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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: SMALL FRY who wrote (38338)	5/5/1999 8:33:00 PM
From: Jenna	Respond to of 120523

Granite Reports Record First Quarter Results (only one out of 12 possible plays for May 5th that did not show anticipation since last Thursday, might break the trend??) Street expected $0.07 actual $0.09 WATSONVILLE, Calif.--(BUSINESS WIRE)--May 5, 1999--Granite Construction Incorporated (NYSE:GVA - news) announced today that net income for the first quarter ended March 31, 1999 was a record $2,500,000 or $0.09 per share on a diluted basis versus $1,382,000 or $0.05 per share for the same period in 1998. Revenue for the quarter was also a record $214,804,000 or 17.2% over last year's level of $183,322,000. The 80.9% increase in net income is primarily associated with a higher volume of work and a strong backlog in both operating divisions. Drier weather and higher revenue throughout most of the Company's geographic market sectors contributed to the increase in revenue for the quarter. Backlog at March 31, 1999 totaled $914,248,000 compared to $917,430,000 at March 31, 1998. New awards for the first quarter totaled $227,460,000 versus $190,959,000 for the same period last year. New contracts awarded during the quarter include a $32,776,000 contract in Florida and a $28,051,000 contract in Southern California.