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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 Construction Incorporated (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share, payable on July 15, 2022 to shareholders on record by June 30, 2022. Founded in 1922, Granite is a leading diversified construction and materials company in the U.S., recognized for its commitment to safety, quality, and sustainability. The dividend reflects the company's ongoing dedication to returning value to its shareholders while upholding ethical standards within the industry.
Granite (NYSE:GVA) has secured a $15 million contract from the Santa Clara Valley Water District for restoration work on Calabazas Creek in Cupertino, California. This project aims to enhance flood control by addressing earthen channel failures along 4,500 linear feet of streambed affecting residential properties. The construction will involve extensive channel excavation, rock slope protection, and steel sheet piling. Anticipated project start is July 2022, with completion expected by December 2023.
Granite (NYSE:GVA) has announced the acquisition and upcoming development of a new aggregate operation in Grantsville, Utah. The site spans 640 acres and contains approximately 99 million tons of recoverable rock, positioned 30 miles west of Salt Lake City. The facility aims to supply quality materials to Utah, supporting the company's home market strategy. Production is expected to commence in July 2022, and Granite is committed to sustainability through the use of water-saving technologies.
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.
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