Welcome to our dedicated page for Granite Constr news (Ticker: GVA), a resource for investors and traders seeking the latest updates and insights on Granite Constr stock.
Overview
Granite Constr Inc (GVA) has been a cornerstone in the heavy civil construction and infrastructure development industry since 1922. Specializing in large-scale projects such as highways, tunnels, bridges, and transit facilities, Granite has built a reputation for its expertise in alternative project delivery methods, including design-build and best value partnerships. Its operations, deeply rooted in technical excellence and innovation, serve both public and private sector clients across the United States.
Core Business Areas
The company excels in the construction of critical infrastructure projects ranging from mining and earthwork to rail, water/sewer systems, and power facilities. Furthermore, Granite undertakes projects in site preparation and residential as well as energy development, showcasing the breadth of its service offerings. By focusing on a robust construction operating segment alongside a supportive Materials segment, the company ensures a comprehensive approach to project delivery.
Innovative Project Delivery
Central to Granite's business model is its pioneering approach to alternative project delivery. This method emphasizes early collaboration between owners, designers, and builders to create cohesive project teams, which in turn enhances efficiency, mitigates risks, and drives project success. Such a model is particularly advantageous in managing complex infrastructure projects, where integration and precision are critical.
Industry Position and Expertise
Granite Constr Inc is renowned for its capacity to handle multifaceted construction projects. Its deep industry experience and long-standing dedication offer assurance of quality and consistency in execution. Key industry terms such as heavy civil construction, infrastructure development, and alternative project delivery are not mere buzzwords for Granite; they define a commitment to technical excellence and strategic innovation that has been honed over decades of operation.
Market Dynamics
Operating within a competitive and regulated market, Granite distinguishes itself by leveraging its extensive experience and specialized project delivery techniques. Competitors within the infrastructure sphere may have similar service lines, yet Granite's integrated model, which synergizes construction and material supply, provides a resilient framework to manage industry challenges. This approach, combined with rigorous project management and technical acumen, positions the company as a trusted entity in the heavy civil construction market.
Client-Centric Approach
Granite Construction Inc prioritizes building long-term relationships with its diverse clientele, which includes local, state, and federal agencies as well as private developers. Through bespoke project strategies and an unwavering commitment to quality, the company ensures that project outcomes are aligned with client objectives. This client-centric approach further reinforces its market reputation as an entity that values precision, efficiency, and dependable execution.
Technical and Operational Excellence
Integrating advanced construction techniques with rigorous project management standards, Granite has cultivated a reputation for technical and operational excellence. The seamless coordination among multidisciplinary teams, combined with the strategic use of modern technology and industry best practices, underscores the company’s focus on delivering projects that meet and exceed stringent performance criteria.
Conclusion
In summary, Granite Constr Inc (GVA) offers a comprehensive suite of services in the heavy civil construction and infrastructure sectors. Its pioneering alternative project delivery methods, extensive industry experience, and commitment to integrated project teams form the foundation of its enduring market presence. The company continues to provide reliable, unbiased, and technically sophisticated services to a broad spectrum of clients, ensuring that its operations remain relevant and respected within the construction industry.
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.
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.
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