Granite Construction Incorporated
) has received a design-build contract worth $130 million from
the North Carolina Department of Transportation for the I-40/440
reconstruction project. Construction work is scheduled to begin
later this year and the project will be complete in late 2016.
CHICAGO BRIDGE (CBI): Free Stock Analysis
GRANITE CONSTRU (GVA): Free Stock Analysis
ORION MARINE GP (ORN): Free Stock Analysis
PRIMORIS SERVCS (PRIM): Free Stock Analysis
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Located in Raleigh, the venture involves rehabilitation of
fourteen bridges along with the widening of two existing bridges.
Granite is also required to replace the existing portland cement
concrete structure with asphalt pavement. The interstate
reconstruction project also includes widening of additional
auxiliary lanes throughout the length of the project and
improvement of drainage system.
Recently, Granite has also been awarded a $61 million dam removal
contract by California American Water. The project work entails
the removal of the San Clemente and Old Carmel River Dams and
construction of a new combined flow reach and reroute channels.
The project will be undertaken primarily to address safety
issues, protect the Carmel River and save its wildlife.
The existing dam, which is Located in Monterey County, will be
restored with a focus on steelhead trout passage and upland
habitat restoration. The construction work is scheduled to start
in July 2013 and will be concluded in late 2015.
Granite expects to book both the projects into backlog during the
second quarter of 2013. The addition of above projects into the
backlog of the company will provide it the opportunity for
Granite recorded a backlog of $2.4 billion in first-quarter 2013,
up 14% from $2.1 billion in the year-ago quarter. The rise was
driven by significant and large project awards. Granite continues
to be benefited by the quality of backlog.
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
Granite currently retains a short-term Zacks Rank #5 (Strong
Other companies in the building and heavy construction industry
with favorable Zacks Ranks are
Primoris Services Corporation
Chicago Bridge & Iron Company N.V.
Orion Marine Group, Inc
). While Primoris Services holds a Zacks Rank #1 (Strong Buy),
Chicago Bridge and Orion Marine carry a Zacks Rank #2 (Buy).