Posted on March 14, 2017
We reported a 68% increase in year-over-year gross margin. We reported an 86% increase in year-over-year EBITDA. During 2016 we bid out approximately $2.8 billion worth of projects winning approximately $ 654 million for win rate of approximately 24%.
Within heavy civil marine construction segment approximately 46% of our full year 2016 revenues was generated from federal, state, and local government agencies while 54% was generated from the private sector. This compares to 60% of full year 2015 revenues being generated from federal, state, and local government agencies and 40% from the private sector.
we bid on a record $2.8 billion worth of opportunities and were successful in approximately $654 million. This resulted in a 24% win rate for the year and a book to bill ratio of 1.13 times. As of December 31, 2016 we had a record high backlog of work under contract of approximately $434 million of which $281 million was attributable to the heavy civil marine construction segment
. As we look at full year 2017 we believe we will generate a significant improvement in EBITDA relative to 2016 driven by sustained bid opportunities, record high backlog, and a return to growth from our Tampa operations. As a result we would expect to see our full year 2017 EBITDA grow a minimum of 40% as compared to the full year of 2016 which would result in a record full year EBITDA for the company.
We believe we are being somewhat conservative with this forecast largely due to the permitting delays our customers have been experiencing…. To the extent these delays abate we would likely see EBITDA grow beyond 40% for the full year.
We’ve laid out five or six things that we believe will help us outperform. we still believe that $70 million… is achievable but if we look at the permitting delays, we look at the loss that we are seeing right now we’re very comfortable that a minimum growth level would be the 40%. Then if the permitting delays actually stop and we start seeing the jobs come out, that’s going to help us overachieve that particularly growth in the Dallas and Central Texas markets that we’re targeting particularly on the concrete side. That’s going to help us over accelerate.
our Tampa operations are coming back up with full swing. We’re bidding a full amount of work to the extent that outperforms. Again that would give us some outperformance to that number. And then finally just looking at the U.S. infrastructure investment, we’ve all heard… the government talking about it. we’re really not factoring much of that in today to the extent we see that, That again could help us outperform.
Analyst Bobby Burleson
Your commentary on the outlook from the public side sounded a little bit more optimistic in terms of better funding from federal items like Fast Act, the Restore Act, etc.
we draw from a number of different funding sources at the end government level, at all levels of government. we are seeing better opportunities that are being driven by the Fast Act. We do expect to continue to see federal agencies led projects but we are starting to see the Restore Act work that we talked about for a long time.