Granite (GVA) to Rehabilitate Pavement Along SR41 for $15M

Group 1: Company Performance and Rankings - Tutor Perini Corporation (TPC) currently holds a Zacks Rank 1, indicating strong performance potential [2] - Dycom Industries, Inc. (DY) also has a Zacks Rank 1 and has delivered a trailing four-quarter earnings surprise of 30.2% on average [3] - EMCOR Group, Inc. (EME) boasts a Zacks Rank 1 with a trailing four-quarter earnings surprise of 32% on average [6] - Granite Construction Incorporated (GVA) has received a Zacks Rank 1 (Strong Buy) [9] Group 2: Recent Contracts and Projects - Granite Construction has secured a contract worth approximately $15 million to rehabilitate pavement along State Route 41 (SR41) from the California Department of Transportation [7] - The project includes removing and replacing failed pavement areas at SR41 with 49,400 tons of Hot Mix Asphalt (HMA) and placing a surface course of 19,100 tons of Rubberized HMA (RHMA) [14] - The work is expected to commence in July 2024 and be completed by July 2025 [10] Group 3: Financial Performance and Estimates - GVA's shares have increased by 56% over the past year, while the Zacks Building Products - Heavy Construction industry has grown by 60.2% [11] - Earnings estimates for GVA for 2024 have risen to $4.76 from $4.29 in the past 60 days, indicating a year-over-year growth of 51.6% [11] - The Zacks Consensus Estimate for TPC's 2024 sales and earnings per share (EPS) indicates growth of 18% and 133.3%, respectively, from the previous year [12] - The Zacks Consensus Estimate for DY's fiscal 2025 sales and EPS indicates a rise of 9.3% and 5.6%, respectively, year over year [13] - The Zacks Consensus Estimate for EME's 2024 EPS indicates an improvement of 20.7% from the prior-year levels [17] Group 4: Market Environment and Opportunities - GVA's performance is driven by consistent award wins and a focus on growing a high-quality Committed and Awarded Projects (CAP) portfolio, supported by a positive public funding environment and resilient private market [8] - GVA's CAP increased to $5.5 billion in the first quarter of 2024, up from $5.1 billion as of March 31, 2023, indicating strong market growth [15] - The company expects substantial opportunities to build CAP in the second quarter and the remainder of 2024 [15]