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Granite Reports First Quarter 2021 Results Exhibit 99.1 Revenue of $ 669.9 million , up 5.3 % year - over - year Gross profit of $ 63.3 million , up 166.1 % year - over - year Committed and Awarded Projects ( " CAP " ) ( 1 ) of $ 4.45 billion , up 4 % over the fourth quarter of 2020 Operating cash flow of $ 38.1 million , up $ 58.2 million year - over - year WATSONVILLE , Calif . ( May 7 , 2021 ) - Granite Construction Incorporated ( NYSE : GVA ) today announced results for the first quarter ended March 31 , 2021 . First Quarter 2021 Results Results for the first quarter of 2021 were a net loss of ( $ 66.2 ) million , or ( $ 1.45 ) per diluted share , compared to a net loss of ( $ 65.4 ) million , or ( $ 1.44 ) per diluted share , in the prior year . Adjusted net loss ( 2 ) for the first quarter of 2021 , which excludes other costs ( 3 ) , non - cash impairments of goodwill , Transaction costs ( 4 ) , and amortization of debt discount related to our 2.75 % convertible notes , was ( $ 4.9 ) million , or ( $ 0.11 ) per diluted share , compared to an adjusted net loss ( 2 ) of ( $ 31.6 ) million , or ( $ 0.69 ) per diluted share , in the prior year . • • • • • Revenue increased 5.3 % to $ 669.9 million compared to $ 635.9 million in the prior year . Gross profit increased 166.1 % to $ 63.3 million compared to $ 23.8 million in the prior year . Gross profit margin increased to 9.5 % compared to 3.7 % in the prior year . Selling , general & administrative ( " SG & A " ) expenses were $ 75.7 million or 11.3 % of revenue , compared to $ 73.2 million or 11.5 % of revenue in the prior year . The increase was primarily attributable to a change in the fair market value of our Non - Qualified Deferred Compensation plan liability of $ 5.3 million year - over - year , which is primarily offset in other ( income ) expense , net . Adjusted EBITDA ( 2 ) was $ 16.9 million compared to ( $ 18.4 ) million in the prior year . CAP ( 1 ) totaled $ 4.45 billion , up slightly year - over - year and up 4 % compared to the fourth quarter of 2020 . Operating cash flow increased $ 58.2 million to $ 38.1 million compared to ( $ 20.1 ) million in the prior year . Cash and marketable securities increased $ 216.6 million to $ 464.2 million compared to $ 247.6 million in the prior year , while debt decreased $ 23.8 million to $ 340.3 million compared to $ 364.2 million in the prior year . " Building on momentum from 2020 to 2021 , Granite completed a strong first quarter , ” said Kyle Larkin , Granite President . “ In our seasonally slowest quarter , we realized continued improvement in the Transportation segment with minimal losses in the Heavy Civil Operating Group Old Risk Portfolio ( 5 ) and significant improvement in gross profit in our Specialty segment . We continued to build cash and marketable securities through positive operating cash flow and our balance sheet position remains strong even after considering the previously disclosed settlement agreement . This settlement marks another significant milestone for Granite as we move forward . " " Additionally , we are encouraged by the bidding activity across the company during the first quarter , ” continued Larkin . “ Our major markets are healthy with robust opportunities . We are optimistic that the federal government will continue to work towards an infrastructure plan this year , which should only strengthen the environment . ” ( 1 ) CAP is comprised of contract backlog ( unearned revenue and other awards ) , as well as awarded construction management / general contractor , construction manager at - risk , and progressive design build projects not yet included in contract backlog . ( 2 ) Adjusted net income ( loss ) , adjusted diluted income ( loss ) per share , earnings before interest , taxes , depreciation , and amortization ( “ EBITDA ” ) , EBITDA margin , adjusted EBITDA , and adjusted EBITDA margin are non - GAAP measures . Please refer to the description and reconciliation of non- GAAP measures in the attached tables . ( 3 ) Other costs includes the settlement charge , legal and accounting investigation fees , integration expenses related to the acquisition of the Layne Christensen Company ( " Layne ” ) and restructuring charges related to our Heavy Civil Operating Group . ( 4 ) Transaction costs includes acquired intangible amortization expenses and acquisition related depreciation related to the acquisition of Layne and LiquiForce . ( 5 ) The Heavy Civil Operating Group Old Risk Portfolio include projects with risk criteria that do not align with Granite's new project selection criteria for the Heavy Civil Operating Group .