This acquisition represents our twelfth hot mix plant in the Houston market, further strengthening our geographic footprint and providing incremental throughput opportunities at our nearby liquid asphalt terminal at the Houston Port. Last August, we made our first entry into the Houston market with our acquisition of Durwood Green Construction, and then we significantly expanded operations in October with the acquisition of Vulcan's Asphalt Construction assets in Houston. With the addition of GMJ, we are fu ...

INVESTOR PRESENTATION Q2 FY26 Results | February 2026 Safe Harbor Statement © Matrix Service Company. All rights reserved. 2 Investing in MTRX 3 • Experienced EPC general industrial contractor of scale with a 40+ year track record supporting energy, power, and industrial infrastructure customers • Provider of end-to-end services across entire asset life-cycle with niche capabilities in cryogenic storage for LNG, NGLs, and chemical applications as well as other cryogenic infrastructure such as thermal vacuum ...

28 January 2026 China Macro Tracker Economics A more conservative approach to the GDP target China Erin Xin Economist, Greater China The Hongkong and Shanghai Banking Corporation Limited erin.y.xin@hsbc.com.hk +852 2996 6975 Lulu Jiang (Reg. No. S1700523070001) GDP: Local GDP targets starting to be announced, with many lower than last year The national GDP growth target will not be unveiled until the Two Sessions held starting 4 and 5 March, but recent developments suggest Beijing may take a more conservati ...

Core Insights - The Zacks Building Products - Concrete & Aggregates industry is set for multi-year growth driven by federal and state infrastructure spending and a recovery in private nonresidential construction [1][4] - Despite softness in residential construction due to affordability issues, the overall growth trajectory of the industry remains intact, supported by strong pricing power and operational efficiencies [2][5] Industry Overview - The industry encompasses manufacturers, distributors, and sellers of construction materials such as aggregates and concrete, serving public infrastructure, residential, and non-residential markets [3] - Key materials include gypsum wallboard, recycled paperboard, concrete blocks, and ready-mix concrete, with companies also involved in design and installation [3] Trends Influencing the Industry - Infrastructure revitalization efforts, including the Infrastructure Investment and Jobs Act, are expected to enhance competitiveness and provide a solid foundation for construction growth [4] - Companies are focusing on acquisitions and operational efficiency to improve earnings and cash flows while navigating cost inflation and labor shortages [5] Challenges Faced - Industry players are contending with rising material costs, skilled labor shortages, and weather-related disruptions that can impact production and profitability [6] Market Performance - The industry ranks 97 in the Zacks Industry Rank, placing it in the top 40% of over 250 Zacks industries, indicating strong near-term prospects [7][8] - The industry's earnings estimates for 2026 have increased from $2.38 to $2.69 per share, reflecting growing analyst confidence [9] Stock Performance - The industry has outperformed the broader Zacks Construction sector and the S&P 500, with a collective gain of 21.2% over the past year compared to 7.7% for the sector and 17.7% for the S&P 500 [11] - The industry is currently trading at a forward P/E ratio of 24.99, higher than the S&P 500's 23.36 and the sector's 20.65 [13] Company Highlights - **Martin Marietta**: Positioned for growth due to strong demand across key markets, supported by infrastructure funding and improving residential trends. The company has seen a 19.6% stock gain over the past year, with 2026 EPS estimates trending upward to $21.78 [17][18] - **Vulcan Materials**: Growth driven by resilient end-market demand and disciplined execution, with a focus on public construction and operational efficiencies. The stock has gained 8.3% over the past year, with a 2026 EPS growth estimate of 7.5% [22][23]

Request supports continued infrastructure investments in water and wastewater systems that serve more than 1.3 million people in 148 Illinois communities The rate request is the first step in a thorough 11-month ICC review process. The ICC review process offers multiple opportunities for customer involvement. Customers can participate through written comments, attendance at public input hearings scheduled by the ICC, and through consumer advocacy organizations that participate in the proceedings. All rate c ...

Core Insights - Ongoing public and private investment is driving demand in the U.S. construction and infrastructure sectors, benefiting companies like EMCOR Group, Inc. and Tutor Perini Corporation [1] - EMCOR focuses on diversified electrical, mechanical, and building services, while Tutor Perini specializes in large-scale civil and complex building projects [2] - Easing financial conditions are creating a supportive environment for infrastructure investment and project financing, making both companies comparable in terms of fundamentals [3] EMCOR Group, Inc. Insights - EMCOR is experiencing strong project demand across various sectors, including data centers, healthcare, and transportation, supported by effective labor planning and digital construction tools [4] - The company's remaining performance obligations reached $12.61 billion in Q3, up from $9.79 billion year-over-year, indicating broad-based growth and revenue visibility extending into 2026 [5] - Despite challenges such as labor availability and competitive bidding, EMCOR expects steady demand to support long-term growth and margin stability [6][7] Tutor Perini Corporation Insights - Tutor Perini is benefiting from robust project wins in its Civil and Building segments, with a record backlog of $21.6 billion, a 54% year-over-year increase [8][10] - The company is well-positioned due to elevated infrastructure spending and large institutional development activity, driving execution across various projects [9] - However, Tutor Perini faces risks related to large, complex projects that can introduce earnings volatility and higher share-based compensation expenses [11] Stock Performance & Valuation - EMCOR's share price performance has lagged behind Tutor Perini and the Zacks Building Products - Heavy Construction industry over the past six months [13] - EMCOR is trading at a premium valuation compared to Tutor Perini based on forward 12-month price-to-earnings (P/E) ratios [15] - The Zacks Consensus Estimate indicates EMCOR's 2026 revenues and EPS will grow by 5.9% and 8.6% respectively, while Tutor Perini's estimates show 12.5% revenue growth and 17.7% EPS growth [17][19] Investment Outlook - Both companies are positioned to benefit from sustained U.S. infrastructure spending, but their fundamentals suggest different investment profiles [20] - EMCOR's diversified business mix and strong backlog visibility make it resilient, while Tutor Perini's record backlog offers greater growth potential but with higher execution risks [20]

