REPORTS

ENGINEERING AND CONSTRUCTION

The following are recent reports published by TRG. Please contact Chris White to request a copy.

August 2017

8/18
CALTRANS Announces ~$1B in Accelerated Projects
8/3
GVA – Q2'17 Post Conference Call Recap
8/2
Q2’17 Sterling Construction Results an EPS Beat On Stronger Than Expected Revenues and Margins; Backlog up Double-Digits YOY
8/1
GVA – Q2'17 An EPS Miss, Though Backlog at a Record Level & Outlook Continues to Improve

July 2017

7/5
Q2’17 Contractor & Surety Survey

June 2017

6/29
GVA - Key Takeaways from Marketing in Boston

May 2017

5/30
Texas Legislature Defers FY’19 Prop 7 Funding to Meet Biennial Budget Needs; ~$1.8B to be Received in Early FY’20, A 3-4 week Delay
5/11
South Carolina Legislature Overrides Governor Veto to Increase Transportation Funding; Will Ultimately Raise $630MM Annually
5/9
State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
5/5
EME - Q1’17 Post Conference Call Recap
5/4
GVA - Q1’17 Post Conference Call Recap
5/1
Indiana Governor Signs Into Law HB1002 Raising $1.2B Annually for Transportation Funding

April 2017

4/19
Tennessee House Boost Gasoline and Diesel Tax, First Hike Since 1989, to Raise $350MM Annually for Transportation Projects
4/17
2017 TRG C&I Conference Takeaways
4/12
Q1’17 Aggregate, Cement, Concrete Survey; Clean Stone Summer Shortage?
4/7
GVA - A Key Beneficiary of the California State Bill
4/7
California Passes $52B Transportation Funding Increase

March 2017

3/30
California Governor & Legislative Leaders Successfully Combine Transportation Funding Plans for a Proposed $5.2B Annual Increase
3/29
TRG C&I 2017 - Aggregates: Timing is Everything
3/28
TRG C&I 2017 - Is Non-res Dead?
3/27
TRG C&I 2017 - Sifting Through the Political Hoopla
3/22
Q1’17 Contractor & Surety Survey
3/17
Expansive Definition of Infrastructure; The Smoking Gun
3/13
TRG Adds to Conference line-up with Turner Construction, TxDOT & Irontrax; Details on Lunch Panel - April 6, 2017
3/13
CONEXPO-CON/AGG; Feedback from Meetings at the Triennial Construction Industry Trade Show
3/3
California Governor Engaging Transportation Legislation – Funding Becomes Priority Post Weather and Dam Tragedies

February 2017

2/28
EME – Q4’16 Post Conference Call Recap
2/21
GVA - Q4’16 Post Conference Call Recap
2/17
GVA – Q4'16 Misses EPS Estimates on Weaker Large Project Performance, Though Outlook Remains Positive
2/15
State Revenue Report; 1H’17 Tax Collections, California and Trump Need Each Other

January 2017

1/26
Texas Comptroller Releases ’18-’19 Revenue Estimates Providing $4.7B to Highway Fund from Prop 7
1/18
Tennessee Governor Proposes $275MM in New Transportation Revenues and Allowing Local
1/17
California Legislature Yet to Focus on Transportation Funding
1/9
Q4'16 Contractor & Surety Survey

December 2016

12/13
California Legislative Supermajority Gives Transportation Funding Initiative (yet) Another Chance
12/9
Continuing Resolution Delay of FAST Act Funding is of “Very Little Risk” to State DOTs

November 2016

11/18
Infrastructure Stimulus - Are Expectations Over-built & Feedback from A Trump Senior Economic Advisor
11/9
State Revenue Report; Q1’17 Tax Collections and Various Transportation Initiative Results
11/4
EME - Q3’16 Conference Call Recap & Estimate Update
11/2
GVA - Q3’16 Conference Call Recap & Estimate Update

October 2016

10/28
GVA - Q3’16 Q3'16 Misses EPS Estimates, But Backlog Stands at a Record Level

