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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 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.
Granite (NYSE:GVA) has secured an $18 million sub-contract from Swinerton for the University of California, Santa Cruz (UCSC) Kresge College Work Package #4. This project is part of a broader multi-year renewal initiative aimed at enhancing student enrollment while reducing local housing impact. The scope involves constructing retaining walls, relocating utilities, and renovating the North Bridge pedestrian walkway. Construction is set to begin in November 2020 and conclude in early 2022, with materials sourced from Granite's nearby Felton Facility.
Granite (NYSE:GVA) has secured a $12 million contract for the Oakhurst Midtown Connector project from Madera County, California, included in its Q3 2020 backlog. This project aims to alleviate traffic congestion by constructing a new two-lane road connecting State Route 41 with Indian Springs Road. Granite will manage the construction of the roadway, a box girder bridge over Nelder Creek, bike lanes, sidewalks, and signalized intersections. The construction is currently underway, with completion expected by spring 2022.
Granite (NYSE:GVA) announced the award of two airport projects worth a total of $15 million. The first project, valued at $9 million, involves the reconstruction of runway 2-20 at Inyokern Airport in California, with construction set to begin in November 2020 and completion expected by June 2021. The second project, a $6 million rehabilitation of Merrill Field Drive in Anchorage, Alaska, will commence in May 2021 and is expected to finish by October 2021. These projects enhance Granite's backlog and reaffirm its position in aviation construction.
Granite (NYSE:GVA) has been selected by Caltrans as the Construction Manager/General Contractor for the $257 million State Route 99 Rehabilitation project in Fresno, California. The initial construction management phase is valued at $3 million. The project aims to reconstruct 3.2 miles of roadway, improve traffic flow, and includes the replacement or widening of six bridges. The contract's construction management phase is set to begin by late 2020, with the general contracting phase starting in mid-2024, contributing to Granite's fourth quarter 2020 backlog.
Granite (NYSE:GVA) has secured a Construction Manager at Risk (CMAR) contract from the Metro Wastewater Reclamation District for the PAR 163 Interceptor Rehabilitation 2020-2022 project in Denver, Colorado. The total contract value is projected to approach $30 million, including a $500,000 preconstruction contract. The project involves rehabilitating sewage treatment plant piping and includes advanced cured-in-place pipe (CIPP) technology to reduce environmental impact. Construction is set to commence in late 2020 and continue through 2022.
Granite (NYSE:GVA) has secured a $16 million task order contract from the U.S. Department of Homeland Security’s FEMA for housing construction in Saipan, CNMI, following Super Typhoon Yutu. This project will be part of a previously awarded national construction contract aimed at building twenty new homes. Construction is set to begin in fall 2020 and end by spring 2021, with the contract contributing to Granite's backlog in Q4 2020. Granite has been active in the Mariana Islands since 2011, showcasing its capabilities in disaster recovery.
Granite (NYSE:GVA) received three prestigious awards from the National Stone, Sand, and Gravel Association (NSSGA) in 2020, including two for Environmental Excellence and one for Community Relations. The Environmental Excellence Awards were given to Granite’s Palmer Facility in Anchorage, Alaska, and Lockwood Quarry in Sparks, Nevada, highlighting their commitment to sustainable operations. The Community Relations Award was presented to Rowley Quarry in Yakima, Washington, recognizing its engagement with the local community through various activities. Granite emphasizes that these achievements reflect their core values of sustainability and community involvement.
Granite (NYSE:GVA) has secured the El Portal Pedestrian Rail Undercrossing project in Encinitas, California, with a contract worth $7 million. This project, awarded by the San Diego Association of Governments (SANDAG), will be reflected in Granite's financial backlog for Q3 2020. Scheduled construction will commence in fall 2020 and is expected to finish by spring 2022. The undercrossing will enhance pedestrian and cyclist safety, linking important local attractions and minimizing disruptions to rail traffic.
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