REPORTS
ENGINEERING AND CONSTRUCTION
The following are recent reports published by TRG. Please contact Chris White to request a copy.
October 2018
- 10/26
- GVA – Q3 EPS & EBITDA Beats, Raises FY’18 Margin Guidance
September 2018
- 9/27
- Q3’18 Contractor & Surety Survey; Markets Continue Robust Activity; Expectations for 2H’18 into 2019 Largely Positive
August 2018
- 8/13
- GVA – Q2’18 Post Conf Call Recap; End-Markets, Backlogs & FY’18 Guidance All Positive
- 8/8
- GVA – Q2'18 EPS Miss, Demand Environment Is Strong; FY’18 Guidance Adjusted to Reflect Acquisitions
June 2018
- 6/1
- GVA - Northeast Marketing Takeaways; Big Focus on SB1
May 2018
- 5/2
- GVA - Q1’18 Post Conf Call Recap; End-Markets, Backlogs and FY’18 Guidance All Positive
April 2018
- 4/30
- GVA – Q1'18 EPS Beats the Street, Backlog Up 4% YOY; FY’18 Sales Guidance Slightly Raised
- 4/2
- Q1’18 Contractor & Surety Survey; Industry Trends Remain Positive, While Labor Continues to Weigh On Growth Rate
February 2018
- 2/16
- GVA – Q4'17 EPS Beats the Street, Backlog Up 7% YOY; FY’18 Guidance Initiated
January 2018
- 1/8
- Q4’17 Contractor & Surety Survey; Raising PTs for URI, HEES & HRI
December 2017
- 12/21
- State Revenue Report; Q1’18 Tax Collections “You’re going to smell asphalt morning, noon, and night” - IN Governor
- 12/18
- Save-the-Date: TRG's 3rd Annual Construction and Industrial Conference, April 12, 2018 - NYC
November 2017
- 11/3
- GVA - Q3'17 Conf Call Recap; Raising our PT from $61 to $74
October 2017
- 10/27
- GVA – Q3'17 A Beat, Backlog Up 12.5% YOY to a Record Level
- 10/23
- Texas Controller Boosts FY’18-’19 Revenue Estimates Based In-Part on Anticipated Sales Tax Increases from Harvey; TxDOT Budget Up
- 10/3
- Q3'17 Contractor & Surety Survey
September 2017
- 9/29
- Feedback on Non-Res Trends in Texas from a Private Surety Company
- 9/25
- Newly Released Government Data & TRG Analysis Focus on Better Understanding the Potential Impact From Hurricanes Harvey & Irma
August 2017
- 8/30
- DOT Contacts Address the PIP Disconnect; FY’18 Shaping Up to be Strong Construction Year
- 8/18
- CALTRANS Announces ~$1B in Accelerated Projects
- 8/3
- GVA – Q2'17 Post Conference Call Recap
- 8/2
- Q2’17 Sterling Construction Results an EPS Beat On Stronger Than Expected Revenues and Margins; Backlog up Double-Digits YOY
- 8/1
- GVA – Q2'17 An EPS Miss, Though Backlog at a Record Level & Outlook Continues to Improve
July 2017
- 7/5
- Q2’17 Contractor & Surety Survey
June 2017
- 6/29
- GVA - Key Takeaways from Marketing in Boston
May 2017
- 5/30
- Texas Legislature Defers FY’19 Prop 7 Funding to Meet Biennial Budget Needs; ~$1.8B to be Received in Early FY’20, A 3-4 week Delay
- 5/11
- South Carolina Legislature Overrides Governor Veto to Increase Transportation Funding; Will Ultimately Raise $630MM Annually
- 5/9
- State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
- 5/5
- EME - Q1’17 Post Conference Call Recap
- 5/4
- GVA - Q1’17 Post Conference Call Recap
- 5/1
- Indiana Governor Signs Into Law HB1002 Raising $1.2B Annually for Transportation Funding
April 2017
- 4/19
- Tennessee House Boost Gasoline and Diesel Tax, First Hike Since 1989, to Raise $350MM Annually for Transportation Projects
- 4/17
- 2017 TRG C&I Conference Takeaways
- 4/12
- Q1’17 Aggregate, Cement, Concrete Survey; Clean Stone Summer Shortage?