September 2016

9/27
Q3’16 Contractor & Surety Survey

August 2016

8/3
EME – Q2’16 Conference Call Recap & Estimate Update
8/2
GVA – Q2’16 Conference Call Recap & Estimate Update

July 2016

7/29
GVA – Q2'16 An EPS Miss, But Backlog Increases to a New Record Level

June 2016

6/28
Q2'16 Contractor & Surety Survey

May 2016

5/16
State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
5/9
EME – Q1’16 Conference Call Recap & Estimate Update
5/4
GVA – Q1’16 Conference Call Recap & Estimate Update

April 2016

4/29
GVA – Q1'16 An EPS Miss, But Backlog Growth Impressive; FY’16 Outlook Unchanged

March 2016

3/28
Q1’16 Bonding & Contractor Survey; More Projects Continue to Surface Across End-Markets
3/21
EME – Announces Acquisition of Ardent; Adds Electrical Exposure in the Energy Infrastructure Market
3/3
EME – Q4’15 Conference Call Recap & Estimate Update
3/1
Highway & Street Construction PIP up 34% YOY to Record $110.6B. Total Construction up 10.4%, NR up 12.3%, Res up 7.6% YOY

February 2016

2/29
GVA - Q4’15 Conference Call Recap & Estimate Update
2/25
GVA - Q4'15 A Beat With Stronger Than Expected Margins
2/12
State Revenue Report: Core State 1H’16 Collections Up 2.8%; Texas Collections down 5 of Past 7 Months

January 2016

1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/26
Q4'15 Aggregate, Cement & Concrete Survey; "Back up the Truck" Analysis
1/7
Q4’15 Bonding & Contractor Survey; Volume of Projects Coming to Market Improving
1/4
Warm Weather = Record Volumes; Takeaways from Private Aggregate Contact

December 2015

12/16
Top Stock Ideas Going Into 2016
12/8
First Multi-Year Highway Bill in Decade Establishes Long-Term Funding Visibility + Stocks That Benefit
12/2
Conference Committee Passes Fully-Funded, 5-Year $300B Transportation Bill

November 2015

11/17
State Revenue Report: Q1’16 Collections Up YOY, But September Results Post First YOY Decline in 13 Months
11/16
Reminder of TRG Coverage European Exposure
11/4
EME - Q3’15 Misses, But Revenue & Gross Profit At a Third Quarter Record
11/3
GVA - Q3’15 Recap; Backlog at a Record High, Funding Expectations Are Positive
11/2
GVA - Q3'15 Misses By $0.20, Backlog at an All-time High & FY’15 Guidance Reiterated

October 2015

10/5
GVA – Key Takeaways from Marketing with Granite Construction in Boston
10/2
Q3’15 Bonding & Contractor Survey; Non-Res Activity Still Trending Higher, Labor Constraints Keeping a Lid on Rate of Growth

August 2015

8/12
DOTs Continue State-Funding Initiatives in Face of Federal Funding Uncertainty
8/5
EME - Q2'15 Conf Call Recap & Estimate Update
8/3
GVA - Q2'15 Conf Call Recap & Estimate Update

July 2015

7/30
Congress Passes Short-term Highway Funding Extension
7/30
GVA - Q2'15 Earnings Snasphot; A Big Miss on a Slower Large Project Segment due to Weather & Startup Delays
7/21
House Proposes Short-Term Highway Funding Extension

June 2015

6/26
House Ways & Means Committee Meating Hearings Lay Out House Highway Funding Game Plan
6/25
Q2'15 Bonding & Contractor Survey; Non-res Growth Continues Despite Lower Oil Prices Despite Lower Oil Prices; Wet Weather a Drag
6/12
House Ways & Means Committee Sets Hearing for Long-term Highway Funding
6/1
Texas Voters to Decide on Constitutional Amendment for Transportation Funding

