Granite Construction Inc. GVA, +3.61% said Monday it no longer plans to sell its Water Resources and Mineral Services businesses, citing current market conditions. The construction materials company said the businesses’ assets will no longer be classified as held for sale, and the financial results will be reporting within continuing operations. “Although we saw significant interest in the Water Resources and Mineral Services businesses, current market conditions undermined our efforts to secure appropriate value for the businesses,” said Chief Executive Kyle Larkin. “Both businesses have performed very well this year, supported by strong underlying market demand which remains resilient. The ongoing drought concerns across much of the country, coupled with the strong demand for mineral resources, makes us optimistic about the outlook for these businesses.” The stock, which was still inactive in premarket trading, has slumped 28.0% year to date while the S&P 500 SPX, -0.31% has dropped 18.7%.
