Secret Creek Fish Passage Project Nets Granite $48 Million Contract in Snohomish County, Washington

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $48 million contract from the Washington State Department of Transportation (WSDOT) to replace two fish barrier culvert crossings with three new fish passable structures on I-5 in Snohomish County, Washington. This project, funded by WSDOT, will be part of Granite's second-quarter CAP and builds on their successful Padden Creek project completed in 2022. Granite will import 95,000 tons of gravel from its Conway Aggregate Facility for the project, which aims to support WSDOT's compliance with a 2030 injunction. The project is set to start in June 2024 and expected to complete by December 2026.

Positive

• Granite has been awarded a $48 million contract from WSDOT, enhancing their revenue stream.
• The project supports WSDOT's compliance with a 2030 injunction, showcasing Granite's ongoing relationship with state projects.
• Granite's involvement in the Secret Creek project builds on the success of the Padden Creek project, completed in 2022.
• The project is aligned with Granite’s strategic goals and commitment to the local ecosystem.
• Granite will source 95,000 tons of gravel from its Conway Aggregate Facility, indicating internal supply chain efficiency.

Negative

• The project's completion is expected by December 2026, indicating a long-term commitment with potential risks over time.
• Dependence on a single large project might expose Granite to financial risks if unforeseen issues arise.
• While the contract is significant, the financial impact may be diluted over the project's long duration.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) is pleased to announce that it has been awarded a $48 million contract by the Washington State Department of Transportation (WSDOT) to replace two existing fish barrier culvert crossings with three new fish passable structures on I-5 in Snohomish County, Washington. Project funding will come from WSDOT and be included in Granite’s second-quarter CAP.

The Secret Creek project will build upon Granite’s relationship with the WSDOT Mt. Baker Area, which includes the award-winning delivery of the Padden Creek project completed in September 2022.

Granite will deliver another solution in support of WSDOT’s effort to be injunction-compliant by 2030. To support the project, Granite will import 95,000 tons of gravel from its Conway Aggregate Facility in Mount Vernon, Washington.

“We are excited to embark on this new project that not only aligns with our strategic goals but also contributes to the preservation of the local ecosystem,” said Mike Stein, Granite Vice President of Regional Operations. “We are committed to delivering high-quality, innovative, and sustainable solutions for our clients and communities.”

The project is anticipated to begin in June 2024 and is expected to be completed in December 2026.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523404343/en/

Granite Contacts

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the value of Granite's new contract with WSDOT?

Granite has secured a $48 million contract from the Washington State Department of Transportation.

What will Granite build in Snohomish County, Washington?

Granite will replace two fish barrier culvert crossings with three new fish passable structures on I-5.

When will Granite's Secret Creek project start and end?

The project will begin in June 2024 and is expected to be completed in December 2026.

How much gravel will be used for Granite's Secret Creek project?

Granite will import 95,000 tons of gravel from its Conway Aggregate Facility.

What is the significance of Granite's Secret Creek project?

The project supports WSDOT's compliance with a 2030 injunction and aligns with Granite’s strategic goals and environmental commitments.