Core Insights - American Water emphasizes the importance of water conservation and offers tips for customers to save money, water, and time while staying informed about their services [1][2]. Investment and Infrastructure - Over the next decade, American Water plans to invest between $46 billion and $48 billion in system upgrades to enhance water and wastewater infrastructure, aiming to reduce leaks and improve efficiency and resiliency [2]. Water Conservation Tips - The company provides various household tips for conserving water, including using water wisely indoors, protecting pipes, and conserving water outdoors during the watering season [3][6]. - Technologies such as acoustic leak monitoring, drones, and smart metering are employed to detect leaks and monitor water usage, showcasing the value of infrastructure investments [3]. Customer Engagement and Services - Customers can save time by enrolling in Auto Pay and paperless billing through their MyWater account, which also allows them to stay informed via an interactive Customer Advisory Map for alerts [4][7]. - Non-account holders can access alerts and report emergencies through the company's website [5]. Company Overview - American Water is the largest regulated water and wastewater utility company in the U.S., serving over 14 million people across 14 states and 18 military installations, with a history dating back to 1886 [8].

Core Viewpoint - Sterling Infrastructure (STRL) is positioned to benefit from increasing infrastructure spending trends in the U.S. engineering and construction sector [1] Company Overview - STRL is a U.S.-based engineering and construction company that offers a wide range of infrastructure services across transportation, e-infrastructure, and building markets [1] Industry Trends - The company is well-positioned to capitalize on secular trends such as rising infrastructure investments, which are expected to drive growth in the engineering and construction sector [1]

Core Insights - Industrial stocks demonstrated strong performance in 2025, with the Vanguard Industrials ETF increasing over 21%, surpassing the S&P 500's return of around 16% [3] - Sustained capital expenditure (CapEx) spending is expected to support the industrial sector's growth into 2026, driven by long-term infrastructure investments [3][5] - The Infrastructure Investment and Jobs Act has broadened the definition of infrastructure, leading to elevated industrial demand across various sectors [3] CapEx Trends - CapEx spending is shifting from cyclical to systemic, supported by regulatory mandates, national security priorities, and long-term contracts with utility companies and governments [5] - This systemic nature of spending provides investors with a clearer revenue and earnings outlook that extends over several years, regardless of broader economic conditions [5] Sector Developments - Industrial spending is expanding beyond traditional areas like roads and bridges to include grid upgrades, reshoring, and data center construction, enhancing revenue visibility [7] - Companies like Emerson Electric Co. are positioned for steady earnings growth due to their automation portfolios and favorable profit outlooks for fiscal 2026 [7] - Fluor and Johnson Controls are also reinforcing the long-duration CapEx theme with their project backlogs and pipelines [7][8]

Core Insights - The U.S. infrastructure construction sector is experiencing robust growth due to sustained public and private investments, particularly in transportation, utilities, and energy infrastructure [1] - Sterling Infrastructure, Inc. (STRL) is well-positioned in this favorable environment, benefiting from easing financial conditions and a strong project pipeline [1][5] Group 1: Backlog and Pipeline - Sterling's signed backlog reached approximately $2.6 billion in Q3 2025, marking a 64% year-over-year increase, with total potential work exceeding $4 billion when including negotiated but unsigned awards [3][7] - The company's exposure to large, complex projects in E-Infrastructure, manufacturing, and data centers enhances workload durability and planning efficiency [2][3] Group 2: Operational Efficiency - The scale and complexity of current projects allow Sterling to improve labor planning, equipment utilization, and work sequencing, which are critical for consistent execution [4] - Long-term customer planning and committed capital spending from large enterprise clients further reduce uncertainty around project timing [4] Group 3: Market Performance - STRL shares have surged 37.7% over the past six months, significantly outperforming the Zacks Engineering - R and D Services industry's growth of 2.5% [6] - The company's forward 12-month price-to-earnings (P/E) ratio stands at 26.5, indicating a premium compared to industry peers like AECOM, Fluor, and KBR [8][10] Group 4: Earnings Estimates - Earnings estimates for STRL for 2026 have increased to $11.95 per share, reflecting a 14.6% year-over-year growth [10] - The company currently holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence [11]