Recognising Valuable Systems For Construction Loan

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Construction Materials: Net sales in the reported quarter were down 8% year over year to $60.9 million. The segment reported gross profit of $6.1 million compared with $7.3 million in the prior-year quarter. Financial Update Granite Construction reported cash and cash equivalents of $189 million at the end of 2016, down from $252.8 million as of Dec 31, 2015. Long-term debt was $229.5 million as of Dec 31, 2016 compared with $244 million as of Dec 31, 2015. Granite Construction reported cash flow from operations of $73 million in 2016 compared with $67 million in 2015. Backlog ended at a year-end record of $3.48 billion, up 19.8% from $2.91 billion in 2015. 2016 Performance Granite Construction posted earnings of $1.42 per share for 2016, down 6.6% year over year. Earnings also missed the Zacks Consensus Estimate of $1.52.