- 4/7
- GVA - A Key Beneficiary of the California State Bill
- 4/7
- California Passes $52B Transportation Funding Increase
March 2017
- 3/30
- California Governor & Legislative Leaders Successfully Combine Transportation Funding Plans for a Proposed $5.2B Annual Increase
- 3/29
- TRG C&I 2017 - Aggregates: Timing is Everything
- 3/28
- TRG C&I 2017 - Is Non-res Dead?
- 3/27
- TRG C&I 2017 - Sifting Through the Political Hoopla
- 3/22
- Q1’17 Contractor & Surety Survey
- 3/17
- Expansive Definition of Infrastructure; The Smoking Gun
- 3/13
- TRG Adds to Conference line-up with Turner Construction, TxDOT & Irontrax; Details on Lunch Panel - April 6, 2017
- 3/13
- CONEXPO-CON/AGG; Feedback from Meetings at the Triennial Construction Industry Trade Show
- 3/3
- California Governor Engaging Transportation Legislation – Funding Becomes Priority Post Weather and Dam Tragedies
February 2017
- 2/28
- EME – Q4’16 Post Conference Call Recap
- 2/21
- GVA - Q4’16 Post Conference Call Recap
- 2/17
- GVA – Q4'16 Misses EPS Estimates on Weaker Large Project Performance, Though Outlook Remains Positive
- 2/15
- State Revenue Report; 1H’17 Tax Collections, California and Trump Need Each Other
January 2017
- 1/26
- Texas Comptroller Releases ’18-’19 Revenue Estimates Providing $4.7B to Highway Fund from Prop 7
- 1/18
- Tennessee Governor Proposes $275MM in New Transportation Revenues and Allowing Local
- 1/17
- California Legislature Yet to Focus on Transportation Funding
- 1/9
- Q4'16 Contractor & Surety Survey
December 2016
- 12/13
- California Legislative Supermajority Gives Transportation Funding Initiative (yet) Another Chance
- 12/9
- Continuing Resolution Delay of FAST Act Funding is of “Very Little Risk” to State DOTs
November 2016
- 11/18
- Infrastructure Stimulus - Are Expectations Over-built & Feedback from A Trump Senior Economic Advisor
- 11/9
- State Revenue Report; Q1’17 Tax Collections and Various Transportation Initiative Results
- 11/4
- EME - Q3’16 Conference Call Recap & Estimate Update
- 11/2
- GVA - Q3’16 Conference Call Recap & Estimate Update
October 2016
- 10/28
- GVA - Q3’16 Q3'16 Misses EPS Estimates, But Backlog Stands at a Record Level
September 2016
- 9/27
- Q3’16 Contractor & Surety Survey
August 2016
- 8/3
- EME – Q2’16 Conference Call Recap & Estimate Update
- 8/2
- GVA – Q2’16 Conference Call Recap & Estimate Update
July 2016
- 7/29
- GVA – Q2'16 An EPS Miss, But Backlog Increases to a New Record Level
June 2016
- 6/28
- Q2'16 Contractor & Surety Survey
May 2016
- 5/16
- State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
- 5/9
- EME – Q1’16 Conference Call Recap & Estimate Update
- 5/4
- GVA – Q1’16 Conference Call Recap & Estimate Update
April 2016
- 4/29
- GVA – Q1'16 An EPS Miss, But Backlog Growth Impressive; FY’16 Outlook Unchanged
March 2016
- 3/28
- Q1’16 Bonding & Contractor Survey; More Projects Continue to Surface Across End-Markets
- 3/21
- EME – Announces Acquisition of Ardent; Adds Electrical Exposure in the Energy Infrastructure Market
- 3/3
- EME – Q4’15 Conference Call Recap & Estimate Update
- 3/1
- Highway & Street Construction PIP up 34% YOY to Record $110.6B. Total Construction up 10.4%, NR up 12.3%, Res up 7.6% YOY
