Granite Construction Inc. - GVA STOCK NEWS

Granite (NYSE:GVA) has secured a construction contract worth approximately $20 million from the Tucson Airport Authority (TAA) to reconstruct Taxiway C at Tucson International Airport. This project is part of a larger $400 million Airfield Safety Enhancement Program. The work is linked to a previously announced $130 million project aimed at modernizing the airport's runway and taxiway systems. The project is set to begin in October 2022 and conclude by September 2023.

Granite (NYSE:GVA) has become the exclusive distributor of EZ STREET® Asphalt in California, enhancing its product line with this premium cold asphalt aimed at reducing carbon emissions. EZ STREET® is known for its ability to permanently repair potholes and other asphalt issues, and its 'bioblends' mixture utilizes green fuel substitutes and recycled materials, aligning with Granite's sustainability goals. This strategic partnership is set to bolster Granite's customer base and environmental initiatives across California.

Granite (NYSE:GVA) has joined The Road Forward, an initiative by the National Asphalt Pavement Association (NAPA) aiming for net zero carbon emission asphalt pavements by 2050. Granite demonstrates its commitment to sustainability by participating in this initiative, which will guide the asphalt industry in addressing climate change. The company has received various accolades for its sustainability efforts, including 20 NAPA Diamond Achievement Sustainable Commendations and 26 NAPA Quality in Construction Awards in 2021. Additionally, Granite has set a target to reduce greenhouse gas emissions by 25% by 2030.

Granite (NYSE:GVA) has secured a contract valued at approximately $12 million for improvement projects at WeatherTech Raceway Laguna Seca in Monterey, California. The project, funded by Monterey County, involves resurfacing the track and replacing the start-finish bridge. Work is scheduled to commence in November 2022 and is expected to conclude by June 2023. This contract further strengthens Granite's relationship with Monterey County and adds to its portfolio of raceway projects.

Granite Construction reported a net loss from continuing operations of $(2) million for Q2 2022, down from a profit of $25 million in the same quarter last year. Revenue fell by $67 million to $768 million, with a gross profit margin decrease from 11.8% to 10.2%. The company’s Committed and Awarded Projects (CAP) rose to $4.2 billion, up $279 million sequentially. Significant investments were made in construction materials and an amended credit facility was secured. Adjusted EBITDA decreased to $39 million, while cash reserves fell to $242 million, down $146 million year-over-year.

Granite (NYSE:GVA) has secured a $40 million contract for enhancements to State Highway 288 in the Houston Metro Area. This project aims to improve connectivity and access to the Texas Medical Center, funded by TxDOT. The initial phase spans 1 mile and includes a new overpass and additional lanes, benefiting commuters by reducing congestion. The project will begin in Q4 2022 and is set for completion in early 2024. This contract marks the first in a series of four planned improvements for the SH 288 corridor.

Granite Construction Incorporated (NYSE: GVA) will announce its second quarter financial results on July 28, 2022, before the market opens. An investor conference call is scheduled for 8:00 a.m. PT on the same day. Investors can access the live audio webcast on Granite's Investor Relations website, with a replay available until August 4, 2022. Granite, a leading diversified construction company in the U.S., prides itself on strong ethical standards, safety, and sustainability initiatives.

Granite (NYSE:GVA) has secured a $55 million contract for the Knik-Goose Bay Road Reconstruction Phase 1 project in Wasilla, Alaska, awarded by the Alaska Department of Transportation and Public Facilities. The federal government will fund this project aimed at reducing congestion and enhancing safety. The reconstruction will widen four miles of Knik Goose Bay Road to a four-lane divided highway, with improvements including drainage, signalization, and pathways. The project is set to commence in August 2022 and conclude in Q3 2024, contributing positively to Granite's second quarter CAP.

Granite (NYSE:GVA) received the Early Talent Award from Handshake on June 14, marking its second consecutive win. The awards recognize employers excelling in engaging Gen Z talent, assessing criteria such as brand resonance, engagement, event participation, and student-employer relationships. Jessica Somers, talent acquisition manager, emphasized the company’s commitment to nurturing early talent through learning opportunities and internships. Tim Gruber, senior vice president of human resources, highlighted their successful college recruitment programs aimed at fostering diversity and inclusion in the workforce.