Granite Announces New Reporting Segments
WATSONVILLE, Calif.--(BUSINESS WIRE)--Oct 3, 2018--Granite Construction Incorporated (NYSE: GVA; the “Company”) announced today that it will change its reportable segments. In alignment with the Company’s strategic end-market diversification both organically and through recent acquisitions, these segment changes better reflect how the Company’s chief operating decision maker (its Chief Executive Officer) regularly reviews financial information to allocate resources and assess performance.
Starting with third quarter 2018 results that will be released on October 26, 2018, the Company’s new end-market based segments will be: Transportation, Water, Specialty and Materials. The end market segments Transportation, Water and Specialty replace the Construction and Large Project Construction reportable segments with the composition of the Materials segment remaining unchanged except for the addition of certain material production activity related to the acquisition of Layne Christensen Company.
An 8-K with quarterly and annual segment information details for 2016, 2017, and 2018 will be filed with the Securities & Exchange Commission after market close on October 9. The Company will host an investor conference call at 8:00 a.m. PT, Wednesday, October 10, 2018, for a brief discussion of the segment changes.
The Company invites investors to listen to a live audio webcast on its Investor Relations website, http://investor.graniteconstruction.com. An archive of the webcast will be available on the website approximately one hour after the call. The live call also is available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. A replay will be available after the live call through October 17, 2018, by calling 1-877-344-7529, replay access code 10124963; international callers may dial 1-412-317-0088.
Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE: GVA) is a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite, America’s Infrastructure Company, is an award-winning firm in safety, quality and environmental stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for nine consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit .
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CONTACT: Granite Construction Incorporated
Jacque Fourchy, 831-761-4741
Ronald Botoff, 831-728-7532
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ENERGY UTILITIES TRANSPORT PUBLIC TRANSPORT NATURAL RESOURCES MINING/MINERALS URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Granite Construction Incorporated
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PUB: 10/03/2018 04:43 PM/DISC: 10/03/2018 04:43 PM