February 2016
- 2/29
- GVA - Q4’15 Conference Call Recap & Estimate Update
- 2/25
- GVA - Q4'15 A Beat With Stronger Than Expected Margins
- 2/12
- State Revenue Report: Core State 1H’16 Collections Up 2.8%; Texas Collections down 5 of Past 7 Months
January 2016
- 1/29
- TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
- 1/26
- Q4'15 Aggregate, Cement & Concrete Survey; "Back up the Truck" Analysis
- 1/7
- Q4’15 Bonding & Contractor Survey; Volume of Projects Coming to Market Improving
- 1/4
- Warm Weather = Record Volumes; Takeaways from Private Aggregate Contact
December 2015
- 12/16
- Top Stock Ideas Going Into 2016
- 12/8
- First Multi-Year Highway Bill in Decade Establishes Long-Term Funding Visibility + Stocks That Benefit
- 12/2
- Conference Committee Passes Fully-Funded, 5-Year $300B Transportation Bill
November 2015
- 11/17
- State Revenue Report: Q1’16 Collections Up YOY, But September Results Post First YOY Decline in 13 Months
- 11/16
- Reminder of TRG Coverage European Exposure
- 11/4
- EME - Q3’15 Misses, But Revenue & Gross Profit At a Third Quarter Record
- 11/3
- GVA - Q3’15 Recap; Backlog at a Record High, Funding Expectations Are Positive
- 11/2
- GVA - Q3'15 Misses By $0.20, Backlog at an All-time High & FY’15 Guidance Reiterated
October 2015
- 10/5
- GVA – Key Takeaways from Marketing with Granite Construction in Boston
- 10/2
- Q3’15 Bonding & Contractor Survey; Non-Res Activity Still Trending Higher, Labor Constraints Keeping a Lid on Rate of Growth
August 2015
- 8/12
- DOTs Continue State-Funding Initiatives in Face of Federal Funding Uncertainty
- 8/5
- EME - Q2'15 Conf Call Recap & Estimate Update
- 8/3
- GVA - Q2'15 Conf Call Recap & Estimate Update
July 2015
- 7/30
- Congress Passes Short-term Highway Funding Extension
- 7/30
- GVA - Q2'15 Earnings Snasphot; A Big Miss on a Slower Large Project Segment due to Weather & Startup Delays
- 7/21
- House Proposes Short-Term Highway Funding Extension
June 2015
- 6/26
- House Ways & Means Committee Meating Hearings Lay Out House Highway Funding Game Plan
- 6/25
- Q2'15 Bonding & Contractor Survey; Non-res Growth Continues Despite Lower Oil Prices Despite Lower Oil Prices; Wet Weather a Drag
- 6/12
- House Ways & Means Committee Sets Hearing for Long-term Highway Funding
- 6/1
- Texas Voters to Decide on Constitutional Amendment for Transportation Funding
May 2015
- 5/20
- Indiana DOT Still Benefitting From Major Moves Program
- 5/15
- House to Move on 2-Month Transportation Funding Extension
- 5/13
- GVA - Q1'15 Conference Call Recap & Estimate Update
- 5/8
- State Revenue Report; Q3'15 Tax Collections & Employment Hit New Hights
- 5/7
- EME - Q1'15 Conference Call Recap & Estimate Update
- 5/7
- Texas Legislature to Propose Constitutional Amendment for DOT Fudning; Adding ~$3B Annually
- 5/5
- GVA - Q1'15 Earnings Snapshot; Reports a Loss of $0.22, Roughly In-Line With Expectations
April 2015
- 4/2
- U.S. DOT's TIFIA Office Likely to Announce Partial Refund of MAP-21 Funding to States; Additional Funding Provided in Latest HTF Extension
March 2015
- 3/27
- Q1'15 Bonding & Contractor Survey; Contractors Point to Non-res Momentum and Incrementally Better Margins
