Granite Construction, Inc. (GVA) Misses Q1 EPS by 16c

Granite Construction, Inc. (NYSE: GVA) reported Q1 EPS of ($0.49), $0.16 worse than the analyst estimate of ($0.33). Revenue for the quarter came in at $379.8 million versus the consensus estimate of $426.95 million.

“Our teams continue to focus on the many opportunities we have to grow the business this year by executing on Granite’s strategic plan,” said James H. Roberts, President and CEO of Granite Construction Incorporated. “We are seeing signs of private market recovery, and the bidding environment, especially in large projects, remains robust. We are very pleased the Granite joint venture team was announced last week as the successful bidder on the $2.3 billion I-4 Ultimate project in Florida. However, inaction by Congress to adequately fund America’s infrastructure could slow down the recovery we are beginning to experience.

“In being named one of the World’s Most Ethical Companies, Granite is one of only three companies in the construction industry – and the only U.S.-based construction company – honored this year. Receiving this award for the fifth consecutive year is a testament to the Code of Conduct that is pervasive inside our offices and on our jobsites today,” Roberts said.

For earnings history and earnings-related data on Granite Construction, Inc. (GVA) click here.

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