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Stock Market & Financial Investment News

News Breaks
June 10, 2014
17:31 EDTGVAGranite Construction awarded $75M joint venture bridge project in Illinois
Granite Construction announced that a joint-venture team comprised of Kenny Construction Company, a Granite subsidiary, and Edward Kraemer & Sons has been awarded a $75M bridge reconstruction and widening contract by the Illinois Tollway. Granite will book its 41% share, or approximately $31M, into backlog during the second quarter. The joint-venture team will be responsible for constructing two new bridge structures that will increase capacity of the Fox River Bridge from six lanes to eight lanes with full shoulders to accommodate the new, wider Interstate 90 roadway. The new bridge structures will be 1,315-feet long, stand 40-feet above the surface of the Fox River and have eight spans supported by seven piers. The existing structures have 14 piers. The new structures will have fewer piers to reduce the environmental impact on the waterway and forested fen below. The Project is projected to start in June 2014 and be completed by the end of 2016. The bridge will remain open with three lanes in each direction being maintained during peak hours.
News For GVA From The Last 14 Days
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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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