- 3/27
- Non-res Revisited; Non-res Recovery is Gaining Strength
- 3/20
- EME - Q4'14 Conf Call Recap & Estimate Update
- 3/13
- Georgia Gas Tax Hike Moves to Senate; Other States Moving to Secure Additional Transportation Funding
- 3/9
- GVA - Key Takeaways From Marketing on the West Coast
- 3/5
- Texas DOT Releases Prop 1 Funded Projects
- 3/4
- State Revenue Report - 1H'15 Tax Collections
- 3/2
- GVA - Q4'14 Conf Call Recap & Estimate Update
February 2015
- 2/27
- GVA - Q4'14 A Big Miss Driven by Lower Large Project Revenue
- 2/23
- TRG Hosts Conference Call with Virginia DOT P3 Manager
- 2/13
- Public Private Partnerships (P3s) Gaining Ground with DOTs as Funding Uncertainty Continues
January 2015
- 1/23
- Tax Hike Out of Gas; New Highway Bill Expected tobe Part of Larger Tax Reform
- 1/6
- Q4'14 Bonding & Contractor Survey; Non-res Activity Picking Up; Lower Oil Prices Expected to be a Net Positive
November 2014
- 11/6/14
- GVA - Q3'14 Conf Call Recap & Estimate Update
- 11/3/14
- GVA - Q3'14 A Big Miss, Indicative of Lumpiness in the Business
October 2014
- 10/30/14
- EME - Q3'14 An EPS Miss; Strong Backlog Growth Points to Improving Non-res Markets
September 2014
- 9/17/14
- Q3'14 Bonding & Contractor Survey; Non-res Continuing the Slow & Steady March Back to Normal
August 2014
- 8/8/14
- EME - Q2'14 In-Line; Domestic Organic Revenues Decline as Margins Expands
- 8/4/14
- GVA - Q2'14 Conference Call Recap & Estimate Update
- 8/1/14
- GVA - Q2'14 A Strong Beat Primarily Driven By Higher Gross Margins
July 2014
- 7/11/14
- Updates on HTF, State DOTs, Gas Tax, and TIFIA
June 2014
- 6/25/14
- Q2'14 Bonding & Contractor Survey; Non-Res Recovery Getting Back on Track AFter a Slower Start to the Year
- 6/13/14
- Updates From D.C. Transportation Conference
May 2014
- 5/16/14
- GVA - Boston Marketing Focuses on Strategic Initiatives & Federal Funding
- 5/2/14
- GVA - Q1'14 Conf Call Recap; Raising Our PT From $42 to $44
April 2014
- 4/30/14
- GVA - Q1'14 Miss On Lower Revenues & Gross Margins
- 4/30/14
- EME - Q1'14 Beats On Significantly Higher Margins Posting A Record Q1
March 2014
- 3/25/14
- Q1'14 Bonding & Contractor Survey; Non-Res Expected to Take Hold in FY'14 Despite Challenging Winter Weather
- 3/6/14
- EME - Q4'13 Conf Call Recap; Updating Estimates
March 2014
- 2/28/14
- GVA - Q4'13 A Beat; Updating Estimates & Raising Our PT From $37 to $42
January 2014
- 1/9/14
- Q4'13 Bonding & Contractor Survey Focuses on Non-Res Recovery
November 2013
- 11/6/13
- GVA - Q3'13 Posts Another Miss on Weaker Than Expected Large Project Performance, But Future Earnings Potential Remains Robust
- 11/1/13
- EME - Q3'13 Conf Call Recap; Guidance Lowered After EPS Miss, Emerging Positives Include Domestic Construction Backlog Up 10% YOY
October 2013
- 10/15/13
- Q3'13 Surety Survey; Bonding Requests Flat to Up With Greater Strength in Industrial Sectors; Bid Environment Remains Competitive
September 2013
- 9/26/13
- STRL - Suspending Coverage of STRL
- 9/17/13
- Q3'13 Contractor Survey; Increased Bidding Activity Continues; Non-Res Backlog Growth Expected
August 2013
- 8/13/13
- STRL - Q2'13 Conference Call Takeaways; Write Downs Continue, While Backlog Increases Sequentially
