Granite Construction Inc. (GVA) reported on Thursday that its net income attributable to the company increased in the third quarter compared with the previous year.
Shares of Granite Construction are increasing by around 3.54% in the pre-market trading.
For the third quarter, net income attributable to the company increased 30 percent to $102.93 million from $78.95 million in the previous year.
Earnings per share were $1.98 versus $1.57 last year.
On the adjusted basis, net income attributable to the company jumped 36 percent to $124.47 million from $90.54 million in the prior year.
Adjusted earnings per share were $2.70 versus $2.05 last year.
On average, three analysts had expected the company to report $2.5 per share. Analysts' estimates typically exclude special items.
EBITDA increased to $197.34 million from $138.77 million in the same period last year.
Adjusted EBITDA surged 44% percent to $215.57 million from $149.28 million in the prior year.
Operating income increased to $143.65 million from $104.30 million in the prior year.
Revenue rose 12 percent to $1.43 billion from $1.28 billion in the previous year.
Further, the company narrowed its revenue guidance for the fiscal year 2025 to $4.35 billion to $4.45 billion, down from $4.35 billion to $4.55 billion.
Adjusted EBITDA margin for the fiscal 2025 is increased to a range of 11.50% to 12.50% from a range of 11.25% to 12.25%.
In the pre-market trading, Granite Construction is 3.54% higher at $106.40 on the New York Stock Exchange.
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