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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 been awarded a $125 million CM/GC contract by United Bridge Partners for the Bay City Bridges Project in Michigan. This contract enables Granite to engage early in the design and planning phases, reducing risks and enhancing value for stakeholders. The project includes the rehabilitation of the Liberty Bridge and the reconstruction of the Independence Bridge, with construction expected to complete by late 2023. This venture aligns with Granite's strategy for geographic expansion and focuses on alternative delivery models.
Granite (NYSE:GVA) has launched its new Solari Aggregate Plant in Arvin, California, to serve private and public customers in the Bakersfield area. The facility replaces an outdated site, boosting local aggregate and asphalt supply significantly. Covering 700 acres, it can produce 70 million tons of high-quality reserves. Designed for efficiency, it features automated controls and a three-stage water management system, reducing fresh water demand. Production initiated in December 2020, with asphalt expected in Q2 2021. This marks Granite's 77th materials facility, enhancing its vertically integrated operations.
Granite Construction Incorporated (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share, payable on January 15, 2021. Shareholders of record as of December 31, 2020 will receive this dividend. Granite is recognized as one of the largest diversified construction companies in the U.S. and has maintained its status as one of the World’s Most Ethical Companies for eleven consecutive years. The company continues to lead in safety and sustainability within the industry.
Granite (NYSE:GVA) has secured a $101 million contract for Segment 4C of the Highway 101 project from Caltrans, marking the second award in a $410 million construction initiative. This segment aims to add 1.7 miles of high occupancy vehicle (HOV) lanes, enhance safety, and relieve congestion in Santa Barbara County. Construction is underway and expected to conclude in August 2023. Granite's collaboration with Caltrans is designed to innovate and reduce costs through the construction management process, benefiting taxpayers.
Granite (NYSE:GVA) has secured a $16 million contract for the West Refueler Loading Facility & West Solid Waste Facility project at San Diego International Airport. This project, expected to be included in Granite's Q4 2020 backlog, involves constructing a five-bay refueler loading facility, along with an oil/water separator and spill containment area. Construction is slated to commence in January 2021 and conclude by November 2021. This partnership expands Granite's work with the San Diego County Regional Airport Authority, building on previous successful projects.
Granite (NYSE:GVA) has secured a $39 million contract for the State Route 74 Ortega Highway Widening Project from California's Department of Transportation (Caltrans). The project aims to enhance safety along this busy route by widening sections from Lake Elsinore to the Riverside/Orange County line. Work includes adding shoulders and rumble strips, set to begin in February 2021 and expected to conclude by June 2022. This contract will contribute to Granite’s fourth quarter 2020 backlog.
Granite (GVA) has been recognized as a Great Place to Work-Certified™ company, marking its third consecutive certification. This distinction is based on validated employee feedback through Great Place to Work's data-driven methodology. Granite President Kyle Larkin emphasized that the culture fosters respect and pride among employees. The certification reflects Granite's commitment to creating a positive workplace environment, which can enhance productivity and innovation.
Granite (NYSE:GVA) has appointed James A. Radich as the new Executive Vice President and Chief Operating Officer, effective December 1, 2020. Radich, a long-time employee since 1980, will oversee daily operations and lead initiatives to meet financial objectives. Previously, he managed California operations and expanded the company's project portfolio. A graduate of Santa Clara University with a degree in Civil Engineering, Radich is a recognized leader within the company and will continue to strengthen Granite's operational capabilities.
Granite (NYSE:GVA) has appointed Brian R. Dowd as senior vice president and California group manager, effective January 1, 2021. Dowd brings 34 years of experience at Granite, previously serving as vice president of the Nevada region. His new role involves overseeing operations and setting strategic direction for business growth, financial performance, and employee development in California. Dowd has held various leadership positions, including regional manager in Sacramento during challenging economic times. He holds a B.S. in Civil Engineering from UC Berkeley.
Granite Construction Incorporated (NYSE: GVA) released a business update highlighting preliminary financial data for Q3 2020. As of September 30, 2020, the company reported committed and awarded projects (CAP) of $4.2 billion, alongside improved liquidity of $549.6 million, up from $232.6 million year-over-year. The company is addressing prior financial reporting issues through an investigation by its Audit/Compliance Committee. Upcoming filings will be delayed, with the Q3 2020 Form 10-Q expected late due to ongoing reviews.
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