- 8/6/13
- GVA - Q2'13 EPS Below Expectations, But Posts Impressive Backlog Growth Hitting a Company Record
- 8/5/13
- EME - Q2'13 Post Conference Call Recap; Domestic Construction Backlog Grows 15.6% YOY, Indicative of a Rebound in Non-Res End Markets
July 2013
- 7/24/13
- Q2'13 Surety Survey; Sureties Still Encouraging the Use of Equipment Rental; Expectations for Non-res in 2H'13 Positive
- 7/16/13
- Q2'13 Contractor Survey; Incremental Improvement Continues, Expectations for the Back Half Are Positive
June 2013
- 6/18/13
- EME - EMCOR Group Announces Acquisition of RepconStrickland; Adds Domestic Refinery and Petrochemical Exposure
May 2013
- 5/15/13
- STRL - Q1'13 Conference Call Takeaways; Beginning to See Light at the End of the Tunnel
- 5/13/13
- GVA - Q1'13 EPS Misses Again, But Earnings Potential Continues to be Robust
April 2013
- 4/30/13
- EME - Q1'13 Conference Call Takeaways; Facilities Services Strong, While Domestic Construction Gets Off to a Slow Start
- 4/23/13
- Q1'13 Surety Survey; Bonding Requirements Supporting Shift to Equipment Rental
- 4/19/13
- Q1'13 Contractor Survey; End Markets Incrementally Better With Increased Bidding Activity and Margins
March 2013
- 3/22/13
- STRL - Q4'12 Significant Ex-Items Beat; Diligently Working to Right the Ship
- 3/4/13
- GVA - Q4'12 Misses Big, But Focus Should be on Future Earnings Potential
February 2013
- 2/27/13
- EME - Q4'12 Beats on Solid Execution; FY'13 Guidance Likely Conservative
- 2/25/13
- Sequestration Impact on Federal Highway Funding Minimal
- 2/21/13
- State Revenue Report; FY 1H'13 Tax Collections Hit Record Highs, Surpassed Peak Levels of 2007 and 2008
January 2013
- 1/16/13
- Q4'12 Surety Survey; Tight Bonding Benefitting Rental
- 1/9/13
- Q4'12 Contractor Survey; Cautiously Optimistic for 2013
- 1/2/13
- Things Really Are Bigger in Texas
December 2012
- 12/31/12
- GVA - Granite to Acquire Kenny Construction; Executing Strategy to Diversify into New Sectors
- 12/18/12
- GVA - Large Project Thesis Playing Out, Two Large Projects to Significantly Grow Backlog
November 2012
- 11/13/12
- STRL - Q3'12; Another Miss, But Some Signs of Life Emerging
- 11/9/12
- STRL - Q3'12 Earnings Snapshot
- 11/8/12
- GVA - Q3'12 Conference Call Recap; Large Project Awards Still the Key Catalyst
October 2012
- 10/29/12
- EME - Q3'12 Conference Call Takeaways; Executing Well in a Challenging Market
- 10/4/12
- Q3'12 Surety Survey; Environment Getting Incrementally Better, but Sureties Continue to Encourage the Use of Rental
September 2012
- 9/27/12
- Q3'12 Contractor Survey; Far From Good, But Getting Better
- 9/11/12
- GVA - Upgrading on an Unprecedented Large Project Opportunity Set & Upside from TIFIA
August 2012
- 8/21/12
- Update on the ABI; A Useful Metric Only When Paired with Primary Research
- 8/10/12
- STRL - Q2'12 Conference Call Recap; Returns to Profitability, Competitive Environment Still Difficult
- 8/7/12
- GVA - Q2'12 Misses; Large Project Opportunities & Diversification Efforts Provide Upside Potential
July 2012
- 7/27/12
- EME - Q2'12 Conference Call Takeaways; Well Positioned for Cyclical Turn
- 7/2/12
