The heavy civil contractor and construction materials producer, Granite Construction IncorporatedGVA has been awarded a $20 million contract by the Alaska Department of Transportation for the rehabilitation of the taxiways at the Anchorage International Airport.
The scope of the contract includes the rehabilitation of taxiways R and T, as well as the construction and installation of taxiway shoulders, safety areas, elevated lighting systems and signage. Construction work will begin in early Jun 2016 and be completed in a year. Granite Construction will book the project into backlog for the second quarter of 2016.
In the first quarter of 2016, Granite Construction's total contract backlog recorded an all-time high of $3.4 billion, up 15.3% year over year. Solid backlog trends and a relentless focus on execution will continue to provide the company opportunities for top and bottom line growth.
The current economic environment bodes well for the company's planned growth in 2016 and additional opportunities in 2017. With strong committed volumes across geographies at the Construction Materials segment, the business will improve in 2016.
In general, Granite Construction's vertically integrated business remains on track to drive growth in 2016, while large project teams continue to focus on improving project execution to deliver better financial results. Moreover, the company intends to focus on the execution of its large project backlog, apart from bidding for and winning new deals and contracts.
Granite Construction currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the sector include Dycom Industries Inc. DY , Tutor Perini Corporation TPC and TopBuild Corp. BLD . All these stocks sport a Zacks Rank #1 (Strong Buy).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
