NV5 secures $5 million contract for Florida Turnpike work

HOLLYWOOD, Fla. - NV5 Global, Inc. (NASDAQ: NVEE), an engineering and consulting firm with a market capitalization of $1.15 billion and impressive annual revenue of $941 million, has been awarded a $5 million contract by the Florida Department of Transportation (FDOT) to provide geotechnical engineering and construction materials testing services. The five-year contract will support the Florida Turnpike Enterprise, focusing on infrastructure development, asset management, and maintenance of the state’s toll roads and bridges. According to InvestingPro data, the company maintains strong gross profit margins of 51.3% and has demonstrated solid revenue growth of 9.8% over the last twelve months.

The contract highlights NV5’s role in ensuring the safety, reliability, and performance of a critical 260-mile transportation network that serves over three million travelers daily. The company’s Miami, Orlando, and Gainesville materials testing laboratories and consulting offices will deliver soil exploration, geotechnical engineering, construction materials sampling and testing, pavement evaluation, and foundation studies. InvestingPro analysis suggests the company is currently undervalued, with a healthy current ratio of 1.95 indicating strong short-term financial stability. Discover 10+ additional exclusive insights about NV5 Global with an InvestingPro subscription.

NV5’s CEO Ben Heraud expressed the company’s commitment to delivering high-value services and leveraging its comprehensive expertise and strategically placed laboratories to support Florida’s infrastructure projects. Alex Hockman, NV5 CEO of Infrastructure, noted the company’s longstanding relationship with FDOT, spanning over two decades, and looked forward to expanding their collaboration.

The announcement is based on a press release statement and reflects NV5’s continuous growth in the state. NV5 operates over 100 offices nationwide and abroad, offering a range of services across multiple business verticals, including utility services, infrastructure support, conformity assessment, buildings and technology, environmental health sciences, and geospatial services.

The press release also contains forward-looking statements, which are subject to various factors that could cause actual results to differ from projected outcomes. These factors include changes in demand from local and state government and private clients, general economic conditions, competitive pressures, regulatory changes, and other risks detailed in NV5’s SEC filings.

In other recent news, NV5 Global Inc. announced its fourth-quarter 2024 earnings, reporting an earnings per share (EPS) of $0.28, which did not meet the analyst forecast of $0.30. However, the company surpassed revenue expectations, reporting $246.52 million against an anticipated $243.82 million. Despite the revenue beat, the EPS miss contributed to concerns among investors. NV5 Global’s full-year 2024 revenue reached $941.3 million, marking a 10% increase from the previous year, with adjusted EBITDA rising by 7% to $143.5 million. The company has set a revenue guidance for 2025 between $1.026 billion and $1.045 billion. Additionally, NV5 Global aims for adjusted EPS in the range of $1.27 to $1.37 for the year. Analysts from William Blair have been noted to be following the company’s developments closely. The company also highlighted its strategic focus on growth in geospatial and data center services, along with its long-term revenue target of $1.6 billion by 2028.

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