Granite Construction (GVA) Tops Q3 EPS by 3c, Revs Short, Guidance

Granite Construction, Inc. (NYSE: GVA) reported Q3 EPS of $0.94, $0.03 better than the analyst estimate of $0.91. Revenue for the quarter came in at $728.5 million versus the consensus estimate of $845.2 million.

Outlook

Based on its year-to-date performance, the company is updating its guidance for the Large Project segment and now expects revenue to be between $900.0 and $950.0 million with gross margin of 16 to 17 percent. The Company is also updating its revenue guidance for the Construction segment and now expects revenue to be $1.0 to $1.05 billion. Gross margin guidance is still expected to be between 8 and 9 percent. The Company is also updating its revenue guidance for the Construction Materials segment and now expects revenue to be $210 to $220 million with gross margins of 6 to 7 percent.

Net income attributable to non-controlling interests is now expected to be approximately $18 million for the year.

For earnings history and earnings-related data on Granite Construction, Inc. (GVA) click here.

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