Granite Construction Incorporated
) has received a design-build contract worth $45.8 million from
the Florida Department of Transportation. Construction work is
scheduled to begin in Jan 2014 and the project is expected to be
completed in 2016.
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The project includes widening of eight miles of State Route I-75
in Pasco County, Florida. It also involves final design and
construction work in the North of SR 52 along with expansion from
four to six lanes.
The project work entails milling and resurfacing of the existing
pavement, ramp improvements, miscellaneous structures and signing
and pavement marking. Per the venture, Granite will install new
storm water management facilities and flood plain compensation
sites which will provide significant drainage improvements to the
Granite expects to book both the projects into backlog during the
fourth quarter of 2013. The development will bring intelligent
transportation systems with geotechnical and environmental
Granite, which belongs to the building and heavy construction
industry, along with
Chicago Bridge & Iron Company N.V.
China Railway Construction Corporation Limited
), reported earnings of $11 million or 28 cents per share in the
third quarter of 2013 compared with $37.1 million or 94 cents a
share in the prior-year quarter. The result also lagged the Zacks
Consensus Estimate of 78 cents.
However, Granite recorded a backlog of $2.8 billion as of Sep 30,
2013, which increased around twofold year over year. The rise was
driven by significant and large project awards. Granite continues
to be benefited by the quality of backlog.
On an adjusted basis, Granite expects to report a small loss to
break-even results in the fourth quarter of 2013. For full-year
2013, Granite revised the construction segment's revenue forecast
to the range of $1.2-$1.3 billion.
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 holds a Zacks Rank #5 (Strong Sell). A
better-ranked stock in the same industry is
Jiangsu Expressway Co. Ltd.
), carrying a Zacks Rank #2 (Buy).