Granite (GVA) Appoints New COO to Drive Operations
Granite Construction Incorporated (GVA) announced the appointment of Christopher S. Miller as the Chief Operating Officer (COO) and executive vice president as well as to board of directors. The effective date of appointment is Aug 4, 2014 and Miller will report to President and Chief Executive Officer (CEO) of Granite, James H. Roberts.
Miller, a Civil Engineer, from the University of Texas, started his career as a director of Federal Programs for Jacobs Engineering Group Inc. (JEC). Subsequently, he joined CH2M HILL, where he served as managing director -- Global Operations, United Kingdom Ministry of Defense Programs, president -- Government Facilities, Infrastructure Business Group, CH2M HILL Constructors, Inc. and Global Business Development and Planning Director over the years.
Before that Miller served in the United States Air Force and was named to key roles in the Human Systems Division, Weapons System Program Office and the Air Force Center for Environmental Excellence.
Miller has an extensive industry experience and strong background in operational discipline. The COO will supervise Granite Construction’s day-to-day operations and is expected to strengthen operational excellence throughout the company.
The COO appointment will hopefully help Granite deliver a turnaround in the coming quarters. After reporting a loss per share of 94 cents, fiscal 2013 compared with earnings per share of $1.17 in 2012, Granite Construction again reported an adjusted loss per share of 49 cents in the first quarter of 2014. This was, however, narrower than the year-ago quarter’s loss per share of 57 cents.
Granite Construction’s backlog at quarter-end reflects a diverse, healthy portfolio of projects which bodes well for the company. The company is also expected to benefit from improved project funding.
Furthermore, underground diversification opportunities in Power and Tunnel position the company for growth. Both the Construction and Large Project Construction segments are expected to gain momentum starting second quarter with Large Project recognition later in the year, driving overall improved performance in 2014.
Watsonville, CA-based Granite Construction is a leading infrastructure contractor and construction materials producing company. Its project teams are the best in the industry, serving both public and private-sector clients in transportation, power, federal, tunneling, underground, industrial/mining and water resources markets.
Granite Construction currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same sector include Orion Marine Group, Inc (ORN) and Beazer Homes USA Inc. (BZH). Both carrying a Zacks Rank #2 (Buy).
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