Granite Construction (NYSE: GVA) shares plummeted 9.9% in pre-market trading on Wednesday after the company reported mixed third-quarter results, missing analysts' estimates for both earnings and revenue despite reaffirming its full-year 2024 guidance.
The construction and construction materials company reported adjusted earnings per share of $2.05 for the third quarter, missing the consensus estimate of $2.47 by 17%. Granite Construction's revenue for the quarter came in at $1.276 billion, narrowly missing the estimated $1.287 billion by 0.84%.
Despite the disappointing third-quarter performance, Granite Construction reaffirmed its full-year 2024 revenue guidance range of $3.9 billion to $4.0 billion. The company also narrowed its adjusted EBITDA margin guidance to 10% to 11%, from the previous range of 9.5% to 11.5%.
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