May 2015

5/20
Indiana DOT Still Benefitting From Major Moves Program
5/15
House to Move on 2-Month Transportation Funding Extension
5/13
GVA - Q1'15 Conference Call Recap & Estimate Update
5/8
State Revenue Report; Q3'15 Tax Collections & Employment Hit New Hights
5/7
EME - Q1'15 Conference Call Recap & Estimate Update
5/7
Texas Legislature to Propose Constitutional Amendment for DOT Fudning; Adding ~$3B Annually
5/5
GVA - Q1'15 Earnings Snapshot; Reports a Loss of $0.22, Roughly In-Line With Expectations

April 2015

4/2
U.S. DOT's TIFIA Office Likely to Announce Partial Refund of MAP-21 Funding to States; Additional Funding Provided in Latest HTF Extension

March 2015

3/27
Q1'15 Bonding & Contractor Survey; Contractors Point to Non-res Momentum and Incrementally Better Margins
3/27
Non-res Revisited; Non-res Recovery is Gaining Strength
3/20
EME - Q4'14 Conf Call Recap & Estimate Update
3/13
Georgia Gas Tax Hike Moves to Senate; Other States Moving to Secure Additional Transportation Funding
3/9
GVA - Key Takeaways From Marketing on the West Coast
3/5
Texas DOT Releases Prop 1 Funded Projects
3/4
State Revenue Report - 1H'15 Tax Collections
3/2
GVA - Q4'14 Conf Call Recap & Estimate Update

February 2015

2/27
GVA - Q4'14 A Big Miss Driven by Lower Large Project Revenue
2/23
TRG Hosts Conference Call with Virginia DOT P3 Manager
2/13
Public Private Partnerships (P3s) Gaining Ground with DOTs as Funding Uncertainty Continues

January 2015

1/23
Tax Hike Out of Gas; New Highway Bill Expected tobe Part of Larger Tax Reform
1/6
Q4'14 Bonding & Contractor Survey; Non-res Activity Picking Up; Lower Oil Prices Expected to be a Net Positive

November 2014

11/6/14
GVA - Q3'14 Conf Call Recap & Estimate Update
11/3/14
GVA - Q3'14 A Big Miss, Indicative of Lumpiness in the Business

October 2014

10/30/14
EME - Q3'14 An EPS Miss; Strong Backlog Growth Points to Improving Non-res Markets

September 2014

9/17/14
Q3'14 Bonding & Contractor Survey; Non-res Continuing the Slow & Steady March Back to Normal

August 2014

8/8/14
EME - Q2'14 In-Line; Domestic Organic Revenues Decline as Margins Expands
8/4/14
GVA - Q2'14 Conference Call Recap & Estimate Update
8/1/14
GVA - Q2'14 A Strong Beat Primarily Driven By Higher Gross Margins

July 2014

7/11/14
Updates on HTF, State DOTs, Gas Tax, and TIFIA

June 2014

6/25/14
Q2'14 Bonding & Contractor Survey; Non-Res Recovery Getting Back on Track AFter a Slower Start to the Year
6/13/14
Updates From D.C. Transportation Conference

May 2014

5/16/14
GVA - Boston Marketing Focuses on Strategic Initiatives & Federal Funding
5/2/14
GVA - Q1'14 Conf Call Recap; Raising Our PT From $42 to $44

April 2014

4/30/14
GVA - Q1'14 Miss On Lower Revenues & Gross Margins
4/30/14
EME - Q1'14 Beats On Significantly Higher Margins Posting A Record Q1

March 2014

3/25/14
Q1'14 Bonding & Contractor Survey; Non-Res Expected to Take Hold in FY'14 Despite Challenging Winter Weather
3/6/14
EME - Q4'13 Conf Call Recap; Updating Estimates

March 2014

2/28/14
GVA - Q4'13 A Beat; Updating Estimates & Raising Our PT From $37 to $42

January 2014

1/9/14
Q4'13 Bonding & Contractor Survey Focuses on Non-Res Recovery

November 2013

11/6/13
GVA - Q3'13 Posts Another Miss on Weaker Than Expected Large Project Performance, But Future Earnings Potential Remains Robust
11/1/13
EME - Q3'13 Conf Call Recap; Guidance Lowered After EPS Miss, Emerging Positives Include Domestic Construction Backlog Up 10% YOY

