Infrastructure solutions provider Granite Construction (NYSE:GVA) has secured a $174 million contract awarded by the city of Los Angeles and its airport authority to build new exit taxiways and fix existing runways.
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The new project will be funded by Los Angeles World Airports (LAWA) and the Federal Aviation Administration (FAA). Remarkably, Granite is expected to use 85,000 tons of existing materials on-site by recycling them. The company will also self-produce 85,000 cubic yards of FAA Concrete to execute the project.
The project is scheduled to start in January 2023 and is anticipated to end in April 2025.
The news comes on the heels of another multi-million-dollar award that was awarded to Granite earlier this month. A traffic flow improvement project of $14 million was awarded to the company by the California Department of Transportation to construct roads and roundabouts in Santa Barbara, CA.
Is Granite Construction Stock a Buy, Sell or Hold?
GVA stock is a Moderate Sell on Wall Street, based on one Sell rating. The average price target of $32 indicates a downside risk of 9.22% over the next year.
