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December 28, 2012
09:02 EDTGVAGranite Construction to acquire Kenny Construction for $130M
Granite Construction has signed a definitive agreement to acquire Kenny Construction Company, a national contractor and construction manager specializing in the power, tunnel, water and civil markets, for $130M. Kenny is a privately-owned, Northbrook, Illinois-based company with approximately 425 employees. Kenny’s revenues are projected to be $270M for 2012. Granite intends to finance the transaction through a combination of cash and available borrowings under its existing revolving credit facility. The transaction has been closed in escrow and will become effective on December 31. One-time costs related to the acquisition of Kenny are estimated to be approximately $5M and will be recorded in Q4. Including integration costs and the impact of intangible amortization, the transaction is expected to be break-even to Granite’s 2013 EPS. Excluding intangible asset amortization, the transaction would be immediately accretive
News For GVA From The Last 14 Days
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March 4, 2015
09:12 EDTGVAGranite Construction coverage transferred with a Buy at BB&T
Target $40.
February 27, 2015
08:03 EDTGVAGranite Construction reports Q4 EPS 43c, may not compare to consensus 70c
Reports Q4 revenue $589.8M, may not compare to consensus $713.96M. The company says, "Granite is positioned well to execute on our more than $2.7 billion of backlog, with several additional awards pending for the first quarter. In 2014, our margins improved in all segments of our business. We expect to grow revenue steadily in the current environment, and we are confident that additional margin improvement in 2015 will be aligned to continued efficiency gains."
February 20, 2015
10:01 EDTGVAOn The Fly: Analyst Downgrade Summary
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05:42 EDTGVAGranite Construction downgraded to Neutral from Buy at Goldman
Goldman Sachs downgraded Granite Construction to Neutral saying increased competition could slow the company's margin growth. Goldman cut its price target for shares to $42 from $47.

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