Granite Construction (NYSE:GVA) Announces Quarterly Earnings Results, Misses Estimates By $0.46 EPS

Granite Construction (NYSE:GVA) posted its earnings results on Thursday. The construction company reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46), Briefing.com reports. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the firm posted $1.69 earnings per share. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. Granite Construction updated its FY 2024 guidance to EPS.

Granite Construction Price Performance

Shares of NYSE GVA traded up $2.42 during trading on Friday, reaching $86.47. The company had a trading volume of 1,606,080 shares, compared to its average volume of 533,433. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $3.78 billion, a PE ratio of 50.23 and a beta of 1.38. Granite Construction has a twelve month low of $43.50 and a twelve month high of $88.67. The stock has a 50-day moving average price of $78.47 and a two-hundred day moving average price of $68.12.

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s payout ratio is 29.89%.

Insider Buying and Selling

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the completion of the transaction, the senior vice president now directly owns 21,943 shares in the company, valued at approximately $1,518,894.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group increased their price objective on shares of Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a research note on Wednesday, October 9th.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.