Granite Construction Inc. (GVA) reported that its first quarter of 2013 net loss attributable to the company widened to $22.0 million, or $0.57 per share, from $11.8 million, or $0.31 per share in the first quarter of 2012.
Revenues for the quarter totaled $378.7 million, compared with $310.2 million in 2012. Revenues included $63.7 million from Kenny Construction Company, which Granite acquired on December 31, 2012.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.21 per share on revenues of $353.93 million for the quarter. Analysts' estimates typically exclude special items.
For 2013, Construction segment revenues are expected to total $1.25 billion to $1.4 billion, with a corresponding gross profit margin of 8 percent to 10 percent. Large Project Construction segment revenues are expected to be in the range of $850 million to $1.05 billion, with a corresponding gross profit margin of 12 percent to 14 percent. Construction Materials revenues are expected to be $200 million to $230 million, with a corresponding gross profit margin of 6 percent to 9 percent.
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