We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Granite (GVA) Acquires D&B, Expands Footprint in Southeast
Read MoreHide Full Article
Granite Construction Incorporated (GVA - Free Report) has acquired Dickerson & Bowen, Inc. (D&B), a leading regional aggregates, asphalt, and highway construction company serving Central and Southern Mississippi, in cash.
This bolt-on buyout is highly complementary to GVA’s prior acquisition of Lehman-Roberts Company and Memphis Stone & Gravel (LRC and MSG). This materials-focused business also builds on Granite’s footprint in the Southeast, serving as a growth platform in the Memphis metropolitan and Mississippi markets.
As the construction industry continues to evolve, Granite's strategic expansion positions it as a formidable player in the market. The company's foresight in growing through targeted acquisitions underscores its commitment to delivering value to shareholders and stakeholders alike.
The company has been bolstering its materials business through both greenfield and bolt-on investments, and improved segment margins.
In December 2023, the company acquired both LRC and MSG, bolstering its presence in the Memphis metropolitan market. LRC, operated in seven asphalt plants, and MSG, with three sand and gravel mines, brought a wealth of proven and probable reserves to GVA's portfolio.
Image Source: Zacks Investment Research
Shares of GVA soared 10.6% in the past three months compared with the Zacks Building Products - Heavy Construction industry’s 1.2% growth. Earnings estimates for 2024 have moved up to $5.24 from $4.76 in the past 30 days, indicating 66.9% year-over-year growth.
The consistent award wins have been driving GVA’s performance. The company is focused on growing a high-quality CAP portfolio on the back of a positive public funding environment and resilient private market.
EMCOR Group, Inc. (EME - Free Report) reported impressive second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing year over year.
The upside was backed by a continued strong mix and pipeline of projects in large and growing market sectors with long-term secular trends, including high-tech and traditional manufacturing, network and communications, institutional and healthcare. During the quarter, EME observed strong demand for its specialty contracting services, indicating a positive business trajectory. Also, remaining performance obligations approached record levels, and the pipeline remained robust. Owing to this solid performance, the company raised its financial guidance for 2024.
MasTec, Inc. (MTZ - Free Report) reported mixed results in the second quarter of 2024, with earnings beating the Zacks Consensus Estimate and the revenues missing the same. On the other hand, the bottom and top lines increased year over year.
The company’s results reflect solid contributions from its Oil and Gas segment, partially offset by soft contributions from the other reportable segments. The uptick in the Oil and Gas segment was attributable to higher project activity levels on the back of increased demand and project timing-related increases in large-diameter and midstream project activity due to improved market and regulatory conditions. This was partially offset by a reduction in pipeline integrity services.
Quanta Services Inc. (PWR - Free Report) reported mixed results for the second quarter of 2024, wherein adjusted earnings missed the Zacks Consensus Estimate while revenues surpassed the same. Both metrics increased on a year-over-year basis.
PWR’s performance in the second quarter marks a strong base for the rest of 2024, characterized by impressive growth across key metrics. Moreover, the company has raised its 2024 guidance for major metrics, owing to the expected contributions from its recent acquisition of CEI.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Granite (GVA) Acquires D&B, Expands Footprint in Southeast
Granite Construction Incorporated (GVA - Free Report) has acquired Dickerson & Bowen, Inc. (D&B), a leading regional aggregates, asphalt, and highway construction company serving Central and Southern Mississippi, in cash.
This bolt-on buyout is highly complementary to GVA’s prior acquisition of Lehman-Roberts Company and Memphis Stone & Gravel (LRC and MSG). This materials-focused business also builds on Granite’s footprint in the Southeast, serving as a growth platform in the Memphis metropolitan and Mississippi markets.
As the construction industry continues to evolve, Granite's strategic expansion positions it as a formidable player in the market. The company's foresight in growing through targeted acquisitions underscores its commitment to delivering value to shareholders and stakeholders alike.
The company has been bolstering its materials business through both greenfield and bolt-on investments, and improved segment margins.
In December 2023, the company acquired both LRC and MSG, bolstering its presence in the Memphis metropolitan market. LRC, operated in seven asphalt plants, and MSG, with three sand and gravel mines, brought a wealth of proven and probable reserves to GVA's portfolio.
Image Source: Zacks Investment Research
Shares of GVA soared 10.6% in the past three months compared with the Zacks Building Products - Heavy Construction industry’s 1.2% growth. Earnings estimates for 2024 have moved up to $5.24 from $4.76 in the past 30 days, indicating 66.9% year-over-year growth.
The consistent award wins have been driving GVA’s performance. The company is focused on growing a high-quality CAP portfolio on the back of a positive public funding environment and resilient private market.
Zacks Rank & Recent Releases
Granite currently sports a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
EMCOR Group, Inc. (EME - Free Report) reported impressive second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing year over year.
The upside was backed by a continued strong mix and pipeline of projects in large and growing market sectors with long-term secular trends, including high-tech and traditional manufacturing, network and communications, institutional and healthcare. During the quarter, EME observed strong demand for its specialty contracting services, indicating a positive business trajectory. Also, remaining performance obligations approached record levels, and the pipeline remained robust. Owing to this solid performance, the company raised its financial guidance for 2024.
MasTec, Inc. (MTZ - Free Report) reported mixed results in the second quarter of 2024, with earnings beating the Zacks Consensus Estimate and the revenues missing the same. On the other hand, the bottom and top lines increased year over year.
The company’s results reflect solid contributions from its Oil and Gas segment, partially offset by soft contributions from the other reportable segments. The uptick in the Oil and Gas segment was attributable to higher project activity levels on the back of increased demand and project timing-related increases in large-diameter and midstream project activity due to improved market and regulatory conditions. This was partially offset by a reduction in pipeline integrity services.
Quanta Services Inc. (PWR - Free Report) reported mixed results for the second quarter of 2024, wherein adjusted earnings missed the Zacks Consensus Estimate while revenues surpassed the same. Both metrics increased on a year-over-year basis.
PWR’s performance in the second quarter marks a strong base for the rest of 2024, characterized by impressive growth across key metrics. Moreover, the company has raised its 2024 guidance for major metrics, owing to the expected contributions from its recent acquisition of CEI.