Granite Construction: 2Q Earnings Snapshot
WATSONVILLE, Calif. (AP) _ Granite Construction Inc. (GVA) on Wednesday reported a second-quarter loss of $8.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Watsonville, California-based company said it had a loss of 20 cents. Earnings, adjusted for costs related to mergers and acquisitions, were 43 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The contractor and construction materials producer posted revenue of $807.1 million in the period.
Granite Construction shares have declined 16 percent since the beginning of the year. The stock has fallen slightly in the last 12 months.