Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of contractor Granite Construction (NYSE:GVA) dropped today after reporting third-quarter earnings.

So what: Revenue rose 2% in the third quarter to $741.6 million and net income dropped 70% to $11.0 million, or $0.28 per share. Analysts were expecting $900.8 million in revenue and earnings of $0.78 per share, so clearly investors were disappointed in the results.  

Now what: Revenue recognition in the construction business can be lumpy so I wouldn't get too worked up over any single quarter. The positive data point was that backlog increased to $2.8 billion at the end of last quarter from $1.6 billion a year ago. I don't think the results were as bad as they look on the surface and wouldn't change my investing thesis today.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.