Granite Construction's (GVA) fundamentals are improving with its backlog at an all time high of $2.8 bn, good bidding pipeline ($10 bn worth of large projects ) and improving end markets (state and local government tax collection increasing, private sector clients coming back). The company's 2013 results were affected by the company's conservative accounting policy which doesn't allow it to book profit on the large projects until they are 25% complete as well as negative forecast revision in one major project. Going forward, the company is poised to grow its revenues and earnings for the next several years starting in 2014. However, sell side analysts have gone a bit overboard and are expecting the company...
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