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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 (NYSE:GVA) has received the Construction Risk Partners Build America Merit Award for its Derby Dam Fish Screen project in McCarran, Nevada. This prestigious accolade recognizes the project as a significant construction achievement of 2021. Previously, the project won the AGC Nevada Chapter’s PINNACLE awards and an Award of Merit from Engineering News-Record. The new fish screen enhances habitat connectivity for the rare Lahontan cutthroat trout, supporting its recovery.
Granite (NYSE:GVA) has secured a significant $20 million road improvement project in Chandler, Arizona. This federally funded initiative is the largest contract awarded to Granite’s newly established Phoenix Area office. The project aims to enhance road safety along Chandler Heights Road, expanding it to at least four lanes, and includes various improvements such as updated sidewalks, traffic signals, and utilities. The project is set to commence in May 2022 and is expected to conclude by July 2023.
Granite (NYSE:GVA) has secured a $75 million contract from the Nevada Department of Transportation for the
Granite Construction (NYSE: GVA) has completed the sale of its trenchless and pipe rehabilitation services business, Inliner, to Inland Pipe Rehabilitation for $159.7 million. CEO Kyle Larkin emphasizes this divestiture aligns with the company's strategic plan, focusing on core civil construction competencies. The proceeds will be used to enhance vertically-integrated services, reduce debt, and facilitate share repurchases. In March, Granite purchased 611,000 shares for $18.5 million, signaling ongoing commitment to shareholder value.
Granite (NYSE:GVA) has secured a $22 million contract for the expansion of the Moreno Valley Metrolink Station funded by the Riverside County Transportation Commission. This project aims to improve the connection between Moreno Valley and Los Angeles, enhancing capacity for rail travelers and reducing highway congestion. The scope includes extending the existing platform, constructing a new platform and canopy, and extensive rail and track improvements. The project is set to begin in June 2022 and is expected to complete by Q3 2023.
Granite (NYSE:GVA) has been awarded a $32 million contract for the State Route 20 Omega Curve Realignment project in Nevada County, California, funded by State and Federal aid. The project aims to enhance safety by realigning two curves in a high-traffic area. Construction is set to begin in April 2022 and complete by summer 2023. Granite's Vice President highlighted the project's complexity due to steep terrain, and the company’s successful partnership with Caltrans played a key role in securing the contract.
Granite (NYSE:GVA) responded quickly to a roadway emergency after a large boulder, measuring 45-feet-wide and 25-feet-tall, blocked US Highway 50 near Echo Summit on March 3. Crews were dispatched on March 4, and after extensive drilling and blasting with Caltrans, the roadway was cleared. Granite is also monitoring the affected slope continuously. The company is actively engaged in emergency repairs following damage from last summer's Caldor Fire in the same area.
Granite Construction reported a net income of $10.1 million ($0.22 per diluted share) for FY 2021, a recovery from a loss of $145.1 million the previous year. Adjusted net income rose to $83.2 million ($1.80 per share), up from $61.1 million. Revenue from continuing operations fell 3.8% to $3.0 billion, while total revenue decreased 1.7% to $3.5 billion. CAP stood at $4.0 billion. However, Q4 showed a net loss of $13.2 million, with revenue down 17.7% to $683.2 million. For 2022, Granite expects low single-digit revenue growth and adjusted EBITDA margins of 6% to 8%.
Granite (NYSE:GVA) has secured three contracts worth approximately $23.8 million from the Ellis-Prairie Soil and Water Conservation District in Ellis County, Texas. These contracts, announced during the fourth quarter of 2021 and expected to contribute to the first quarter of 2022, involve the rehabilitation and upgrading of floodwater retention structures across three sites. The improvements will enhance flood protection and control rainfall runoff. Completion is anticipated by October 2023.
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