- Q2'12 Surety Survey; Market Conditions Continue to Encourage Equipment Rental
June 2012
- 6/25/12
- Q2'12 Contractor Survey - Negative News Gives Pause; Environment Changes Little
- 6/6/12
- Update - European Exposure & What This Means for TRG Stocks
May 2012
- 5/21/12
- STRL - Q1'12 Results & Conf. Call Takeaways
- 5/18/12
- GVA - NYC Marketing Takeaways
- 5/10/12
- GVA - Q1'12 Post Conf. Call Takeaways
- 5/8/12
- GVA - Q1'12 Earnings Results
- 5/7/12
- EME - Q1'12 Results & Conf. Call Takeaways
April 2012
- 4/17/12
- Q1'12 Contractor Survey; Positive Signs Emerging
- 4/5/12
- Q1'12 Surety Survey; Contractor Health Remains Depressed
March 2012
- 3/21/12
- STRL - Q4'11 Big Miss on Operational Difficulties; Taking Steps to Resolve
February 2012
- 2/27/12
- EME - Q4'11 Results and Conference Call Takeaways
- 2/23/12
- GVA - Q4'11 Earnings Snapshot; Upside Surprise
- 2/8/12
- Engineering & Construction - Q4'11 Contractor Survey; Bouncing Off The Bottom
- 2/3/12
- Engineering & Construction - Q4'11 Surety Survey; Rental Positioned to Benefit
November 2011
- 11/28/11
- GVA - Q3'11 Results Wrap-Up
- 11/22/11
- STRL - Q3'11 Earnings Recap
October 2011
- 10/31/11
- EME - Q3'11 Results and Conference Call Takeaways
September 2011
- 9/29/11
- Engineering & Construction - Q3'11 Surety Survey; Contractor Health Stays Depressed
- 9/26/11
- Engineering & Construction - Q3'11 Contractor Survey
August 2011
- 8/10/11
- STRL - Q2'11 Post Conference Call Takeaways
- 8/9/11
- GVA - Q2'11 Post Conference Call Takeaways
- 8/9/11
- TTEK - Q3'11 Results & Conference Call Takeaways
- 8/8/11
- ACM - Q3'11 Post Conference Call Takeaways
- 8/4/11
- TTEK - First Look at Q3'11 Results
- 8/4/11
- GVA - Q2'11 Earnings Snapshot
- 8/1/11
- EME - Q2'11 Still Bumping on the Bottom; Looking for Small Project Uplift
July 2011
- 7/6/11
- Engineering & Construction - Q2'11 Contractor Survey
June 2011
- 6/3/11
- Engineering & Construction - Q1'11 Surety Survey; Upgrading RRR to Buy
May 2011
- 5/13/11
- GVA - Q1'11 Post Conference Call Takeaways
- 5/11/11
- TTEK - Q2'11 Conference Call Takeaways
- 5/11/11
- STRL - Q1'11 Conference Call Takeaways
- 5/10/11
- STRL - Q1'11 Earnings Snapshot
- 5/9/11
- ACM - Q2'11 Results and Conference Call Takeaways
- 5/5/11
- GVA - Q1'11 Earnings Snapshot
- 5/5/11
- TTEK - Q2'11 Earnings Snapshot
April 2011
- 4/29/11
- EME - Q1'11 Results and Conference Call Takeaways
- 4/11/11
- Engineering & Construction - Q1'11 Contractor Survey
March 2011
- 3/17/11
- STRL - Q4'10 Post Conference Call Recap
February 2011
- 2/28/11
- GVA - Q4'10 Post Conference Call Take-Aways
- 2/25/11
- EME - Q4'10 Results; FY'11 Margins Look Tough
- 2/14/11
- ACM - Q1'11 Post Conference Call Take-Aways
- 2/7/11
- TTEK - Q1'11 Results and Conference Call Take-Aways
January 2011
- 1/10/11
- Engineering & Construction - Q4'10 Contractor Survey Shows More of the Same
December 2010
- 12/15/10
- Engineering & Construction - Q4'10 Surety Survey
- 12/15/10
- Engineering & Construction - 2011 Construction Forecast
- 12/15/10
- Engineering & Construction - Industry Whitepaper
- 12/15/10
- ACM - Initiation of Coverage
- 12/15/10
- EME - Initiation of Coverage
- 12/15/10
- TTEK - Initiation of Coverage