HOLLYWOOD, Fla. - NV5 Global, Inc. (NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, has been awarded an $18 million contract by the California Department of Transportation (Caltrans). This three-year agreement tasks NV5 with delivering construction management services for transportation projects within Caltrans District 9.
The services NV5 is set to provide under the contract include construction inspection, office engineering, claims resolution, and constructability support services. These are non-at-risk services, meaning NV5 is not financially liable for cost overruns on the projects they are managing.
Dickerson Wright, PE, Executive Chairman of NV5, highlighted the significance of the contract as part of the company's national transportation growth initiative. Wright expressed the company's commitment to driving organic growth in the infrastructure sector and delivering solutions to enhance community infrastructure.
NV5's Chief Operating Officer of Infrastructure West, Todd George, PE, reiterated the company's pride in its long-standing relationship with Caltrans and its enthusiasm for continuing to support the district's projects. NV5 has a history of providing services to Caltrans, which has helped to solidify this ongoing partnership.
The company, which operates out of more than 100 offices nationwide and abroad, specializes in six business verticals: utility services, infrastructure engineering, construction quality assurance, buildings & technology, environmental health sciences, and geospatial services.
This announcement is based on a press release statement from NV5 Global, Inc.
InvestingPro Insights
NV5 Global, Inc. (NVEE) recently secured a substantial contract with Caltrans, which is expected to further bolster the company's growth in the infrastructure sector. InvestingPro data and tips provide additional insights into the company's financial health and market performance that may be of interest to investors following this news.
InvestingPro Data indicates that NV5 has a market capitalization of $1.62 billion and is trading at a Price to Earnings (P/E) ratio of 34.38, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at 38.96. The company has demonstrated a solid revenue growth of 9.53% over the last twelve months, with a gross profit margin of nearly 50%. These metrics suggest that NV5 is maintaining profitability and efficiency in its operations.
InvestingPro Tips highlight that NV5 operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, indicating a stable financial position. Moreover, analysts predict that the company will remain profitable this year, which is consistent with its performance over the last decade. However, it's important to note that five analysts have revised their earnings downwards for the upcoming period, and the company is trading at a high earnings multiple, which might raise concerns about valuation.
For investors interested in a deeper analysis, there are 9 additional InvestingPro Tips available for NV5 at https://www.investing.com/pro/NVEE. These tips could provide valuable insights into the company's long-term potential and current market positioning.
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