OUR PREDICTIONS WERE CORRECT-- TERRIBLE Q1 RESULTS
CEO Roberts is in the wrong business-- he ought to work for public relations hype business. His statements are materially misleading for GVA and it's prospects for the future.
GVA lost $22,000,000.00 in Q1 yet these horrible financial result are touted by Roberts as some sort of successful accomplishment.
Roberts has booked the recent $723M Tappen Zee bridge award as back log for Q1. This is totally misleading because the Tappen Zee bridge job will take 5 years to build. A more accurate booking would be to book $150M in each of the 5 years. Of course, that would lower the GVA backlog by $600M.
The duty of a good CEO is to tell the story as it is-- no fudging, hype, or hope-- only the plain unvarnished financial facts. Apparently, Roberts is not up to that task.
Sadly for GVA, but good for short players like us, the heavy construction business is an unprofitable business with no end in sight. The present price of $28 is absurd and we shall continue to profitably short this pile of hyped Dead Wood Dorey Dung.