Stock Track | Granite Construction Plunges 9.9% Pre-Market on Q3 Miss Despite Reaffirmed Guidance

Stock Track

Oct 31, 2024

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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Granite Construction's revenue for the quarter came in at $1.276 billion, narrowly missing the estimated $1.287 billion by 0.84%.</p>\n\n<p>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%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GVA","symbol_name":"花岗岩建筑","start_time":0,"source_url":"","article_id":"1123764020","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1123764020","pubTimestamp":1730376387,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Granite Construction  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%. 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