Granite Construction Dips As Quarterly Earnings Miss Estimates

(RTTNews) - Shares of Granite Construction Incorporated (GVA) are down more than 8% Friday morning after the company's fourth quarter results came in below the Street view.

The company reported net loss of $13.2 million, or $0.28 per share in the fourth quarter compared with net income of $8 million, or $0.17 per share, in the same period last year.

Excluding one-time items, earnings were $0.05 per share, that missed the average estimate of analysts polled by Thomson Reuters of $0.36 per share.

Revenue from continuing operations decreased 17.7% year-over-year to $683.2 million, impacted by lower construction revenue. The consensus estimate stood at $960.7 million.

The company said construction revenue in the fourth quarter decreased compared to the same period last year primarily due to the impact of inclement weather in California.

GVA touched a new low of $31.02 this morning before edging up to $31.60 currently.