Richard Tong, Executive Vice President and General Counsel at NV5 Global, Inc. (NASDAQ:NVEE), recently sold 20,000 shares of the company’s common stock. The shares were sold at a weighted average price of $20.0835, totaling approximately $401,670. Following this transaction, Tong retains ownership of 45,584 shares in the company. The sale was conducted for tax and estate planning purposes, according to the filing.
In other recent news, NV5 Global, Inc. has reported robust financial performance for the third quarter of 2024, with a 6% increase in organic growth and a 13% rise in gross profit to $129.5 million. Net income climbed by 31% to $17.1 million, and adjusted EBITDA grew by 21%, resulting in an 18% margin. In a strategic move, the company also completed the acquisition of Southport Engineering Associates, which is expected to contribute immediately to NV5's earnings. This acquisition aligns with NV5's approach to organic growth, driven by comprehensive, tech-enabled services.
NV5 has also secured significant contracts recently. It has been awarded a series of infrastructure consulting contracts totaling $14 million to support various Southern California municipalities. In addition, the company acquired contracts totaling $46 million for grid hardening projects in the Western United States, aimed at enhancing electrical grid stability and fire prevention.
These recent developments indicate NV5's ongoing strategy to expand its service offerings across multiple sectors. The company remains optimistic about growth in the Asia-Pacific region and its Technology and Acoustics Group, despite potential challenges in larger CapEx projects due to rising interest rates.
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