GVA - Granite Construction nixes sale plans for water resources mineral services units

Granite Construction ( NYSE: GVA ) said Monday it will keep the Water Resources and Mineral Services businesses that had been classified as held for sale and reported in discontinued operations, saying current market conditions prevented efforts to secure appropriate value for the units.

The company said the ongoing drought concerns across much of the U.S., combined with the strong demand for mineral resources, makes it optimistic about the outlook for the businesses.

"In the near term, our priority is to continue to invest in, strengthen, and grow our businesses in alignment with our plan," President and CEO Kyle Larkin said.

"We are at the starting line of a huge flood of federal infrastructure spending that will last about eight years," Trading Places Research writes in an analysis published on Seeking Alpha .

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