Granite Provides Business Update and Third Quarter 2020 Preliminary Select Financial Information

Granite Construction Incorporated (NYSE: GVA) today provided a business update and third quarter 2020 preliminary select financial information.

“I am pleased today to discuss some highlights of Granite’s recent performance, but first, I want to thank the Board of Directors for their confidence in my ability to lead Granite through the near-term challenges we are facing as we work to implement our long-term strategic vision,” said Kyle T. Larkin, President at Granite. “While we can all acknowledge that 2020 has been a difficult year on many fronts, our people will lead the Company through these tough times. Despite the COVID-19 pandemic and California wildfires, our work levels remain steady with minimal project impact, and our business continues to adapt. As of September 30, 2020, total company committed and awarded projects (CAP) ⁽¹⁾ stood at $4.2 billion, and Granite’s liquidity has improved over the course of the year. We are focused on completing our restated financials and filing with the SEC so we can once again direct all of our efforts on being the best builders and materials producers in the industry.

“Most importantly, our top concern remains the safety of our employees and our continued commitment to providing our employees with a safe and healthy work environment in this especially tumultuous year.”

Liquidity and Financial Flexibility Remains Healthy

The following information is preliminary and unaudited and could be impacted by subsequent events or determinations.

The Company had $549.6 million of available liquidity, inclusive of $393.7 million of cash and marketable securities as of September 30, 2020 compared to $232.6 million of cash and marketable securities as of September 30, 2019. Debt was $413.9 million as of September 30, 2020 compared to $403.1 million as of September 30, 2019. The Company did not make any borrowings during the quarter on its credit facility and continues to focus on strategic cash management. Additionally, the Company is working with its lenders to amend its credit facility to extend the filing deadline to February 28, 2021 for its audited financial statements on Form 10-K for the year-ended December 31, 2019 and for the Company’s Form 10-Qs for the first three quarters of 2020. The Company expects to enter into this amendment on or before November 15, 2020.