Shares of Granite Construction (NYSE: GVA) tumbled 5.41% in pre-market trading on Thursday following the release of its first quarter 2025 financial results. The infrastructure solutions provider reported mixed performance, with earnings beating expectations but revenue falling short of analyst estimates.

For Q1 2025, Granite Construction posted adjusted earnings per share of $0.01, significantly surpassing the analyst consensus of -$0.46. However, the company's revenue of $699.5 million missed Wall Street's expectations of $705.9 million, despite representing a 4.1% year-over-year increase. The company's adjusted EBITDA came in at $28.07 million, well above analyst estimates of $12.05 million.

Despite the earnings beat, investors seem to be focusing on the revenue miss and the company's decision to maintain its full-year 2025 guidance. Granite Construction reaffirmed its revenue outlook of $4.2 billion to $4.4 billion for the year, which may have disappointed some investors hoping for an upward revision. Additionally, the company's operating margin remained under pressure at -5.7%, in line with the same quarter last year, indicating ongoing challenges in profitability.