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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 entered into a definitive agreement to sell its trenchless and pipe rehabilitation business, Inliner, for $159.7 million. The company plans to divest its Water Resources and Mineral Services operations, categorizing them as discontinued as of December 31, 2021. Granite also increased its share repurchase program from $157 million to $300 million, aiming to enhance liquidity and return value to shareholders. Additionally, the company has reorganized its operating groups to streamline efficiencies and align with its core civil construction business.
Granite (NYSE:GVA) has secured a $16 million contract for the Eastside Rail Corridor Regional Trail NE 8th Street Crossing project in Bellevue, Washington. Funded by King County and Sound Transit, the project is part of the Eastrail program aimed at converting abandoned railroads into trails. The work includes constructing a pedestrian bridge and enhancing pedestrian access. Project commencement is scheduled for March 2022, with completion expected by June 2023.
Granite (NYSE:GVA) has been awarded a $90 million contract by California Department of Transportation for the State Route 70 Binney Junction Roadway Rehabilitation project. The first phase, valued at $1.3 million, involves design collaboration with Caltrans. The project includes utility relocation, drainage reconstruction, and roadway enhancements in Marysville. This marks Granite's third CM/GC project with Caltrans District 3 since 2018, enhancing its portfolio in California's infrastructure sector.
Granite (NYSE:GVA) celebrates its 100th anniversary on January 4, 2022, marking a century as a major civil infrastructure contractor and construction materials producer. Founded in Watsonville, California, Granite operates across the U.S., from Guam to Alaska and Florida. President and CEO Kyle Larkin expressed gratitude to employees, clients, subcontractors, and communities for their support in building vital infrastructure. Looking ahead, Granite aims to adapt and thrive in a changing world by understanding client and community needs as it builds for the next century.
Granite (NYSE:GVA) has committed to enhancing women's representation in leadership through its participation in the Catalyst CEO Champions for Change initiative. This program supports promoting women across various ethnic and racial groups into executive roles, with women now making up 27.9% of executives compared to 23% globally. A report showed that Champion companies, including Granite, promoted women at nearly equal rates to men in 2020. Additionally, women held 32.2% of board positions at these companies, exceeding the Fortune 500 average of 26.5%.
Granite Construction Incorporated (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share. The dividend is set to be paid on January 14, 2022 to shareholders on record as of the close of business on December 31, 2021. This announcement reaffirms Granite's commitment to returning value to its shareholders while maintaining its position as a leader in the construction and infrastructure sector in the U.S.
Granite (NYSE:GVA) received two 2021 CalCIMA Excellence in Safety Awards at the CalCIMA Education Conference, recognizing its commitment to safety leadership and innovation. The Solari Sand & Gravel facility in Arvin won in the Small Aggregate Mine category, incorporating advanced safety systems including innovative cone crushers and updated electrical systems. The Desert Cities Asphalt Plant in Indio won for its enforcement of PPE standards and daily safety meetings. The recognition reflects Granite's dedication to maintaining high safety standards across its operations.
Granite (NYSE:GVA) announces that CIO Malcolm Jack has received the 2021 Info-Tech CIO Award for exceptional performance in IT, specifically in the "Visionary and Growth Leaders" category. This accolade recognizes the significant boost in satisfaction scores achieved by Granite's IT department over the past year. Jack credits the accomplishment to the team's dedication, reflecting Granite's commitment to high performance and stakeholder satisfaction. The award emphasizes the importance of IT leaders in delivering business value, particularly during challenging times.
Granite Construction reported Q3 2021 revenue of $1.1 billion, almost unchanged from last year. The company saw a net income increase to $35.0 million or $0.73 per diluted share, reversing a net loss of ($91.2 million) last year. Adjusted net income fell to $43.2 million or $0.93 per diluted share. Gross profit decreased to $119.9 million, with margins stable. CAP rose by $135.4 million year-over-year to $4.3 billion. Cash and securities increased to $475 million, while debt decreased to $340 million.
Granite (NYSE:GVA) has received the Governor’s Safety Award of Excellence from The Alaska Safety Advisory Council for 2020, marking the sixth time in nine years the company has achieved this recognition. This award underscores Granite's commitment to safety, health, and environmental practices, based on rigorous OSHA performance metrics. Regional Safety Manager Chris Rodriguez highlighted the importance of safety as a core value within the company. Granite is recognized as a leader in the construction and infrastructure sectors, emphasizing its dedication to maintaining a top-tier safety culture.
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