(RTTNews) - Shares of construction materials producer Granite Construction Incorporated (GVA) are rising more than 13% Tuesday morning after reporting better-than-expected third-quarter results.
Net income in the third quarter declined to $58 million, or $1.13 per share from $69 million, or $1.36 per share for the same period in the prior year.
Excluding one-time items, earnings were $75 million, or $1.69 per diluted share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.45 per share.
Revenue increased to $1.1 billion from $1.0 billion last year. The consensus estimate was for $1.08 billion.
GVA, currently at $39.09, has traded in the range of $33.11-$44.15 in the last 1 year.
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