Granite Construction Incorporated
) declared that AGL Constructors, a joint venture between Archer
Western Contractors, LLC, Granite Construction Company and Lane
Construction Corporation received an executed contract from the
Texas Department of Transportation (TxDOT).
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AGL also received a notice from TxDOT to proceed on IH-35E
Managed Lanes Project in Texas. AGL was selected for the project
in Dec 2012 and is expected to take around three-and-a-half years
to complete the work.
The project includes design and reconstruction of 28 miles
between IH-635 and US 380 lying between Dallas and Denton
Counties which is one of Texas' 100 most congested roadways. The
project will add two reversible managed lanes and one additional
general purpose lane in each direction. The joint venture is also
required to build a new southbound bridge at Lake Lewisville that
will offer more reliability to commuters during major incidents.
Granite, which belongs to the building and heavy construction
industry along with
Primoris Services Corporation
Orion Marine Group, Inc.
Chicago Bridge & Iron Company N.V.
), holds a 35% share of the project. It expects to book about
$296 million into the backlog for the second quarter of 2013
related to its share of the project.
Recently, Granite received a design-build contract worth $130
million from the North Carolina Department of Transportation for
the I-40/440 reconstruction project. Construction work for the
project is scheduled to begin later this year and is expected to
be complete in late 2016.
Granite anticipates at least double-digit gain in its top line
for full-year 2013. The company also expects to generate strong
cash flow, which will allow it to further implement strategic
long-term plan. Also, recovery in the private construction market
will help drive significant long-term operational and financial
performance of Granite.
Watsonville, Calif.-based Granite is one of the largest
infrastructure contractors and construction materials producers.
Granite's project teams represent some of the best in the
industry serving owners in the transportation, power, federal,
tunneling, underground and industrial, mining and water resources
markets, which serve both public and private-sector clients.
Granite currently retains a short-term Zacks Rank #5 (Strong