Early in the session, shares of Granite Construction were on track for their best day since November, following news of the California transportation bill's passage.
Five-day performance of Granite Construction
The bill authorizes $52 billion in funding over the next ten years for the California Department of Transportation (
Nine percent of Granite Construction's revenue came from
"The incremental opportunity from the additional $5B in annual state funding only furthers our conviction of positive long-term fundamentals for [Granite Construction] and should represent a catalyst for near-term backlog growth and multiple expansion," Burleson said.
As of Friday's close, shares of Granite Construction are up almost 16 percent over the past 12 months. The stock closed up over 8 percent at $53.82 per share.