Shares of Cardinal Infrastructure were lower after the civil contractor's second-quarter profit fell.

The stock was down 27% to $43.57 in recent trading, but rose 80% since the start of the year.

The company said net income fell to $4.68 million, or 26 cents a share, from $7.17 million, or 53 cents a share, a year earlier.

Revenue rose to $226.9 million from $106.1 million a year earlier. Analysts polled by FactSet expected $176.1 million.

Cardinal increased its full-year revenue guidance to between $880 million and $900 million, from a prior view for $675 million to $685 million.

The company also said it would purchase Allied Paving Contractors, a paving and heavy site construction contractor, for $120 million. The move marks its ninth acquisition since 2021.