Granite Wins Third Segment of I-40 Median Fill Project

Rhea-AI Summary

Granite (NYSE:GVA) has been awarded a $10 million contract for Segment Five of the I-40 Median Fill project in San Bernardino County, California, by Caltrans. This segment aims to enhance motorist safety by filling medians and creating recovery areas to reduce accident severity. Construction is set to begin in August 2022 and finish by August 2023. Granite's ongoing partnership with Caltrans District 8 and previous completions of segments one and three will facilitate project synergies.

Positive

• Secured a $10 million contract from Caltrans for I-40 Median Fill project, enhancing revenue.
• Continued collaboration with Caltrans District 8 indicates strong business relationships.
• Previous completion of related segments demonstrates experience and capability in executing the project.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) announced today that it has secured the contract for Segment Five of the I-40 Median Fill PM 100-125 in San Bernardino County, California. The approximately $10 million contract was awarded by Caltrans and will be funded by a mixture of state and federal sources. The award is anticipated to be included in Granite’s second quarter CAP.

The project is one segment in a series of median fill jobs along I-40. This work enhances the safety of motorists by filling in the median and flattening the slopes adjacent to the roadway to create a recovery area for vehicles that leave the highway. The recovery area reduces the likelihood that a car will roll in an accident, greatly reducing the risk of severe injury. Granite has previously completed segments one and three and will construct segment five during this project.

“We’re glad to be involved in a project that is of such benefit to travelers,” said Brad Williams, Granite vice president of regional operations. “We have a great relationship with Caltrans District 8 and are excited to continue working with them. In addition, we have several projects in the Needles area, and this project will provide additional synergies as we move through all our work in the region.”

The project is expected to begin in August 2022 with completion projected in August 2023.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005282/en/

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the value of the contract awarded to Granite for the I-40 project?

Granite was awarded a $10 million contract for Segment Five of the I-40 Median Fill project.

When is the I-40 Median Fill project expected to start and finish?

Construction is anticipated to begin in August 2022 and be completed by August 2023.

Who awarded the contract to Granite for the I-40 project?

The contract was awarded by Caltrans.

What is the purpose of the I-40 Median Fill project?

The project aims to improve motorist safety by creating recovery areas in the median.

How does this contract affect Granite's financial outlook?

The $10 million contract is expected to positively impact Granite's revenue.