NV5 Secures $4 Million in New Mexico Transportation Project Awards

Rhea-AI Summary

NV5 Global has secured $4 million in contracts for transportation infrastructure projects in New Mexico. The City of Albuquerque awarded a $2.2 million contract for widening the busy Paseo del Norte roadway, while the New Mexico Department of Transportation granted $2 million for improvements on US 491 and NM 68. These projects aim to enhance roadway capacity, reduce congestion, and improve safety. NV5 has over 30 years of collaboration with NMDOT and municipal governments in New Mexico, further solidifying its position in the infrastructure sector.

Positive

• Secured $4 million in contracts for infrastructure projects, enhancing revenue.
• Widening of Paseo del Norte will alleviate congestion and improve traffic flow.
• Strong historical relationship with NMDOT highlights company credibility.

Negative

• None.

HOLLYWOOD, Fla., Aug. 26, 2020 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of professional and technical engineering, geospatial, and consulting solutions, announced today that it has been awarded $4 million in transportation infrastructure contracts in New Mexico.  These projects will provide planning, engineering, surveying, and environmental services to support improvements to roadway infrastructure throughout the state. 

“Expansion and improvement of transportation infrastructure is essential to support economic growth and population expansion in New Mexico and across the nation,” said Dickerson Wright, PE, Chairman and CEO of NV5.  “These projects will enhance transportation reliability and safety for some of the New Mexico’s busiest corridors, and we are pleased to contribute to improvements that will support residents and the business community.”

The City of Albuquerque awarded NV5 a $2.2 million contract to provide engineering design, surveying, and environmental services for the widening of Paseo del Norte, one of the busiest roadways connecting Downtown Albuquerque to the city’s western suburbs.  The project will expand the road to two lanes in each direction, adding capacity to reduce current congestion during peak use hours and preparing for traffic volume that is expected to double by 2040. 

The New Mexico Department of Transportation (NMDOT) selected NV5 for $2 million in new projects to support transportation improvements to US 491 and NM 68 roadways.  In Shiprock, New Mexico, NV5 will support roadway improvements to US 491, including signals and lighting, drainage systems, a three-span bridge structure, and two large bridge-class culvert structures on a critical transportation corridor in the Navajo Nation.  NV5 will provide engineering design, surveying, and construction phase engineering services for NM 68 in Española and Alcalde to mitigate congestion and safety concerns on the four-lane highway corridor.

“These project awards are a testament to the continued commitment of our professionals to provide the highest quality technical expertise and service for our clients, and we are proud of our 30 years serving NMDOT and municipal governments across New Mexico,” said Mike Stys, Vice President of Infrastructure at NV5.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering, geospatial, and consulting solutions ranked #27 in the Engineering News-Record Top 500 Design Firms list. NV5 serves public and private sector clients in the infrastructure, utility services, construction, real estate, and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure engineering and support services, utility services, program management, and environmental solutions, and delivers geospatial services through its subsidiary Quantum Spatial, Inc., the largest full-service geospatial solutions provider in North America. The Company operates out of more than 100 locations worldwide. 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 are the recent contracts awarded to NV5 Global?

NV5 Global was awarded $4 million in transportation infrastructure contracts in New Mexico.

How much did NV5 receive for the Paseo del Norte project?

NV5 received a $2.2 million contract for engineering and environmental services for the Paseo del Norte project.

What improvements will NV5 provide for US 491 and NM 68?

NV5 will support roadway improvements including signals, lighting, drainage systems, and bridge structures.

What is NV5's reputation in New Mexico?

NV5 has over 30 years of experience serving NMDOT and municipal governments, indicating strong credibility in the region.