Granite Construction (NYSE: GVA) reported Q2 EPS of $0.35, $0.22 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $762.9 million versus the consensus estimate of $684.32 million.

"This is a very exciting time for our business. Our growth expectations for 2017 and 2018 have increased, and our outlook continues to improve across our business," said James H. Roberts, President and Chief Executive Officer of Granite Construction Incorporated.

Outlook and Guidance

"Market conditions are changing across geographies and across end markets, and our business leaders have been tasked with raising their expectations in response to improved demand. We see significant expansion in our markets, and it is incumbent upon us as a leader in our industry, to raise our expectations for returns in all three segments of our business,\" said Roberts. \"Our outlook for growth continues to improve. As we enter the heart of our construction season, Granite teams are focused on solid safety performance and consistent execution of record backlog. We are extremely well positioned to benefit from steady private-market demand, as well as a significant uptick in key public transportation markets that is beginning this year and should continue for the foreseeable future."

Highlights

• Revenue increased to $762.9 million, up 26.2 percent year-over-year
• Record Company backlog of $4.1 billion, up 8.4 percent year-over-year
• Construction segment and Construction Materials segment gross profit margins at 14.6 percent
• Large Project Construction segment gross profit at breakeven
• Net income of $14.1 million flat to 2016

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