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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 (NYSE: GVA) reported a significant net income increase to $54.5 million ($1.14 per diluted share) for Q2 2021, up from $3.4 million ($0.07 per diluted share) last year. Revenue rose 5.3% to $964.2 million, with adjusted net income reaching $42.3 million ($0.91 per diluted share). Gross profit increased to $116.9 million, while SG&A expenses decreased to 7.7% of revenue. Committed and Awarded Projects totaled $4.4 billion. The company remains optimistic with a reaffirmed 2021 growth outlook of low- to mid-single digits.
Granite Construction (NYSE: GVA) is set to release its Q2 2021 financial results on July 29, 2021, before market opening. An investor conference call is scheduled for the same day at 9:00 a.m. PT, accessible via a live audio webcast on the company's Investor Relations website or by phone. The call will include a replay option until August 5, 2021. Granite is a significant player in the construction and materials sector, focusing on infrastructure projects across the U.S., and operates under strong ethical standards, emphasizing safety and sustainability.
Granite (NYSE:GVA) has secured a contract worth approximately $28 million from the Washington State Department of Transportation for the construction of the 148th Ave. NE Interchange Access Ramp in Redmond, Washington. This project is set to enhance traffic flow and pedestrian safety by providing a direct connection to new arterials. The construction, involving a 125-foot cut and cover precast tunnel, is expected to commence in September 2021 and conclude by November 2022, contributing to Granite's second-quarter project commitments.
Granite (NYSE:GVA) has secured an $18 million contract for the 300 West Reconstruction project in Salt Lake City, Utah. The project entails a complete overhaul of 300 West, featuring innovations like a two-way bike lane and green parkstrips for stormwater management. Additionally, Granite will provide crucial materials such as CIPP sewer lining and tons of asphalt from its local facilities. Construction is currently underway, with an expected completion by fall 2022. This contract enhances Granite's position in committed and awarded projects for the second quarter.
Granite (NYSE:GVA) has been awarded the $151 million contract for Segment 4B of the Highway 101 project by the California Department of Transportation. This marks Granite's third construction contract in a five-segment, $410 million initiative. The project includes significant roadway work aimed at reducing congestion and improving safety. Granite is leveraging resources from its local plants to fulfill project material requirements, which include 47,700 tons of asphalt and 65,990 cubic yards of concrete.
Granite (NYSE:GVA) has secured a $16 million contract from the Alaska Department of Transportation for rehabilitating three taxiways at Anchorage International Airport. The project, set to start in July 2021 and finish by September 2022, includes replacing 60,000 tons of asphalt, storm drain enhancements, and updating lighting and signage. Granite will utilize its Lang Street Hot Plant to supply the asphalt. This award strengthens Granite's position in Alaska, aligning with its core business in milling and paving.
Granite (NYSE:GVA) has secured a $20 million contract for the Union Valley Bike Trail Extension from the Sacramento Municipal Utility District. This project, which falls into Granite's second quarter committed and awarded projects, aims to enhance recreational access in California's El Dorado National Forest. The scope includes 4.5 miles of paved bike trail, parking, picnic areas, and boardwalks. Construction is set to start in June 2021 and conclude by October 2023, promoting Granite's commitment to sustainable and environmentally conscious construction practices.
Granite (NYSE:GVA) has secured a contract for the Oddie Boulevard/Wells Avenue Corridor Project in Reno, Nevada, valued at approximately $44 million. This project will enhance multi-modal transportation across a 3.2-mile corridor, contributing to regional infrastructure improvements. The scope includes roadway reconfiguration, utility upgrades, and enhanced pedestrian access. Scheduled to commence in Q3 2021 and complete by Q2 2023, this project is expected to positively impact Granite's backlog and strengthen its relationship with the Regional Transportation Commission.
Granite (NYSE:GVA) has joined the National Hispanic Corporate Council (NHCC) as a new corporate member. This partnership provides Granite access to valuable resources aimed at maximizing opportunities within the $2 trillion U.S. Hispanic market, which includes 60 million individuals. Jorge Quezada, Granite's VP of Inclusive Diversity, emphasized the company’s commitment to diversity and improving the lives of Hispanic employees and communities. The NHCC's five-pillar framework offers guidance on human resources, marketing, and community relations within the Hispanic market.
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