Shares of Granite Construction Inc. (NYSE: GVA) surged over 5% on Thursday after the company reported strong third-quarter results and provided an optimistic outlook for the coming years. The infrastructure company's stock jumped as investors cheered its record quarterly revenue, solid profitability improvements, and robust growth prospects.

Granite Construction posted a 14% year-over-year increase in revenue to $1.28 billion for the third quarter of 2024, driven by higher construction activity across most of its geographies. While some profitable projects were delayed into 2025, the company maintained its full-year revenue guidance range of $3.9 billion to $4 billion, expecting a strong finish to the year.

The company's profitability metrics also showed significant improvement. Adjusted net income rose 18% year-over-year, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 18% as well. Granite Construction attributed the higher profitability to its focus on operational excellence and a higher-quality project portfolio.