Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potenti ...

财务业绩 - 公司营业收入在三个月和九个月内分别增长14.3%和18.0%[95] - 公司新收购的业务在三个月和九个月内分别贡献了4.15亿美元和7.71亿美元的建筑收入[95] - 公司新收购的业务在三个月和九个月内分别贡献了2.08亿美元和4.69亿美元的材料收入[96] - 2024年前三季度建筑分部毛利增加1.099亿美元或43.4%，主要由于收入增加和估算修订的负面影响减少[100] - 2024年前三季度材料分部毛利增加1000万美元，主要由于并购业务贡献和销售价格上涨[100] - 2024年前三季度销售、一般及管理费用增加3,722万美元或17.5%，主要由于激励性薪酬和并购业务带来的费用增加[102,103,104] - 2024年前三季度其他成本净额减少820万美元，主要由于上年度计提的8000万美元诉讼费用未在本年发生[105,106] - 2024年前三季度所得税费用增加1,466万美元，有效税率由73.6%下降至28.2%[108] - 2024年前三季度归属于非控股权益的净亏损增加1,825万美元，主要由于一家合并合资企业的估算修订影响[109,110] 订单和在手合同 - 公司已获未完工订单(CAP)余额保持强劲,截至2024年9月30日为56.2亿美元[97] - 公司公共工程项目订单余额占总订单余额的77.7%[98] - 2024年9月30日的在手合同总额(CAP)为56亿美元，较2024年6月30日增加4,360万美元或0.8%[99] - 2024年9月30日仅有1个剩余CAP超过1000万美元的合同预计亏损，剩余收入占总CAP的1.3%[99] 市场机遇 - 联邦基础设施投资法案(IIJA)增加了联邦公路、桥梁和公共交通的资金投入,为公司带来更多项目机会[87] - 加州基础设施投资计划(SB-1)为公司带来持续的工程项目[89] 经营挑战 - 公司采取了一系列措施来应对通胀、供应链和劳动力等挑战[89] 业务拓展 - 公司通过收购扩大了在密西西比州和加拿大的业务规模[90] 流动性和资金 - 公司的主要流动性来源包括现金及现金等价物、投资、信贷额度和经营活动产生的现金[111] - 公司预计未来12个月内的主要现金需求将得到满足，长期资金需求也将得到满足[111] - 截至2024年9月30日，公司未使用的信贷额度为3.335亿美元[111] - 公司存在来自Brightline Trains Florida LLC的9.1%合同资产的应收款项，其中2.42亿美元已逾期[111] - 公司2024年资本支出预计为1.3亿美元，包括4000万美元的战略性原材料投资和2000万美元隧道掘进机项目[115] - 2024年前9个月经营活动产生的现金流为2.835亿美元，同比增加2.494亿美元[116] - 2024年前9个月投资活动使用的现金流为2.111亿美元，同比增加1.218亿美元[118] - 2024年前9个月筹资活动使用的现金流为2778万美元，同比增加8100万美元[119] - 公司已获得3.5亿美元的履约保函额度[121] - 截至2024年9月30日，公司符合信贷协议中的财务契约[122] - 公司在2022年2月1日获得3亿美元的股票回购授权，截至2024年9月30日尚有2.182亿美元未使用[123]

财务数据和关键指标变化 - 公司第三季度收入同比增长14%，达到11亿美元，创下第三季度新高 [32][44] - 毛利润同比增长22%，达到3600万美元，调整后的净收入增长18%，达到9100万美元，调整后的EBITDA增长18%，达到1500万美元 [43][44] - 运营现金流显著改善，前三季度运营现金流达到2.84亿美元，同比增加2.49亿美元 [47][48] 各条业务线数据和关键指标变化 - 建筑部门收入同比增长14%，达到11亿美元，主要受资本项目增加的推动 [32][44] - 建筑部门毛利润增长34百万美元，毛利率为16%，预计未来将进一步提高 [45] - 材料部门收入同比增长24百万美元，达到1.95亿美元，毛利润增长3百万美元，毛利率为22% [46] 各个市场数据和关键指标变化 - 公司在加利福尼亚、阿拉斯加和犹他州的运营表现强劲，推动了收入增长 [44] - 公共市场约占公司建筑收入的75%，私营市场也表现良好，预计将继续增长 [16][74] 公司战略和发展方向和行业竞争 - 公司计划通过收购和地理扩展来加强和扩大其材料业务，最近收购了Dickerson & Bowen，进一步巩固了东南部市场 [39][20] - 公司预计到2027年，调整后的EBITDA毛利率将提高到12%至14% [22] - 公司将继续专注于选择合适的项目，以降低风险并提高利润率 [24][66] 管理层对经营环境和未来前景的评论 - 管理层对未来的基础设施资金持乐观态度，预计将支持行业多年 [13][14] - 公司预计2024年将继续保持强劲的收入增长，尽管有一些项目推迟到2025年 [51][70] - 管理层对未来三年的现金流生成和自由现金流改善充满信心 [57][31] 其他重要信息 - 公司在资本支出方面保持谨慎，预计2024年的资本支出约为1.39亿美元 [53] - 公司计划在未来几年内通过股东回购和战略投资来回报股东 [49][50] 问答环节所有提问和回答 问题: 关于2024年和2027年EBITDA毛利率的扩展 - 管理层表示，2027年EBITDA毛利率的提升主要依赖于建筑部门的改善，预计2025年将实现更高的毛利率 [62][63] 问题: 项目推迟的原因 - 管理层指出，项目推迟主要是由于业主驱动的原因，属于正常现象 [69][70] 问题: 公共市场与私营市场的增长率 - 管理层认为公共市场的增长更具可持续性，私营市场的增长则相对不确定，但仍然看好未来的机会 [72][74] 问题: 收购和股东回购的平衡 - 管理层表示将优先考虑投资于业务和收购，同时也会考虑股东回购，具体取决于投资机会的时机 [79][80]

Exhibit 99.1 Granite Reports Third Quarter 2024 Results • Q3 revenue increased 14% year-over-year to $1.3 billion • Q3 diluted EPS of $1.57 and adjusted diluted EPS (1) of $2.05, compared to $1.13 and $1.72 in the prior year, respectively • Record Committed and Awarded Projects ("CAP") (2) of $5.6 billion, a sequential increase of $44 million • Year-to-date operating cash flow increased $249 million year-over-year • Expanded southeast home market with acquisition of Dickerson & Bowen, Inc. WATSONVILLE, Cali ...

One of my better calls over the last year or so has been Granite Construction (NYSE: GVA ), a company that focuses on the construction and rehabilitation of roads, bridges, rail lines, airports, and more. It is also involved in Crude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential. Subscribers get to use a 50+ stock model account, in-depth cash flow ...

Granite Construction Incorporated (GVA) won a $34 million contract to implement seismic improvements at the Oakland International Airport (OAK) Perimeter Dike. This vital infrastructure project aims to protect the airport's runway from potential water intrusion from the nearby San Francisco Bay. Partial funding is provided by the Federal Aviation Administration, and the project will be recorded in Granite's third-quarter CAP. The upgrade will focus on strengthening 4,200 linear feet of the dike using cement ...

Granite Construction Incorporated (GVA) secured a significant contract valued at approximately $113 million for constructing new facilities at Marine Corps Base Camp Blaz (MCCB). The construction will be carried out in partnership with Obayashi Corporation through the Granite-Obayashi 2 Joint Venture. GVA stock moved up 0.5% during the trading session on Sept. 24. Key Project Highlights This project will be funded by the Department of Defense's (DOD) Military Construction (MILCON) program and will be includ ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Eve ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time. Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potent ...