Welcome to our dedicated page for Granite Construction news (Ticker: GVA), a resource for investors and traders seeking the latest updates and insights on Granite Construction stock.
Granite Construction Inc. (NYSE: GVA) is a renowned leader in the construction industry, offering comprehensive infrastructure and heavy civil construction services since its establishment in 1922. Headquartered in Watsonville, California, Granite serves a diverse range of clients, including private entities and local, state, and federal agencies.
The company excels in various sectors, including mining, earthwork, water/sewer, power, tunneling, rail, highway, and bridge construction. Over the years, Granite has become an industry pioneer in alternative project delivery methods such as design-build, CMAR/CMGC, and best value. By fostering genuine partnerships with both project owners and designers, Granite ensures cohesive and successful project teams.
On an annual basis, Granite engages in approximately $800 million worth of alternative project delivery method (APDM) projects and has successfully completed over $12 billion in alternative procurement projects in the last decade. The company’s commitment to excellence is reflected in its award-winning infrastructure projects and its continued innovation in project delivery.
Granite's core operations are divided into two main segments: Construction and Materials. The Construction segment is the primary revenue driver, focusing on heavy civil infrastructure projects such as roads, highways, transit facilities, airports, and bridges. Additionally, Granite provides site preparation and infrastructure services for residential and energy development projects.
Despite the competitive landscape, Granite’s strategic partnerships and innovative project delivery approaches set it apart from its peers. The company is actively involved in numerous high-profile projects and is continually expanding its portfolio to include cutting-edge infrastructure solutions.
For those seeking detailed, up-to-date information about Granite Construction Inc.'s performance and latest projects, StockTitan offers a comprehensive resource. From financial health to project updates, StockTitan keeps stakeholders informed about all major developments concerning Granite Construction Inc.
Granite (NYSE:GVA) has been awarded a $170 million reconstruction project for Interstate 10 in Tucson, Arizona, by the Arizona Department of Transportation. The project is set to improve roadway capacity with four general purpose lanes and enhance safety for commuters. It combines ADOT's widening and Pima County's Sunset Road extension into one initiative, beginning in January 2023 and completing in October 2025. Granite will utilize sustainable practices, repurposing nearly all demolition materials.
Granite (NYSE:GVA) has secured a $50 million contract for the American River Bridge Rehabilitation by the California Department of Transportation. The project, part of a larger CM/GC initiative, began in June and will replace the bridge deck and widen the structure, completing by December 2025. Two prior child contracts worth $20 million were executed for preliminary works. This project aims to enhance transportation infrastructure and includes a bike path for multimodal connectivity.
Granite (NYSE:GVA) has secured a $30 million contract for Design-Build improvements at East Tongue Point, Astoria, Oregon, funded by the Department of Homeland Security. The project aims to support the Homeporting of two Coast Guard Fast Response Cutters, enhancing local maritime operations. Key features include a fixed pier, floating docks, utilities, and security enhancements, with completion expected by June 2025. This marks Granite’s fourth win under the National Multiple Award Construction Contract, reinforcing its strategic relationship with DHS and the U.S. Coast Guard.
Granite Construction Incorporated (NYSE: GVA) will present at the Baird 2022 Global Industrial Conference in Chicago, Illinois, on November 10, 2022, at 8:30 AM Central Time. CEO Kyle Larkin will meet with investors following the presentation. Presentation slides will be available on the Company's Investor Relations website at 8:00 AM Central Time on the same day. Granite, founded in 1922, is a leading diversified construction firm in the U.S., recognized for its strong ethical standards and commitment to safety, quality, and sustainability.
Granite (NYSE:GVA) has received four CalCIMA Excellence in Safety Awards at the 2022 CalCIMA Education Conference in San Diego. Recognized facilities include the Bradshaw facility in Sacramento, which won the Safety Excellence award for the Asphalt Plant category, and the Big Rock Quarry in Llano, which won in the Large Aggregate category. Safety Manager Josh Peterson was honored with a Safety Professional Award for his leadership. These awards highlight Granite's commitment to safety and innovation in hazardous environments.
Granite Construction reported Q3 2022 results with net income of $73 million ($1.44 per diluted share), up from $35 million ($0.73 per diluted share) in Q3 2021. Comparable revenue rose by $13 million year-over-year, while total revenue decreased by $52 million to $1,010 million. Construction gross profit margins improved to 14.8%, excluding Old Risk Portfolio losses. Adjusted EBITDA guidance for 2022 was raised to 6%-7%. Committed and Awarded Projects totaled $4.1 billion. Cash and marketable securities increased to $317 million, with debt remaining flat at $288 million.
Granite (NYSE:GVA) has secured a $33 million project in Long Beach, California, focusing on the upgrade of Artesia Great Boulevard. This initiative, funded by the City of Long Beach and other local entities, aims to enhance roadway safety and mobility, featuring extensive reconstruction work over a 3.2-mile stretch. The project is set to begin in Q1 2023 and conclude in Q1 2024, with recycled materials incorporated into the construction. Granite sees this as a chance to strengthen its presence and relationships in the LA Basin Market.
Granite Construction (NYSE: GVA) will report its third quarter financial results on October 27, 2022, before the market opens.
The company will host a conference call at 8:00 a.m. PT the same day. Investors can participate via a live audio webcast on Granite's Investor Relations website or by phone. A replay of the call will be available until November 3, 2022.
Granite is a leading diversified construction and materials company in the U.S., focused on safety, quality, and sustainability.
Granite (NYSE:GVA) will receive the Corporate Visionary Award at the Seventh Annual Latino Corporate Directors Association (LCDA) Board Leaders Convening on October 25, 2022, in New York City. This recognition highlights Granite's commitment to advancing Latino representation on corporate boards. Granite's VP of People and Culture, Jorge Quezada, emphasizes the company's collective diversity efforts. The award reflects the importance of having multiple US Latinos on the board, recognizing board members Louis Caldera and Gaddi Vasquez, among others.
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