TSX:DRX - Post Discussion
Post by
microcaphobby on Nov 25, 2024 2:04pm
some more colour from today's construction Dive
- With a trifecta of revenue, profit and backlog all increasing in the third quarter of 2024, Granite Construction said it expects public project spending to remain robust through 2030 and beyond.
- The Watsonville, California, contractor reported $79 million in profit, a 37% jump from a year ago, on $1.3 billion in revenue, a 14% increase. Backlog improved to $5.62 billion, a nearly 1% gain.
- The builder said with just 40% of Infrastructure Investment and Jobs Act funding slated to be spent by 2026, there are still years of opportunity ahead. “On the public side … we’re going to see a healthy market in ’27 and even beyond that, likely through 2030 and even beyond that,” said Kyle Larkin, Granite’s CEO, on a conference call with investment analysts Oct. 31. “We feel really good about the public market.”
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