Granite Constr Inc Stock Price, News & Analysis

Granite (NYSE:GVA) has secured two construction contracts totaling approximately $107 million for projects on State Highway 288 near Houston, Texas. These contracts, funded by the Texas Department of Transportation, expand Granite's total project value on SH 288 to over $145 million when combined with an earlier $40 million contract. The projects will cover 24 lane miles of highway, including the construction of five new bridges and improvements to ramps. Construction is expected to start in fall 2022 and be completed by summer 2024.

Granite Construction (NYSE:GVA) has decided to retain its Water Resources and Mineral Services businesses due to unfavorable market conditions preventing a satisfactory sale. These segments will now be included in continuing operations, with their financials to be reported accordingly. CEO Kyle Larkin expressed optimism about the strong market demand and the potential for these businesses to enhance shareholder value and EBITDA margins. Notably, Granite returned value to shareholders by repurchasing over 2.3 million shares in 2022 and maintaining strong liquidity.

Granite Construction (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share, payable on October 14, 2022. Shareholders of record at the close of business on September 30, 2022 will receive this dividend. Established in 1922, Granite is a leading diversified construction company in the U.S., renowned for its commitment to quality, safety, and sustainability.

Granite (NYSE:GVA) has secured a $17 million construction contract from the Placer County Water Agency for upgrades at the Duncan Creek Diversion Dam in California. This project is part of a broader effort to enhance older dams in the Sierra Nevada region, ensuring compliance with modern safety standards set by the California Department of Water Resources. Key updates include a new pneumatic gate structure, improved fish passage capabilities, and the installation of micro-hydropower units. The project is set to start in Q4 2022 and aims for completion by 2024.

Granite (NYSE:GVA) has secured a construction contract worth approximately $20 million from the Tucson Airport Authority (TAA) to reconstruct Taxiway C at Tucson International Airport. This project is part of a larger $400 million Airfield Safety Enhancement Program. The work is linked to a previously announced $130 million project aimed at modernizing the airport's runway and taxiway systems. The project is set to begin in October 2022 and conclude by September 2023.

Granite (NYSE:GVA) has become the exclusive distributor of EZ STREET® Asphalt in California, enhancing its product line with this premium cold asphalt aimed at reducing carbon emissions. EZ STREET® is known for its ability to permanently repair potholes and other asphalt issues, and its 'bioblends' mixture utilizes green fuel substitutes and recycled materials, aligning with Granite's sustainability goals. This strategic partnership is set to bolster Granite's customer base and environmental initiatives across California.

Granite (NYSE:GVA) has joined The Road Forward, an initiative by the National Asphalt Pavement Association (NAPA) aiming for net zero carbon emission asphalt pavements by 2050. Granite demonstrates its commitment to sustainability by participating in this initiative, which will guide the asphalt industry in addressing climate change. The company has received various accolades for its sustainability efforts, including 20 NAPA Diamond Achievement Sustainable Commendations and 26 NAPA Quality in Construction Awards in 2021. Additionally, Granite has set a target to reduce greenhouse gas emissions by 25% by 2030.

Granite (NYSE:GVA) has secured a contract valued at approximately $12 million for improvement projects at WeatherTech Raceway Laguna Seca in Monterey, California. The project, funded by Monterey County, involves resurfacing the track and replacing the start-finish bridge. Work is scheduled to commence in November 2022 and is expected to conclude by June 2023. This contract further strengthens Granite's relationship with Monterey County and adds to its portfolio of raceway projects.