Granite Construction's stock price soared 5.09% during Thursday's intraday trading session following the release of its first-quarter 2026 financial results.

The significant price movement was driven by the company reporting better-than-expected quarterly earnings and revenue, alongside an upward revision to its full-year outlook. Granite Construction reported Q1 adjusted earnings of $0.26 per diluted share, a substantial improvement from $0.01 a year earlier and beating analyst estimates that anticipated a loss. Quarterly revenue jumped 30% year-over-year to $912.5 million, also surpassing consensus forecasts.

Furthermore, the company raised its 2026 revenue guidance to a range of $5.2 billion to $5.4 billion, up from its previous forecast and above analyst expectations. This improved outlook is attributed to strong performance in its construction and materials segments, bolstered by recent acquisitions and robust demand for aggregates and asphalt.