Granite Construction Inc. - GVA STOCK NEWS

The Nevada Mining Association (NVMA) launches its seventh annual Hope for Heat campaign from May 30 to September 5. During this period, NVMA will contribute $90 for each day the temperature reaches 90°F in Reno and Elko, and $100 for each day it hits 100°F in Las Vegas. Granite (NYSE:GVA) will add $33 per region for each temperature milestone reached. Proceeds will support the Boys & Girls Clubs of Nevada, benefiting over 14,000 children. Since 2016, NVMA has raised $73,160 for Nevada nonprofits through this initiative.

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.

Granite (NYSE:GVA) has secured a $36 million project at the Joint Region Marianas naval base in Guam, enhancing critical infrastructure for the U.S. Navy. This Navy-Commercial Tie-In Hardening (P661) project aims to fortify the petroleum oil lubricant tie-in facility, emphasizing safety and utility relocations. Expected to begin in May 2022 and conclude by July 2024, the project underscores Granite's ongoing commitment to the Department of Defense, building on its history of significant contract wins in the area.

Granite Construction has announced a $50 million share repurchase through an accelerated share repurchase (ASR) agreement with Bank of Montreal, funded by available cash. This transaction aligns with the company's capital allocation strategy and reflects confidence in future growth. Post-ASR, Granite will have about $231.5 million remaining for share repurchase. The ASR aims to enhance shareholder value, capitalizing on recent asset sales. The final share count will be determined based on stock price during the ASR period, with settlement expected in Q3 2022.

Granite Construction reported Q1 2022 revenue of $548 million, down 3.3% year-over-year. The company recorded a net loss from continuing operations of ($19 million) or ($0.42 per share), less severe than the ($63 million) loss in the previous year. Adjusted EBITDA fell to $4 million from $9 million last year. Cash and marketable securities decreased to $398 million, while debt reduced to $299 million. Committed and Awarded Projects remained steady at $3.9 billion. The company is focused on strategic execution and share repurchases as it navigates challenges in the Central group.

Granite Construction (NYSE: GVA) will announce its first quarter financial results on April 28, 2022, prior to market opening. An investor conference call is scheduled for 8:00 a.m. PT on the same day. Investors can access a live audio webcast on the company's Investor Relations website or call in directly. A replay will be available until May 5, 2022. Granite is a leading diversified construction and construction materials company in the U.S., recognized for its safety, quality, and sustainability initiatives.

Granite (NYSE:GVA) announced that GARCO’s San Jose Testing Laboratory is now part of the California Green Business Network. This certification reflects the facility's commitment to energy efficiency, water conservation, and materials management. GARCO provides material testing services with a focus on sustainability, including the use of recycled asphalt pavement (RAP). They achieved approval for a 30% RAP-content mix design and seek to increase it further. This initiative exemplifies Granite's dedication to advancing sustainable practices in the construction materials industry.