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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) announced that CEO Kyle Larkin will engage in a virtual fireside chat with Vertical Research Partners on June 16, 2021, at 2:00 p.m. ET. This event caters exclusively to Vertical Research clients and will be accessible via Granite's website about 24 hours post-chat. Established in 1922, Granite is a leading diversified construction company in the U.S., focusing on transportation, water infrastructure, and mineral exploration. The firm emphasizes safety, quality, and sustainability in its operations.
Granite (NYSE:GVA) has appointed three new directors and promoted Kyle T. Larkin to president and CEO. Michael F. McNally, who has been on the board since 2016, was elected as the new board chair. The new directors are Louis E. Caldera, former U.S. Secretary of the Army, Laurie M. Mullen, a retired KPMG partner, and Larkin, increasing the board from ten to twelve members. This transition follows the retirement of former chair Claes G. Bjork, who served for 15 years, contributing significantly during challenging times.
Granite Construction Incorporated (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share. This dividend will be payable on July 15, 2021, to shareholders on record as of June 30, 2021. Granite is a leading diversified construction company in the U.S., focusing on transportation, water infrastructure, and mineral exploration. Established in 1922, the firm prides itself on strong ethical standards and industry-leading safety practices.
Granite Construction reported a net loss of $66.2 million ($1.45 per diluted share) for Q1 2021, slightly worse than a $65.4 million loss in Q1 2020. Revenue rose 5.3% to $669.9 million, with gross profit increasing 166.1% to $63.3 million, reflecting a margin boost to 9.5%. Adjusted EBITDA improved significantly to $16.9 million from a loss of $18.4 million a year prior. Operating cash flow surged $58.2 million to $38.1 million. Cash and marketable securities increased to $464.2 million, while debt fell to $340.3 million.
Granite (NYSE:GVA) secured a $160 million contract for the Leon Hurse Dam project in Ladonia, Texas, awarded by Upper Trinity Regional Water District. This project, part of Lake Ralph Hall, aims to construct a new earthen dam capable of delivering 45 million gallons of water per day to Collin, Denton, and Fannin counties. Construction is set to begin in July 2021 and is expected to address significant water needs in a rapidly growing population area. Granite’s history in complex dam projects positions it well for this undertaking.
Granite Construction (NYSE: GVA) will release its first quarter 2021 financial results on May 7, 2021, before market opens. An investor conference call is scheduled for 8:00 a.m. PT on the same day. Investors can access a live audio webcast on Granite's Investor Relations website. The company is recognized as one of the largest diversified construction firms in the U.S. and emphasizes safety, quality, and sustainability in its operations. For further details, the full press release is available online.
Granite (NYSE:GVA) has secured the Intermodal Ethanol Transfer Facility project from Eco-Energy Distribution in Stockton, California. This contract is expected to be part of Granite's first quarter 2021 backlog. The project entails a new rail yard on 17 acres, accommodating 108 rail cars, and includes various construction works such as mechanical and electrical systems, stormwater controls, and site improvements. Construction is currently in progress, with an anticipated completion date of February 2022.
Granite (NYSE:GVA) has been awarded a $34 million contract by the Arizona Department of Transportation for the Tucson – Oracle Junction – Globe Hwy (SR77) project. This project involves rehabilitating nine miles of six-lane State Route 77, aimed at enhancing vital connectivity in the Tucson metropolitan area. The scope includes milling and replacing asphalt, storm drain extensions, and other improvements. Construction is set to begin in April 2021 and conclude by March 2023, utilizing materials supplied by Granite’s Tangerine Road Facility.
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