Nv5 Global Inc - NVEE STOCK NEWS

NV5 Global, Inc. (Nasdaq: NVEE) has announced its acquisition of Industrial Design Associates International (IDA), enhancing its engineering consulting capabilities. IDA, with 85 employees across seven offices in Asia and Europe, specializes in building commissioning and MEP design for high-margin sectors like financial services and technology. This strategic move is expected to increase NV5's international revenue, particularly in subscription-based energy services. The combined expertise will create opportunities for existing clients and attract new business in high-growth markets.

NV5 Global, Inc. (Nasdaq: NVEE) has secured $13 million in contracts from the North Carolina Department of Transportation (NCDOT) for inspection services and feasibility studies, each lasting two years. The contracts include a $10 million Construction Engineering and Inspection contract and a $3 million Feasibility Studies contract. NV5 has partnered with NCDOT for over 25 years, and these new contracts enhance its role in supporting public infrastructure projects in North Carolina.

NV5 Global, Inc. (Nasdaq: NVEE) has secured an $8 million contract for engineering, procurement, and construction services to improve a liquefied natural gas facility for a Northeast utility. This project aims to enhance safety, efficiency, and reliability in gas supply. The company is experiencing growth in the utility sector, enabling investments to modernize infrastructure. NV5's expertise in engineering offers clients a competitive advantage, contributing to reliable gas delivery.

NV5 Global, Inc. (NVEE) reported a strong third quarter for 2020, with gross revenues increasing by 30% year-over-year to $169.9 million, surpassing analyst expectations by 9%. Net income rose 33% to $7.8 million, while adjusted EBITDA grew by 70% to $29.9 million. The company generated $21.7 million in cash flows from operations and paid down $27.8 million in debt. Despite a higher interest expense and tax rate, NV5's backlog increased by 9% and cash on hand was $64 million at the end of the quarter.

NV5 Global has secured over $3 million in contracts for mechanical, electrical, and plumbing (MEP) and technology design services across projects in Hong Kong, Malaysia, and Saudi Arabia. Notable projects include the full refurbishment of the Le Meridian Hotel in Hong Kong and MEP services for a prominent mall in Kuala Lumpur. Additionally, NV5 will assist a movie theater company with plans for fifty cinemas in Saudi Arabia. This growth follows the acquisition of Mediatech Design Group, enhancing NV5's international operational capabilities.

NV5 Global (NASDAQ: NVEE) has secured three transportation contracts totaling $16 million from the North Carolina Department of Transportation. These contracts will span two years, providing engineering design, surveying, and testing services for critical infrastructure such as bridges and roadways. The largest contract, valued at $10 million, focuses on location surveys and engineering services, while the other contracts involve planning and design support. NV5 aims to assist NCDOT in addressing the growing demands of North Carolina's population.

NV5 Global, Inc. (Nasdaq: NVEE) will announce its third-quarter financial results for the period ending on October 3, 2020, on November 11, 2020, after market close. The earnings call will be led by Chairman and CEO Dickerson Wright and CFO Edward Codispoti at 4:30 p.m. Eastern Time, followed by a Q&A session. Participants are advised to join the call ten minutes early. The conference will also be available via webcast and for replay on the NV5 website. NV5 provides consulting solutions across various sectors, including infrastructure and technology.

NV5 Global, Inc. (NASDAQ: NVEE) has secured a $5 million contract from a Bay Area county government for a five-year agreement. The contract encompasses plan review, inspection, and materials testing for various county-owned facilities, including healthcare and infrastructure projects. NV5’s comprehensive service delivery was a key factor in winning this contract, marking its first such agreement with the county. The company aims to expand its public sector services, indicating confidence from municipalities in NV5's capabilities.