Granite Construction Inc. - GVA STOCK NEWS

Granite has been awarded several prestigious accolades from the National Asphalt Pavement Association (NAPA), including three Diamond Paving Commendations, seven Diamond Achievement Commendations, 27 Diamond Achievement Sustainable Commendations, and 31 Diamond Quality Commendations. These commendations recognize best practices in asphalt production and paving operations. The awards are a testament to Granite's commitment to sustainability, quality, and operational excellence in the construction industry.

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.