Wednesday, May 01, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Improved Margin. In spite of the revenue shortfall caused by unanticipated project delays, management’s focus on improved bidding and cost controls resulted in gross margin increasing to 9.7% in the quarter from 3.7% a year ago. We anticipate ongoing margin improvement.
Environment Ripe with Opportunity. As we have outlined in previous reports, the opportunity set continues to grow, now at $11 billion with solid growth potential in both the Marine and Concrete segments. Government funding, both federal and state, is pushing Marine growth while data center demand is fueling Concrete opportunities.
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