Five Concrete awards total ~$28 million. Three awards represent work near Dallas, including a data center expansion for $3.8 million, construction of two residential buildings for $4.3 million, and construction of a cold storage facility for $5.6 million. Work should start in 1Q2022 with completion by yearend 2022. Two awards are located in Houston, including construction of a tilt-wall warehouse for $5.1 million and construction of a mixed-use building for $9.2 million. Work should start in 1Q2022 and finish in 1Q2023.Three Marine awards total ~$16 million. The largest Marine award includes dredging in Freeport Harbor for $7.1 million that should start and finish in 1H2022. The other awards include pipeline removal work of $4.1 million in Texas and installation of a bulkhead wall for $5.2 million in Florida, with completion of both projects in 2Q2022.Adds confidence to EBITDA estimates. Our 2021 EBITDA estimate remains $21.5 million. Looking into next year, we expect a rebound in both businesses, and our EBITDA estimate is $43.0 million, based on EBITDA margin of 6.5%.Asset sales have improved financial flexibility, but will stock price weakness trigger buy backs? Financial flexibility has improved, and growth-oriented investments, like asset upgrades and/or acquisitions, are preferred. Added asset sales in the ~$40 million range are in the horizon and the stock price has been weak so stock buy backs might become more strategically important.No change in Outperform rating and price target of $8.25/share. We view the past two quarters as hiccups and believe that the current stock price doesn't appear to fairly reflect the prospects for better execution and solid market fundamentals, in part due to infrastructure legislation. Rebounding profitability, lower financial leverage after the Tampa yard sale and an attractive valuation of 3.7x 2022E EBITDA support our view that the risk/reward profile remains compelling. Potential catalysts include added awards and the closing of real estate sales (Port Lavaca in 4Q2021 and East West Jones in 2Q2022). Read More >>