Granite Construction (NYSE: GVA) reported Q4 EPS of $0.40, $0.18 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $666.7 million versus the consensus estimate of $685.85 million.

Outlook

“Last November, voters across the country approved more than $200 billion of long-term infrastructure investment in the form of local measures, with the majority of this in California and Washington State,” Roberts continued. “In California, state officials continue to make progress toward legislation on a long-term transportation bill. We are maintaining our focus on the Governor and California legislators to deliver much overdue investment beginning in 2017,” Roberts said.

“Still, much of the focus remains at the federal level where the FAST Act, the long-term highway bill passed by Congress in December 2015, has yet to provide any incremental spending. Congress continues to fund government spending by continuing resolution. We still believe the FAST Act is critical for planning at state and local levels. However, until federal spending increases, the 2017 outlook for public-market growth is limited.

“Our broad asset base and coast-to-coast project portfolio, coupled with ongoing efficiency investment in Continuous Improvement has prepared us well. Granite teams are ready to deliver both on the President\'s commitment to rebuilding our country\'s infrastructure, as well as on solid growth in our markets across the country. These investments are creating efficiencies and leverage that, combined with year-end record backlog of $3.5 billion, will provide Granite teams with an opportunity to grow at a rate faster than we have seen in recent years,” Roberts said.

The Company’s current expectations for 2017 are:

• Low-double digit consolidated revenue growth
• Consolidated EBITDA margin1 of 6.5% to 7.5%

For earnings history and earnings-related data on Granite Construction (GVA) click here.