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NEW YORK - Granite Construction Incorporated (NYSE:GVA) reported fourth-quarter earnings on Thursday that exceeded analyst expectations, capping off a record year for the company.
Granite Construction reported adjusted earnings per share of $1.23 for the fourth quarter, surpassing the analyst estimate of $1.17. Revenue for the quarter came in at $977 million, slightly above the consensus estimate of $976.76 million and representing a 5% increase year-over-year.
For the full fiscal year 2024, Granite Construction achieved record results, with revenue increasing 14% year-over-year to $4.0 billion. The company’s adjusted diluted EPS for the year was $4.82, up from $3.31 in the previous year.
Looking ahead, Granite Construction provided guidance for fiscal year 2025, projecting revenue in the range of $4.2 billion to $4.4 billion. This outlook aligns with the company’s 2027 organic revenue growth target of 6.0% to 8.0%.
The company also expects to continue expanding margins while maintaining SG&A discipline, targeting an adjusted EBITDA margin range of 11.0% to 12.0% in 2025.
Granite Construction’s strong performance and positive outlook reflect robust market conditions, with high levels of public funding and strong private investment creating attractive opportunities for both its construction and materials segments.
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