Granite Construction Incorporated up 7.23% at $30.24 after earnings beat

Granite Construction Incorporated (GVA) said before opening Thursday that it earned $1.41 per share in the third quarter of 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analysts’ estimates or prior periods.

As for revenue, the company reported $1 billion, beating estimates of $26.1 million.

In the same quarter a year ago, the company earned $0.93 per share on revenue of $1.1 billion.

The stock is up 7.23% at $30.24 after the report.

The company’s lower revenue growth relative to earnings indicates that the company has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a hold that could be revised based on this new data.

InvestorsObserver gives the stock a neutral sentiment score at this time based on recent trading.

Granite Construction Incorporated has performed slightly below average in recent months. Prior to the report, Granite Construction Incorporated received a long-term technical ranking by InvestorsObserver of 48, putting it in the bottom half of stocks. The company was recently trading at a 52-week low of $25.35 on September 30, 2022 and set a 52-week high on November 8, 2021 at $43.98.

Granite Construction engages in the construction and development of various infrastructure projects on behalf of public and private clients in the United States. He primarily focuses on heavy civil infrastructure projects including roads, highways, mass transit facilities, airports and bridges. In addition, the Company performs site preparation and infrastructure services for residential development, energy development and other facilities. The majority of revenue comes from the company’s construction operating segment, with the remainder coming from its materials segment.

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