October 2013

10/15/13
Q3'13 Surety Survey; Bonding Requests Flat to Up With Greater Strength in Industrial Sectors; Bid Environment Remains Competitive

September 2013

9/26/13
STRL - Suspending Coverage of STRL
9/17/13
Q3'13 Contractor Survey; Increased Bidding Activity Continues; Non-Res Backlog Growth Expected

August 2013

8/13/13
STRL - Q2'13 Conference Call Takeaways; Write Downs Continue, While Backlog Increases Sequentially
8/6/13
GVA - Q2'13 EPS Below Expectations, But Posts Impressive Backlog Growth Hitting a Company Record
8/5/13
EME - Q2'13 Post Conference Call Recap; Domestic Construction Backlog Grows 15.6% YOY, Indicative of a Rebound in Non-Res End Markets

July 2013

7/24/13
Q2'13 Surety Survey; Sureties Still Encouraging the Use of Equipment Rental; Expectations for Non-res in 2H'13 Positive
7/16/13
Q2'13 Contractor Survey; Incremental Improvement Continues, Expectations for the Back Half Are Positive

June 2013

6/18/13
EME - EMCOR Group Announces Acquisition of RepconStrickland; Adds Domestic Refinery and Petrochemical Exposure

May 2013

5/15/13
STRL - Q1'13 Conference Call Takeaways; Beginning to See Light at the End of the Tunnel
5/13/13
GVA - Q1'13 EPS Misses Again, But Earnings Potential Continues to be Robust

April 2013

4/30/13
EME - Q1'13 Conference Call Takeaways; Facilities Services Strong, While Domestic Construction Gets Off to a Slow Start
4/23/13
Q1'13 Surety Survey; Bonding Requirements Supporting Shift to Equipment Rental
4/19/13
Q1'13 Contractor Survey; End Markets Incrementally Better With Increased Bidding Activity and Margins

March 2013

3/22/13
STRL - Q4'12 Significant Ex-Items Beat; Diligently Working to Right the Ship
3/4/13
GVA - Q4'12 Misses Big, But Focus Should be on Future Earnings Potential

February 2013

2/27/13
EME - Q4'12 Beats on Solid Execution; FY'13 Guidance Likely Conservative
2/25/13
Sequestration Impact on Federal Highway Funding Minimal
2/21/13
State Revenue Report; FY 1H'13 Tax Collections Hit Record Highs, Surpassed Peak Levels of 2007 and 2008

January 2013

1/16/13
Q4'12 Surety Survey; Tight Bonding Benefitting Rental
1/9/13
Q4'12 Contractor Survey; Cautiously Optimistic for 2013
1/2/13
Things Really Are Bigger in Texas

December 2012

12/31/12
GVA - Granite to Acquire Kenny Construction; Executing Strategy to Diversify into New Sectors
12/18/12
GVA - Large Project Thesis Playing Out, Two Large Projects to Significantly Grow Backlog

November 2012

11/13/12
STRL - Q3'12; Another Miss, But Some Signs of Life Emerging
11/9/12
STRL - Q3'12 Earnings Snapshot
11/8/12
GVA - Q3'12 Conference Call Recap; Large Project Awards Still the Key Catalyst

October 2012

10/29/12
EME - Q3'12 Conference Call Takeaways; Executing Well in a Challenging Market
10/4/12
Q3'12 Surety Survey; Environment Getting Incrementally Better, but Sureties Continue to Encourage the Use of Rental

September 2012

9/27/12
Q3'12 Contractor Survey; Far From Good, But Getting Better
9/11/12
GVA - Upgrading on an Unprecedented Large Project Opportunity Set & Upside from TIFIA

August 2012

8/21/12
Update on the ABI; A Useful Metric Only When Paired with Primary Research
8/10/12
STRL - Q2'12 Conference Call Recap; Returns to Profitability, Competitive Environment Still Difficult
8/7/12
GVA - Q2'12 Misses; Large Project Opportunities & Diversification Efforts Provide Upside Potential

