Granite Construction Q4 Profit Rises, But Misses Estimates - Update

(RTTNews) - (Adds Outlook)

For the full year, Granite Construction Inc. (GVA) expects revenue of $3.8 billion to $4 billion, in line with analysts' estimate of $3.85 billion.  Capital expenditures are projected to be around $130 million to $150 million for the period.

Q4 Results:

For the fourth quarter, Granite Construction revealed a profit for its fourth quarter that increased from last year but missed the Street estimates.

The company's bottom line came in at $25.998 million, or $0.55 per share. This compares with $22.052 million, or $0.46 per share, in last year's fourth quarter.

Excluding items, Granite Construction Inc. reported adjusted earnings of $36.287 million or $0.82 per share for the period.

Analysts on average had expected the company to earn $0.88 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 18.3% to $933.698 million from $789.213 million last year.

Granite Construction Inc. Q4 earnings at a glance (GAAP) :

-Earnings (Q4): $25.998 Mln. vs. $22.052 Mln. last year. -EPS (Q4): $0.55 vs. $0.46 last year. -Analyst Estimate: $0.88 -Revenue (Q4): $933.698 Mln vs. $789.213 Mln last year.