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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 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.
H.B. Fuller Company (NYSE: FUL) announced the appointment of Celeste Mastin as executive vice president and chief operating officer, effective March 7, 2022. Mastin, with over 30 years in manufacturing and distribution, succeeded Ted Clark, who will transition to a strategic advisory role. This succession aims to ensure continuity in H.B. Fuller’s strategic plan, which has driven notable growth. Mastin’s previous role as CEO of PetroChoice positions her to enhance operational leadership and further propel the company’s growth and profitability.
Granite (NYSE:GVA) has announced that its Salinas Asphalt Facility has received certification as a Green Business from Monterey County and the California Green Business Network. This facility is the third from Granite to achieve this designation, highlighting the company's commitment to sustainability. Each year, Granite recycles over one million tons of asphalt and concrete in California, with the Salinas facility contributing more than 50,000 tons. The facility implements various eco-friendly measures, including water conservation and the use of non-toxic products.
Granite Construction (NYSE: GVA) is set to release its fourth quarter and annual 2021 financial results on February 25, 2022, before the market opens. An investor conference call will follow at 8:00 a.m. PT, providing an opportunity for investors to gain insights into the company's performance. The call will be accessible via a live audio webcast on Granite's Investor Relations website or by telephone. A replay of the call will be available until March 3, 2022.
Granite (NYSE:GVA) received 72 awards from the National Asphalt Pavement Association (NAPA), recognizing excellence in plant and paving operations across six states. The honors were awarded at NAPA's 67th annual meeting in Scottsdale, Arizona. Notable accolades include 46 Diamond Commendations and 26 Quality in Construction (QIC) Awards, underscoring the company's commitment to quality, safety, and sustainability. Granite's achievements showcase its leadership in asphalt practices and dedication to compliance, reflecting positively on its operational standards.
Granite (NYSE:GVA) has been awarded the 2021 ConocoPhillips Excellence in Safety Award in the Highway Division by the Associated General Contractors of Alaska. This recognition highlights Granite's commitment to construction safety, achieved through significant efforts in 2021, including onboarding 190 craft employees and completing 33 projects across over 60 sites, totaling more than 300,000 work hours. Senior VP Dave Hulverson emphasized the team's dedication to fostering a world-class safety culture.
Granite (NYSE:GVA) announced a $16.5 million construction manager contract for the 5600 South Design Build project by the Utah Department of Transportation. The total project value is $155 million, with Granite's share at $93 million (60%). The scope includes widening 5600 South in Roy, Utah, constructing six bridges, and utilizing around 85,000 tons of hot mix asphalt. The construction manager phase starts in February 2022, with overall construction anticipated to begin in Q2 2023. This marks a continuation of Granite's successful partnership with UDOT.
Granite Construction Incorporated (NYSE: GVA) has announced a quarterly cash dividend of $0.13 per common share, payable on April 14, 2022, to shareholders recorded by the close of business on March 31, 2022. As a leading diversified construction and construction materials company in the U.S., Granite emphasizes high ethical standards and industry leadership in safety and sustainability.
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