Granite Construction Q3 Earnings Fall, Maintains FY23 Outlook

(RTTNews) - Granite Construction Inc. (GVA) Tuesday reported lower earnings for the third quarter, despite 11 percent increase in revenues. Further, the company confirmed its outlook for fiscal 2023.

Quarterly profit decreased to $57.624 million or $1.13 per share from $69.302 million or $1.36 per share same period last year, on higher provision for income taxes.

Excluding items, earnings were $75.227 million or $1.69 per share compared to $57.177 million or $1.28 per share in the previous year.

On average, four analysts polled by Thomson Reuters expected earnings of $1.45 per share for the year. Analysts' estimates typically exclude special items.

Revenue, however, increased to $1.116 billion from $1.008 billion in the prior year. The street estimate for revenue was $1.08 billion.

Looking forward to the full year, the company said its outlook is unchanged and continues to expect revenue in the range of $3.35 billion to $3.45 billion.

On Monday, Granite Construction shares closed at $34.31 up 0.12% on the New York Stock Exchange.