10:38 AM EDT, 08/01/2024 (MT Newswires) -- Granite Construction ( GVA ) shares rose nearly 4% in recent Thursday trading after the company posted Q2 results that surpassed analysts' estimates.

The company reported Q2 adjusted diluted earnings of $1.73, up from $1.06 a year earlier.

Two analysts polled by Capital IQ expected $1.39.

Revenue for the quarter ended June 30 was $1.08 billion, up from $898.6 million a year earlier.

Three analysts surveyed by Capital IQ expected $1.01 billion.

The company said its 2024 outlook remains the same except for the revenue. The company is changing its revenue guidance to $3.9 billion to $4 billion from $3.8 billion to $4 billion.

The company also said it agreed to acquire Dickerson & Bowen. The transaction is set to close in Q3, subject to certain conditions.

Price: 70.99, Change: +2.53, Percent Change: +3.70