GVA - Why Granite Construction Stock Is Soaring Higher Today
2023-10-31 13:11:58 ET
Granite Construction 's (NYSE: GVA) third-quarter results came in above expectations, and the company said it remains on track to hit its long-term targets. Investors are excited about the opportunity, sending shares of Granite up as much as 15% in Tuesday trading.
Granite is a full-service construction and materials company specializing in large civic contracts. The company should be one of the big beneficiaries of a U.S. push to spend on infrastructure, but investors had some reason to worry heading into earnings season that economic uncertainty and government gridlock could delay big projects.
The latest quarter should provide reassurance. Granite earned $1.69 per share in the quarter on $1.1 billion in sales, besting the consensus estimate for $1.45 per share in earnings and $1.08 billion in revenue.
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Why Granite Construction Stock Is Soaring Higher Today