Shares of Granite Construction (GVA) tumbled 5.17% in intraday trading on Thursday after the company reported second-quarter earnings that fell short of analyst expectations on the bottom line, overshadowing a revenue beat and an improved full-year revenue outlook.

The infrastructure contractor posted adjusted earnings per share of $2.16, missing the IBES estimate of $2.33. Adjusted EBITDA came in at $186 million, also below the consensus estimate of $204.8 million. On a GAAP basis, the company swung to a net loss of $278 million, or $6.36 per share, largely due to a $360 million loss on convertible debt transactions. Revenue climbed 29.3% to $1.46 billion, topping the $1.412 billion estimate, and Granite raised its 2026 revenue guidance to a range of $5.3 billion to $5.5 billion from the previous $5.2 billion to $5.4 billion.

The mixed quarterly report, with the earnings miss weighing more heavily on investor sentiment than the raised revenue forecast, triggered a sell-off in the stock during the session.