July 2012

7/27/12
EME - Q2'12 Conference Call Takeaways; Well Positioned for Cyclical Turn
7/2/12
Q2'12 Surety Survey; Market Conditions Continue to Encourage Equipment Rental

June 2012

6/25/12
Q2'12 Contractor Survey - Negative News Gives Pause; Environment Changes Little
6/6/12
Update - European Exposure & What This Means for TRG Stocks

May 2012

5/21/12
STRL - Q1'12 Results & Conf. Call Takeaways
5/18/12
GVA - NYC Marketing Takeaways
5/10/12
GVA - Q1'12 Post Conf. Call Takeaways
5/8/12
GVA - Q1'12 Earnings Results
5/7/12
EME - Q1'12 Results & Conf. Call Takeaways

April 2012

4/17/12
Q1'12 Contractor Survey; Positive Signs Emerging
4/5/12
Q1'12 Surety Survey; Contractor Health Remains Depressed

March 2012

3/21/12
STRL - Q4'11 Big Miss on Operational Difficulties; Taking Steps to Resolve

February 2012

2/27/12
EME - Q4'11 Results and Conference Call Takeaways
2/23/12
GVA - Q4'11 Earnings Snapshot; Upside Surprise
2/8/12
Engineering & Construction - Q4'11 Contractor Survey; Bouncing Off The Bottom
2/3/12
Engineering & Construction - Q4'11 Surety Survey; Rental Positioned to Benefit

November 2011

11/28/11
GVA - Q3'11 Results Wrap-Up
11/22/11
STRL - Q3'11 Earnings Recap

October 2011

10/31/11
EME - Q3'11 Results and Conference Call Takeaways

September 2011

9/29/11
Engineering & Construction - Q3'11 Surety Survey; Contractor Health Stays Depressed
9/26/11
Engineering & Construction - Q3'11 Contractor Survey

August 2011

8/10/11
STRL - Q2'11 Post Conference Call Takeaways
8/9/11
GVA - Q2'11 Post Conference Call Takeaways
8/9/11
TTEK - Q3'11 Results & Conference Call Takeaways
8/8/11
ACM - Q3'11 Post Conference Call Takeaways
8/4/11
TTEK - First Look at Q3'11 Results
8/4/11
GVA - Q2'11 Earnings Snapshot
8/1/11
EME - Q2'11 Still Bumping on the Bottom; Looking for Small Project Uplift

July 2011

7/6/11
Engineering & Construction - Q2'11 Contractor Survey

June 2011

6/3/11
Engineering & Construction - Q1'11 Surety Survey; Upgrading RRR to Buy

May 2011

5/13/11
GVA - Q1'11 Post Conference Call Takeaways
5/11/11
TTEK - Q2'11 Conference Call Takeaways
5/11/11
STRL - Q1'11 Conference Call Takeaways
5/10/11
STRL - Q1'11 Earnings Snapshot
5/9/11
ACM - Q2'11 Results and Conference Call Takeaways
5/5/11
GVA - Q1'11 Earnings Snapshot
5/5/11
TTEK - Q2'11 Earnings Snapshot

April 2011

4/29/11
EME - Q1'11 Results and Conference Call Takeaways
4/11/11
Engineering & Construction - Q1'11 Contractor Survey

March 2011

3/17/11
STRL - Q4'10 Post Conference Call Recap

February 2011

2/28/11
GVA - Q4'10 Post Conference Call Take-Aways
2/25/11
EME - Q4'10 Results; FY'11 Margins Look Tough
2/14/11
ACM - Q1'11 Post Conference Call Take-Aways
2/7/11
TTEK - Q1'11 Results and Conference Call Take-Aways

January 2011

1/10/11
Engineering & Construction - Q4'10 Contractor Survey Shows More of the Same

December 2010

12/15/10
Engineering & Construction - Q4'10 Surety Survey
12/15/10
Engineering & Construction - 2011 Construction Forecast
12/15/10
Engineering & Construction - Industry Whitepaper
12/15/10
ACM - Initiation of Coverage
12/15/10
EME - Initiation of Coverage
12/15/10
TTEK - Initiation of Coverage