Granite Construction (GVA) To Report Earnings Tomorrow: Here Is What To Expect

Construction and construction materials company Granite Construction (NYSE:GVA) will be reporting earnings tomorrow before market hours. Here’s what to expect.

Granite Construction beat analysts’ revenue expectations by 7.3% last quarter, reporting revenues of $1.08 billion, up 20.5% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ EBITDA estimates.

Is Granite Construction a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Granite Construction’s revenue to grow 15.2% year on year to $1.29 billion, improving from the 10.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.47 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Granite Construction has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Granite Construction’s peers in the construction and engineering segment, only Comfort Systems has reported results so far. It missed analysts’ revenue estimates by 1.6%, delivering year-on-year sales growth of 31.5%. The stock was down 10.3% on the results.

Investors in the construction and engineering segment have had steady hands going into earnings, with share prices flat over the last month. Granite Construction is up 4% during the same time and is heading into earnings with an average analyst price target of $80.50 (compared to the current share price of $82.53).

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