Brief: Granite Announces Acquisition Of Lehman-Roberts Company And Memphis Stone & Gravel Company

Granite Construction Incorporated

05/12/2023 15:48

Dec 5 (Reuters) - Granite Construction Inc  GVA.N :
    * GRANITE ANNOUNCES ACQUISITION OF LEHMAN-ROBERTS COMPANY
AND
MEMPHIS STONE & GRAVEL COMPANY
    * GRANITE CONSTRUCTION INC - REVISING 2024 FINANCIAL TARGETS
TO
REFLECT ACQUISITION
    * GRANITE CONSTRUCTION INC - ACQUISITION WAS FINANCED
THROUGH A
NEW TERM LOAN OF $150 MILLION MATURING ON JUNE 2, 2027
    * GRANITE CONSTRUCTION INC - INCREASING OUR 2024 REVENUE
TARGET TO
A REVENUE RANGE OF $3.8 BILLION TO $4.0 BILLION
    * GRANITE CONSTRUCTION INC - WHILE EXPECT ACQUISITION TO BE
ACCRETIVE TO EBITDA, WE ARE MAINTAINING OUR 2024 ADJUSTED EBITDA
MARGIN RANGE OF 9% TO 11%

Source text for Eikon:  ID:nBw8r6jJra 
Further company coverage:  GVA.N 

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