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Granite Reports Second Quarter 2021 Results Exhibit 99.1 • • Q2 revenue of $ 964.2 million , up 5.3 % for the same period year - over - year Q2 diluted net income per share of $ 1.14 , Q2 adjusted diluted net income per share of $ 0.91 ( 1 ) Strong project execution in the Old Risk Portfolio ( 2 ) with Q2 gross profit of $ 2.5 million Cash and marketable securities of $ 404.0 million , debt of $ 339.9 million Committed and Awarded Projects ( " CAP " ) up $ 280.3 million for the same period year - over - year , and slightly down sequentially reflecting Old Risk Portfolio progression Closed on the sale of an office building resulting in $ 40.8 million of proceeds and gain on sale of $ 29.7 million during the quarter WATSONVILLE , Calif . ( July 29 , 2021 ) - Granite Construction Incorporated ( NYSE : GVA ) today announced results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Results Net income increased to $ 54.5 million , or $ 1.14 per diluted share , compared to net income of $ 3.4 million , or $ 0.07 per diluted share , for the same period year - over - year . Adjusted net income ( 1 ) , which excludes other costs ( 3 ) , non - cash impairments of goodwill , transaction costs ( 4 ) , gain on sale of property and amortization of debt discount related to our 2.75 % convertible notes , totaled $ 42.3 million , or $ 0.91 per diluted share , compared to adjusted net income of $ 19.1 million , or $ 0.41 per diluted share , for the same period year - over - year . • • • Revenue increased 5.3 % to $ 964.2 million compared to $ 915.8 million for the same period year - over - year . Gross profit increased to $ 116.9 million compared to $ 88.3 million for the same period year - over - year . Selling , general , and administrative ( " SG & A ” ) expenses were $ 74.1 million or 7.7 % of revenue , compared to $ 78.0 million or 8.5 % of revenue for the same period year - over - year . Diluted net income per share increased to $ 1.14 compared to $ 0.07 for the same period year - over - year . Adjusted diluted net income per share increased to $ 0.91 compared to $ 0.41 for the same period year - over - year . Adjusted EBITDA ( 1 ) increased to $ 79.9 million , compared to $ 49.9 million for the same period year - over - year . Committed and Awarded Projects ( " CAP " ) ( 5 ) totaled $ 4.4 billion , up $ 0.3 billion for the same period year - over - year , and down $ 6.6 million since the first quarter of 2021 . Cash and marketable securities increased $ 109.2 million to $ 404.0 million compared to $ 294.8 million for the same period year - over - year aided by a sale of a property during the quarter with proceeds of $ 40.8 million , while debt decreased $ 74.1 million to $ 339.9 million compared to $ 414.0 million for the same period year - over - year . " I am pleased with the performance of the business this quarter as we work through the Heavy Civil Operating Group Old Risk Portfolio , " said Kyle Larkin , Granite President and CEO . " Our second quarter adjusted diluted net income per share of $ 0.91 and adjusted EBITDA of $ 79.9 million were propelled by strong results from our vertically - integrated businesses in the California and Northwest Operating Groups . Public and private markets are robust , as is demonstrated by the increases in transportation CAP within the vertically - integrated groups and in both the water and specialty segments for the same period year - over - year . Our cash and balance sheet remain strong as we head into the second half of the year . " ( 1 ) 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 . ( 2 ) The Heavy Civil Operating Group Old Risk Portfolio includes projects with risk criteria that do not align with Granite's new project selection criteria for the Heavy Civil Operating Group . ( 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 ) CAP is comprised of unearned revenue and other awards , as well as awarded construction management / general contractor , construction manager at- risk , and progressive design build projects for which contract execution and funding is probable .