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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 reported a net loss of ($153.1) million for the nine months ending September 30, 2020, worsening from a loss of ($40.8) million in the previous year. The loss included $194.4 million of non-recurring expenses. However, adjusted net income stood at $41.3 million, showing a recovery from an adjusted net loss of ($14.7) million year-over-year. Revenues increased by $56.9 million to $2.6 billion, with gross profit margins rising from 6.7% to 9.1%. Despite challenges from the pandemic, cash and marketable securities improved to $393.7 million, reflecting effective cash management.
Granite Construction (NYSE: GVA) is set to release its third quarter 2020 financial results on February 25, 2021, before market hours. An investor conference call will follow at 8:00 a.m. PT on the same day. Investors can access the live audio webcast via the Company's Investor Relations website. Furthermore, a replay of the call will be available until March 4, 2021. As a leading diversified construction company, Granite focuses on transportation, water infrastructure, and mineral exploration.
Granite Construction reported a net loss of ($60.2) million ($1.29 per share) for 2019, a stark contrast to a net income of $0.6 million in 2018. Revenue increased by 5% to $3.4 billion, aided by acquisitions, but gross profit fell by $113.2 million to $221.7 million due to project write downs. SG&A expenses rose to $308 million, representing 8.9% of revenue. Committed and Awarded Projects decreased to $4.4 billion. The Audit/Compliance Committee's investigation concluded with a determination that prior financial statements should not be relied upon, leading to restated financials. Granite is focused on addressing material weaknesses in internal controls.
Granite (NYSE:GVA) has announced the opening of a new office in Mesa, Arizona, aimed at serving the Phoenix metropolitan area, including Maricopa, Yavapai, and Pinal counties. This expansion complements Granite's existing operations in Arizona, which employs nearly 300 people. The company's Regional Vice President emphasized the importance of local service for clients. Granite has successfully completed projects like the Loop 202 South Mountain Freeway, part of a $917 million contract, reinforcing its capability in infrastructure development. This move aligns with Granite's strategic plan for organic growth.
Granite (NYSE:GVA) has appointed three new executives aimed at enhancing profitability and cultural transformation. Jigisha Desai becomes chief strategy officer, Lisa Curtis is named chief financial officer, and Tim Gruber is appointed senior vice president of human resources. These leaders will focus on strategy, financial management, and HR initiatives to support Granite's growth in the infrastructure sector. The appointments reflect Granite's commitment to leveraging innovation and experienced leadership to drive its strategic objectives.
Granite (NYSE:GVA) has been awarded a $48 million contract for the final package of the $167 million Cosumnes Bridge Replacement Project by Caltrans in Sacramento County, California. This contract is expected to contribute to Granite's first-quarter 2021 backlog. The project includes removing and replacing four bridges over the Cosumnes River, as well as transforming existing railroad bridges. Scheduled for completion in 2024, this project aims to improve infrastructure efficiency and safety, while maintaining budgetary constraints.
Granite (NYSE: GVA) and Healy Tibbitts Builders, Inc. have been selected as one of five contractors for a $750 million Waterfront Multiple Award Construction Contract (MACC) by the Naval Facilities Engineering Command, Southwest. This indefinite delivery/indefinite quantity contract includes task orders between $50,000 and $100 million over two base years and three option years through 2025. The contract focuses on new construction, repair, and renovation of waterfront facilities supporting Navy vessels across several states.
Granite (NYSE:GVA) has secured a $20 million contract from the California Department of Transportation for the State Route 46 4-Lane Widening Project in Lost Hills, California. This project will expand the highway from two to four lanes and includes significant infrastructure enhancements, such as a new bridge over the California Aqueduct and various crosswalks. Construction is scheduled to start in March 2021 and conclude by June 2022. This venture will utilize materials from Granite's new Solari Facility, contributing to its project backlog for the first quarter of 2021.
Granite (NYSE:GVA) has secured a $5 million CMAR contract for the Tucson International Airport's Airfield Enhancement Program, enhancing its third quarter backlog. This project, part of a $130 million multi-year plan, includes constructing a new airfield lighting vault and related infrastructure. Construction is set to commence in January 2021 and conclude by July 2021. Granite continues its partnership with the Tucson Airport Authority, reflecting its capabilities and commitment to delivering projects on time and within budget.
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