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Granite Construction Overstates Profit, Restates Financials
Infrastructure contractor also paid $12 million to settle an SEC probe.
February 22, 2023
Granite Construction (GVA), an infrastructure contractor and a construction materials producer, has restated its financials for the nine months ended September 30, 2022. In addition to accounting errors related to income tax calculations, Granite also acknowledged errors related to revenue and cost of revenue.
The restatements reveal Granite:
—Overstated Revenue by $2.1 million, or 0.08%
—Overstated Operating Income by $8.2 million, or 10.6%
—Overstated Net Income by $16.3 million, or 21.4%
The restated financials are the last footnote at the very end of the company’s latest annual report.
The accounting issues resulted in multiple subpoenas from the SEC and allegations the company had violated securities laws. In September, Granite paid $12 million to settle the matter.
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