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MarketScreener Homepage  >  Equities  >  Nyse  >  Granite Construction Inc.    GVA

GRANITE CONSTRUCTION INC.

(GVA)
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Granite Construction : secures projects worth more than $520M

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01/12/2019 | 09:32am EDT

Watsonville-based Granite Construction announced recently that it has been selected to construction two projects in California totaling more than $520 million.

The California Department of Transportation (Caltrans) selected Granite as the construction manager/general contractor (CM/GC) for the estimated $410 million Highway 101 Carpinteria to Santa Barbara Project, and for the estimated $113 millionCosumnes Bridge Replacement CM/GC Project in Sacramento County.

This CM/GC negotiated work aligns perfectly with Granites footprint and our portfolio of services, said James H. Roberts, Granite president and chief executive officer. Importantly, this type of procurement allows project owners the opportunity to select a contractor based purely on qualifications and the value they can add to the project delivery process. An increase of CM/GC procurement in California is the result of successful projects and Caltrans delivering on a promise of Senate Bill 1 (SB 1; The Road Repair and Accountability Act of 2017) funding to strengthen the states infrastructure.

The Highway 101 project is the final phase of a larger program that aims to increase safety, mobility and provide congestion relief along the highway in Santa Barbara and Ventura counties. The project includes adding 10.9 miles of high occupancy vehicle lanes between Carpinteria and Santa Barbara.

The Cosumnes Bridge Replacement Project is located on Highway 99 in Elk Grove. The project includes the removal and replacement of four bridges over the Cosumnes River.

Work on these projects is expected to run through 2023.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 3 746 M
EBIT 2019 183 M
Net income 2019 127 M
Finance 2019 144 M
Yield 2019 1,23%
P/E ratio 2019 15,64
P/E ratio 2020 10,18
EV / Sales 2019 0,49x
EV / Sales 2020 0,41x
Capitalization 1 982 M
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 59,1 $
Spread / Average Target 40%
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Managers
NameTitle
James Hildebrand Roberts President & Chief Executive Officer
Claes G. Bjork Chairman
Jigisha Desai Chief Financial Officer & Senior Vice President
David H. Kelsey Independent Director
James W. Bradford Independent Director
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