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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 (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.
Granite Construction reported a net loss of ($145.1) million for FY 2020, reflecting a significant increase from a net loss of ($60.2) million in FY 2019. However, adjusted net income rose to $60.0 million, up from an adjusted net loss of ($27.2) million. Revenue grew 3.4% to $3.6 billion, with gross profit surging 55.5% to $344.8 million. Adjusted EBITDA rose to $189.7 million. Operating cash flow reached a record $268.5 million. The company anticipates low- to mid-single digit revenue growth for 2021.
Granite Construction (NYSE: GVA) has announced the record date for its 2021 Annual Meeting of Shareholders as April 12, 2021. The virtual meeting is set for June 2, 2021, at 10:30 a.m. PT. Granite, a leader in the construction and materials industry, focuses on transportation, water infrastructure, and mineral exploration. The company emphasizes ethical standards through its Code of Conduct and is recognized for its safety, quality, and sustainability efforts.
Granite Construction (NYSE: GVA) will announce its fourth quarter and full fiscal year 2020 financial results on March 30, 2021, prior to market opening. An investor conference call is scheduled for the same day at 8:00 a.m. PT, which will be accessible via a live audio webcast on their Investor Relations website. Granite is a prominent player in the construction sector, providing services in transportation and water infrastructure.
Granite Construction Incorporated (NYSE: GVA) has received a notice from the NYSE indicating non-compliance with Section 802.01E due to its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2020. The company has until September 17, 2021, to file this report, with a potential extension of six months available at the NYSE's discretion. Granite emphasizes its commitment as a leading construction and materials provider in the U.S., focused on high ethical standards and safety.
Granite (NYSE: GVA) and Obayashi Corporation have secured a $42 million contract for the P3001 Standoff Weapons Complex at Andersen Air Force Base, Guam, awarded by NAVFAC PAC. This project involves expanding existing facilities and upgrading infrastructure to support missile assembly. Notably, Granite has executed 38 projects for the Department of Defense in Guam over the past decade. Construction is scheduled to begin this month and complete by March 2023, with a significant impact on Granite's financial backlog for Q1 2021.
Granite Construction has declared a quarterly cash dividend of $0.13 per common share, payable on April 15, 2021, to shareholders of record as of March 31, 2021. This announcement reflects Granite's commitment to returning income to shareholders while maintaining its position as a leading construction and materials company in the U.S. Incorporated in 1922, Granite operates in transportation, water infrastructure, and mineral exploration markets, emphasizing high ethical standards and sustainability.
Granite (NYSE:GVA) has secured a $267 million contract for the Lower Olentangy Tunnel project in Columbus, Ohio, which will enhance water quality by mitigating sewer overflow during floods. This project, set to commence in March 2021 and conclude in December 2026, involves constructing a 17,000-foot main tunnel with a diameter of 144 inches, utilizing a tunnel boring machine. Granite aims to leverage its prior experience with the city, having completed a similar project in the past. This award will contribute to Granite's backlog in Q1 2021.
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