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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.
Dr. Patricia D. Galloway, a valued member of Granite's (NYSE:GVA) Board of Directors, passed away on September 26, 2024. She had served on the board since June 2017, contributing to the Nominating and Corporate Governance and Compensation Committees. With over 40 years of experience in energy and construction, Dr. Galloway was the chairman of Pegasus-Holdings Inc. and owner of Galloway Arbitration.
Mike McNally, Granite Board Chair, and Kyle Larkin, Granite President and CEO, expressed their deep sympathies and highlighted Dr. Galloway's significant contributions to the company. Her expertise as an international chartered arbitrator and Dispute Review Board member made her an influential and highly engaged board member, providing valuable guidance to Granite's leadership team during her seven-year tenure.
Granite (NYSE: GVA) has been ranked #1 in the Highways market for the fourth consecutive year and #2 in the Mining market by Engineering News-Record (ENR) magazine's 2024 Top Contractors Sourcebook. This marks the sixth time in seven years that Granite has secured the top spot in Highways.
Kyle Larkin, Granite's President and CEO, emphasized the company's leading position in supporting nationwide infrastructure reinvestment. Jim Radich, Chief Operating Officer, highlighted the importance of client relationships and the company's commitment to safety, ethics, and productivity.
Granite's notable rankings in other markets include:
- #6 in Transportation and Water Supply
- #7 in Dams and Reservoirs
- #11 in Mass Transit and Rail
- #15 in Solar
- #16 in Airports
- #21 in Bridges
- #36 in Power
Granite (NYSE: GVA) and Obayashi , under the Granite-Obayashi 2 Joint Venture, have been awarded a $113 million contract to construct new facilities at Marine Corps Base Camp Blaz (MCCB) in Guam. The project, funded by the Department of Defense's Military Construction, will support the Marine Expeditionary Force 9th Engineer Support Battalion.
The contract includes building low-rise facilities with reinforced concrete structures, such as an auto organization shop, electrical/communications maintenance shop, organic storage, vehicle wash rack, and vehicle laydown area. This marks Granite's second major facilities initiative at MCCB, reinforcing their role in supporting the U.S. Marine Corps' strategic objectives in the Pacific region.
The project is scheduled to begin in October 2024 and be completed in January 2027.
Granite Construction Incorporated (NYSE: GVA) has announced a quarterly cash dividend of $0.13 per common share. The dividend will be payable on October 15, 2024, to shareholders of record at the close of business on September 30, 2024. This announcement demonstrates Granite's commitment to providing regular returns to its shareholders and reflects the company's financial stability. The declaration of a dividend is often seen as a positive signal by investors, indicating the company's confidence in its cash flow and future prospects.
Granite (NYSE:GVA) has been awarded a $65 million contract by the Utah Department of Transportation (UDOT) for Phase 2 of the SR-30 Improvement Project in Logan, Utah. The project, funded by UDOT and Federal sources, aims to enhance the SR-30 corridor, which serves diverse traffic including public travelers, farm equipment, horses, cyclists, and runners. Key improvements include:
- A 12-foot-wide multi-use path with a concrete box underpass
- Wider shoulders and turning lanes
- Advanced warning signs for railroad crossings
- Two new precast box culverts
- Widening of a concrete girder bridge
The project also includes infrastructure upgrades such as guardrail, ATMS, lighting, signalization, and various utility improvements. Phase 2 began in July 2024 and is expected to complete in December 2025.
Granite (NYSE:GVA) has been awarded the role of Construction Manager at Risk (CMAR) for the Arlington Avenue Bridges Replacement Project in Reno, Nevada. The $32 million project, funded by federal and local fuel tax funds, aims to replace two structurally deficient bridges crossing the Truckee River in downtown Reno. Key objectives include enhancing safety for pedestrians, bicyclists, and drivers, improving hydraulic capacity, and upgrading roadways and utilities.
U.S. Secretary of Transportation Pete Buttigieg attended the groundbreaking, emphasizing the project's importance to the community. Granite's collaborative CMAR process resulted in $7 million in budget savings and a six-month reduction in the initial schedule. Construction is set to begin in May 2025 and conclude in August 2026, with Granite supplying materials from its nearby Lockwood Facility.
Granite (NYSE:GVA) has been awarded a $45 million contract by Caltrans to reconstruct and modernize the John Wilkie Safety Roadside Rest Area along Interstate 40 (I-40). This project, the fifth in a series of safety initiatives on I-40, aims to provide a safe resting place for travelers in a remote area. The scope includes constructing a modern rest area with 12,200 tons of asphalt supplied by Granite's Desert Cities Asphalt for parking lots and ramps.
The project is set to begin in September 2024 and finish in January 2026. It's part of Granite's ongoing commitment to enhancing highway safety and strengthening its relationship with Caltrans. The contract was included in Granite's second-quarter CAP, highlighting the company's continued involvement in critical infrastructure projects.
Granite (NYSE:GVA) has been awarded a $38 million contract by Caltrans for the Segment 4E South project on Highway 101 in Santa Barbara, California. This marks the sixth Highway 101 mainline segment awarded to Granite under its Construction Manager/General Contractor (CMGC) contract. The project aims to add peak-hour High Occupancy Vehicle (HOV) lanes and reconstruct existing highway elements to alleviate traffic congestion.
The project emphasizes sustainability, with plans to recycle 13,000 tons of materials into aggregate base and produce 11,800 cubic yards of concrete on-site. Granite will supply 12,850 tons of Hot Mix Asphalt from its own plants. The segment is scheduled to begin in September 2024 and be completed in October 2026, integrating with ongoing Montecito segments to maximize efficiency.
Granite Construction Incorporated (NYSE: GVA) has completed the acquisition of Dickerson & Bowen, Inc. (D&B), a leading regional aggregates, asphalt, and highway construction company in Mississippi. This acquisition adds three sand and gravel pits and four asphalt plants to Granite's southeast home market, extending its footprint to central and southern Mississippi. The purchase complements Granite's 2023 acquisition of Lehman-Roberts Company / Memphis Stone & Gravel, strengthening its presence in the Memphis metropolitan and Mississippi markets.
Granite's CEO, Kyle Larkin, emphasized that this acquisition aligns with the company's 'strengthen and expand' capital allocation strategy, focusing on vertically integrated construction and materials operations. The company financed the acquisition through cash on hand and continues to evaluate M&A opportunities within its existing footprint and in new geographies.
Granite Construction Incorporated (NYSE: GVA) reported strong Q2 2024 results, with revenue increasing 20% year-over-year to $1.1 billion. The company posted a Q2 diluted EPS of $0.76 and adjusted diluted EPS of $1.73. Committed and Awarded Projects (CAP) reached $5.6 billion, a sequential increase of $77 million.
Granite also announced an agreement to acquire Dickerson & Bowen, Inc., a leading regional aggregates, asphalt, and highway construction company in Mississippi. This acquisition is expected to close in Q3 and will expand Granite's footprint in the high-growth market south through Jackson, Mississippi.
The company narrowed its 2024 revenue guidance to the upper half of the previous range, now $3.9 billion to $4.0 billion. Other guidance metrics remain unchanged, including adjusted EBITDA margin of 9.5% to 11.5% and SG&A expense of 7.5% to 8.0% of revenue.
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