The announcement is not a surprise to investors and those who follow the company closely, according to Andrew Wittmann, senior research analyst with Baird Equity Research’s Industrial Services division.
“Investors have been expecting this for some time and therefore the announcement is more of a verification of the plan than anything new,” he said. “The company has been making a concerted effort for a while now exit all of its fixed-price construction operations, of which its civil construction arm is the largest part.”
