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.
Granite Construction Inc. (NYSE: GVA), known as Granite, regularly issues news updates that reflect its role in U.S. transportation and civil infrastructure. Company announcements highlight contract awards, project milestones, financial results, certifications, and corporate actions that are relevant to investors, industry participants, and stakeholders following GVA stock.
News items show Granite’s involvement in highway expansion, bridge rehabilitation, commuter rail improvements, and airport airfield projects. Examples include a highway improvement contract on State Route 49 in Nevada County, California, bridge replacements along historic Route 66 in San Bernardino County, rehabilitation of the Lake Street Bascule Bridge in Chicago, and runway and airfield work at Tucson International Airport. These stories illustrate how Granite’s construction and materials capabilities are applied across roads, bridges, rail, and aviation infrastructure.
Granite’s news flow also covers financial and corporate developments. The company reports quarterly earnings, including segment performance for its Construction and Materials segments and changes in Committed and Awarded Projects (CAP). Releases may include updates on acquisitions, such as the purchase of Warren Paving and related entities, and financing arrangements like amendments to its credit agreement. Dividend declarations and board or executive changes are also disclosed through news and related SEC filings.
Another category of news involves certifications and compliance milestones. For example, Granite has announced achieving Cybersecurity Maturity Model Certification (CMMC) Level 2, a requirement for certain federal contractors handling Controlled Unclassified Information. This type of update signals the company’s readiness to pursue and execute federal infrastructure work that requires specific cybersecurity standards.
Investors and observers who follow Granite’s news can track how new contracts, project awards, acquisitions, and certifications contribute to the company’s project pipeline and operational profile. The GVA news page aggregates these announcements in one place, making it easier to review recent developments in Granite’s construction, materials, and corporate activities.
Granite (NYSE:GVA) has announced the appointment of Carlos M. Hernandez to its board of directors, effective June 5, 2024. Hernandez, the former CEO of Fluor , brings extensive experience in manufacturing, procurement, engineering, safety, environmental issues, governance, compliance, risk management, and law. His previous roles include chief legal officer and CEO at Fluor, and he currently serves on the boards of PG&E and Steward Health Care System. Hernandez holds a BS in civil engineering from Purdue University and a JD from the University of Miami School of Law. He has received multiple honors, including the Dallas Hispanic Bar Association Corporate Counsel Diversity Award.
Granite Construction announced the pricing of $325 million in 3.25% Convertible Senior Notes due 2030. Initial purchasers have an option to buy an additional $48.75 million. The notes will start accruing interest from December 15, 2024, with semi-annual payments. They can be converted to common stock at a rate of 12.8398 shares per $1,000 principal, equating to a $77.88 per share conversion price, a 30% premium over the June 6, 2024, closing price. The notes mature on June 15, 2030, and can be redeemed by Granite starting June 21, 2027, if specific conditions are met.
Granite plans to use $40 million of the proceeds for capped call transactions and $57.6 million to repurchase 2024 notes. The net proceeds are estimated at $316.6 million, rising to $364.2 million if additional notes are purchased. The remaining funds will be used for loan repayment and general corporate purposes. The capped call transactions aim to reduce dilution and offset cash payments. The offering is through private placement, to qualified institutional buyers under Rule 144A of the Securities Act.
Granite Construction announced a proposed offering of $325 million in convertible senior notes due 2030. The notes are unsecured, bear interest semi-annually, and will mature on June 15, 2030. Granite will pay cash or deliver common stock upon conversion. The company plans to use the proceeds for repurchasing outstanding notes, capped call transactions, repurchasing common stock, repaying term loans, and general corporate purposes. The offering may impact Granite's stock price due to related hedging and repurchase activities.
Granite Construction announced the full redemption of its outstanding 2.75% Convertible Senior Notes due 2024. The redemption will occur on August 19, 2024, with a cash payment of 100% of the principal amount plus accrued interest. Convertible Notes can be converted into Granite's common stock at an increased conversion rate until August 15, 2024. Granite will settle conversions with cash up to the principal amount and deliver shares for any excess. The company plans to unwind related hedge and warrant transactions, potentially impacting its stock price due to concurrent derivative activities by counterparties.
Granite Construction announced a quarterly cash dividend of $0.13 per common share.
The dividend is payable on July 15, 2024, to shareholders of record at the close of business on June 28, 2024.
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.
Granite (NYSE:GVA) has expanded its home market strategy by acquiring Lehman-Roberts Company and Memphis Stone & Gravel Company (MSG) in Q4 2023. This acquisition targets the Memphis Metropolitan and Northern Mississippi areas. In 2024, the newly acquired entities have secured significant contracts, including:
- Tennessee Department of Transportation (TDOT) Shelby County SR 14 project, involving over four miles of construction.
- Mississippi Department of Transportation (MDOT) Hwy 61 project, enhancing a major transportation corridor.
- Calhoun County Roads 306 & 137 project, improving local infrastructure.
MSG will supply substantial quantities of sand and gravel for these projects, enhancing Granite's operational capabilities in asphalt and aggregates. Patrick Nelson, President of Lehman-Roberts and MSG, highlighted the importance of these contracts for driving volume and delivering high-quality services.
Granite (NYSE:GVA) has secured an $89 million subcontract from United Airlines and Manhattan Construction for the United Airlines Terminal B Airside Transformation program at George Bush Intercontinental Airport (IAH). This project is part of a $2 billion initiative funded by United Airlines and the City of Houston. Granite's responsibilities include demolishing and reconstructing the north concrete apron, involving 126,000 SY of demolition and 154,000 SY of concrete paving. The project aims to modernize Terminal B, adding more gates and amenities for travelers. It will start in Summer 2024 and complete by April 2026. The initiative supports Granite's strategy to broaden its Texas Region portfolio and enhance its presence in Houston.
Granite (NYSE:GVA) has secured a $36 million contract from Caltrans to rehabilitate a 25-mile stretch of Highway 162 in Mendocino County, California. Funded by federal sources and California Senate Bill 1 (SB1), the project will utilize 150,000 tons of conventional and rubberized hot mix asphalt, with recycled tires for the rubberized surface. The project, leveraging materials from Granite's Highway 175 Quarry, aims to enhance road safety and driving quality. Scheduled to start in June 2024 and conclude in September 2025, the effort underscores Granite's ongoing partnership with Caltrans in infrastructure improvement.
Granite's CFO, Lisa Curtis, has announced her retirement effective September 16, 2024. Curtis, who has been in her role since January 2021, will be succeeded by Staci Woolsey, the current Chief Accounting Officer (CAO) and Senior Vice President.
Woolsey joined Granite in June 2021 and will take over as CFO on the same date as Curtis's retirement. In her new role, Woolsey will oversee all of Granite's financial functions including corporate accounting, operational finance, tax, treasury, investor relations, internal audit, and IT.
Kyle Larkin, Granite President and CEO, praised both Curtis for her leadership over the past three years and Woolsey for her extensive industry knowledge and effectiveness as a leader.