The California based construction company Granite, located in Watsonville, recently announced their Q4 results of last year as well as the full year results. The company reported that they made a net loss for the whole year of 2010 of around $59.0 million. This is in comparison to the last full year’s results of $73.5 million net income for the whole year of 2009.
For the year 2010′s fourth quarter meanwhile, the company has reported a $50.0 million net loss, when compared to the net income of 2009′s fourth quarter which was $16.0 million. The company’s loss per share was $1.32 for the quarter which ended on December 31, 2010. This is in comparison to the $0.41 earnings of EPS of the same period last year.
2010′s fourth quarter also saw the inclusion of restructuring charges which amounted to $107.3 million in association with the plan of Enterprise Improvement of the company. The restructuring charges portion can be attributed to the non-controlling interests which amounted to $20 million.
The CEO and President of Granite Construction, James Roberts, said that during their fourth quarter, they made some solid progress so as to reduce the cost of their structure and strengthen their long term business prospects. In addition to Granite’s difficult but necessary decision of decreasing their work force, they are also focusing on gaining maximum efficiency when it comes to their core business.
They are also committed to divest their investment business of real estate over the coming three years. Roberts also added that they are currently operating in what is one most strenuous economic environment which they have seen in decades. In spite of these challenges, they grew a backlog in both the main segments of their company to keep a stable balance sheet, continuing positioning their company so as to recapture the momentum it had in 2011.
The Granite Construction Co. is a general heavy civil contractor as well as a producer of construction material.
This company began in 1922 and began publicly trading in the year 1990. The company specializes in both private and public sector projects of transportation infrastructure. The company’s material division also produces materials for use in construction.