimated cash flows in certain projects of GLC s real estate portfolio and the expectation that certain materials related fixed assets will be sold within the next 12 months. The balance is associated with severance-related costs that will primarily be paid during the fourth quarter of 2010. The portions of the impairment charges allocable to noncontrolling interests on real estate projects are expected to be between $19 million and $23 million. The decision to sell these assets in future periods, and thus the amount and timing of the related impairment charges, is highly dependent upon market conditions and the Company s ability to optimize the return on sale of these assets.
Revenue for the three and nine months ended September 30, 2010 decreased by $56.6 million, or 12.1%, and $183.0 million, or 20.1%, respectively, compared to the same periods in 2009. These decreases were due to reductions in available work in both the public and private sectors caused by the weak demand and a highly competitive bidding environment for available work. As a result, we were engaged in fewer public sector projects during the nine months ended September 30, 2010 than in the comparable period of 2009. In addition, 2009 revenue included $82.9 million from federally funded security projects that were substantially completed in 2009.
Read the The complete Report
