NV5 Awarded $9 Million in Transportation Infrastructure Improvement Contracts

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced significant contract awards totaling $9 million to enhance transportation infrastructure across the United States. The company will deliver engineering design, surveying, utility engineering, and inspection services. Key projects include a $4 million contract for New York State projects, $2.5 million for construction management in California, and another $2.5 million for roadway improvements in the Southeast. CEO Dickerson Wright emphasized the impact of infrastructure investment on community quality and economic development, highlighting the non-discretionary nature of such projects amidst varying economic conditions.

Positive

• Total contract awards of $9 million for infrastructure improvements.
• Diverse project portfolio including engineering design, surveying, and inspection services.
• $4 million awarded for projects in New York State.
• $2.5 million construction management contract in California.
• $2.5 million for roadway improvements in the Southeast.

Negative

• None.

HOLLYWOOD, Fla., Feb. 07, 2023 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has been selected for $9 million in significant contract awards to support transportation infrastructure improvement projects throughout the United States. NV5 will provide an array of services to support these projects, including engineering design, surveying, utility engineering and planning, and inspection services.

“NV5’s embedded relationships with departments of transportation and municipalities allow us to make a meaningful impact on essential transportation that improves the quality of life and economic development of the communities we serve,” said Dickerson Wright, PE, Chairman and CEO of NV5. “The non-discretionary nature of infrastructure improvements and maintenance drives public sector investment during good and bad economic times, and we look forward to our continued role in supporting the nation’s transportation systems.”

NV5 was awarded $4 million in New York State transportation projects. The New York State Department of Transportation (NYSDOT) selected NV5 to provide inspection services for a priority resurfacing project in NYSDOT’s Region 10. The New York City Department of Design and Construction selected NV5 to provide preliminary and final design services for roadway improvements in Queens, and the Suffolk County Department of Public Works selected NV5 to deliver engineering design for the Nicolls Road Corridor Multi-Use Path in the towns of Islip and Brookhaven.

In the County of Merced, California, NV5 was awarded a $2.5 million contract to provide not-at-risk construction management and staff-augmentation. NV5 has provided construction management services for Merced County on multiple on-call and turn-key projects for nine years.

NV5 was awarded $2.5 million in roadway improvement projects in the Southeast. Henry County, Georgia selected NV5 to provide engineering design and surveying for a 2.4-mile roadway widening, and NV5 was awarded a contract by the North Carolina Department of Transportation to provide planning, design, and traffic services for the new U-5901 roadway in Salisbury, North Carolina.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: utility services, infrastructure engineering, testing, inspection & consulting, buildings & owner representation, environmental health sciences, and geospatial technology services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc. 

FAQ

What recent contracts has NV5 Global (NVEE) been awarded?

NV5 Global has been awarded a total of $9 million in contracts for various transportation infrastructure improvement projects.

How much of the $9 million contracts are for New York State projects?

Of the $9 million contracts, $4 million are specifically for projects in New York State.

What services will NV5 provide under these new contracts?

NV5 will provide engineering design, surveying, utility engineering and planning, and inspection services.

What is the significance of the new contracts for NV5 Global?

The new contracts enhance NV5's role in essential transportation projects, supporting quality of life and economic development.

When was the press release about NV5 Global's contracts issued?

The press release was issued on February 7, 2023.