Granite Construction Incorporated
) announced the appointment of Christopher S. Miller as the Chief
Operating Officer (COO) and executive vice president as well as to
board of directors. The effective date of appointment is Aug 4,
2014 and Miller will report to President and Chief Executive
Officer (CEO) of Granite, James H. Roberts.
Miller, a Civil Engineer, from the University of Texas, started his
career as a director of Federal Programs for
Jacobs Engineering Group Inc.
). Subsequently, he joined CH2M HILL, where he served as managing
director -- Global Operations, United Kingdom Ministry of Defense
Programs, president -- Government Facilities, Infrastructure
Business Group, CH2M HILL Constructors, Inc. and Global Business
Development and Planning Director over the years.
Before that Miller served in the United States Air Force and was
named to key roles in the Human Systems Division, Weapons System
Program Office and the Air Force Center for Environmental
Miller has an extensive industry experience and strong background
in operational discipline. The COO will supervise Granite
Construction's day-to-day operations and is expected to strengthen
operational excellence throughout the company.
The COO appointment will hopefully help Granite deliver a
turnaround in the coming quarters. After reporting a loss per share
of 94 cents, fiscal 2013 compared with earnings per share of $1.17
in 2012, Granite Construction again reported an adjusted loss per
share of 49 cents in the first quarter of 2014. This was, however,
narrower than the year-ago quarter's loss per share of 57 cents.
Granite Construction's backlog at quarter-end reflects a diverse,
healthy portfolio of projects which bodes well for the company. The
company is also expected to benefit from improved project funding.
Furthermore, underground diversification opportunities in Power and
Tunnel position the company for growth. Both the Construction and
Large Project Construction segments are expected to gain momentum
starting second quarter with Large Project recognition later in the
year, driving overall improved performance in 2014.
Watsonville, CA-based Granite Construction is a leading
infrastructure contractor and construction materials producing
company. Its project teams are the best in the industry, serving
both public and private-sector clients in transportation, power,
federal, tunneling, underground, industrial/mining and water
Granite Construction currently carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the same sector include
Orion Marine Group, Inc
Beazer Homes USA Inc.
). Both carrying a Zacks Rank #2 (Buy).
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