Granite Constr Inc Stock Price, News & Analysis

Granite Construction reported Q3 2022 results with net income of $73 million ($1.44 per diluted share), up from $35 million ($0.73 per diluted share) in Q3 2021. Comparable revenue rose by $13 million year-over-year, while total revenue decreased by $52 million to $1,010 million. Construction gross profit margins improved to 14.8%, excluding Old Risk Portfolio losses. Adjusted EBITDA guidance for 2022 was raised to 6%-7%. Committed and Awarded Projects totaled $4.1 billion. Cash and marketable securities increased to $317 million, with debt remaining flat at $288 million.

Granite (NYSE:GVA) has secured a $33 million project in Long Beach, California, focusing on the upgrade of Artesia Great Boulevard. This initiative, funded by the City of Long Beach and other local entities, aims to enhance roadway safety and mobility, featuring extensive reconstruction work over a 3.2-mile stretch. The project is set to begin in Q1 2023 and conclude in Q1 2024, with recycled materials incorporated into the construction. Granite sees this as a chance to strengthen its presence and relationships in the LA Basin Market.

Granite Construction (NYSE: GVA) will report its third quarter financial results on October 27, 2022, before the market opens.

The company will host a conference call at 8:00 a.m. PT the same day. Investors can participate via a live audio webcast on Granite's Investor Relations website or by phone. A replay of the call will be available until November 3, 2022.

Granite is a leading diversified construction and materials company in the U.S., focused on safety, quality, and sustainability.

Granite (NYSE:GVA) will receive the Corporate Visionary Award at the Seventh Annual Latino Corporate Directors Association (LCDA) Board Leaders Convening on October 25, 2022, in New York City. This recognition highlights Granite's commitment to advancing Latino representation on corporate boards. Granite's VP of People and Culture, Jorge Quezada, emphasizes the company's collective diversity efforts. The award reflects the importance of having multiple US Latinos on the board, recognizing board members Louis Caldera and Gaddi Vasquez, among others.

Granite (NYSE:GVA) has secured an $11 million contract from the California Department of Transportation to build a new bikeway and multipurpose path in Carpinteria, California. This project aims to close a gap in the California Coastal Trail, enhancing access for pedestrians and cyclists. Key updates include new signage, crosswalks, and landscaping at the intersection of Carpinteria Avenue and Estero Street. Construction is scheduled to begin off-peak, between Labor Day and Memorial Day, to minimize disruptions. Completion is expected by May 2023.

Granite (NYSE:GVA) has joined the U.S. Green Building Council (USGBC) as a Silver level member, demonstrating its commitment to sustainable construction practices. The membership aligns with Granite's strategic goal to enhance industry-wide sustainability, which CEO Kyle Larkin emphasized as vital for improving community quality of life. Sustainability Manager Raven Adams noted the importance of integrating sustainable practices across all company sectors. The USGBC aims to promote green building through initiatives like the LEED program and community advocacy.

H.B. Fuller Company (NYSE: FUL) announced the appointment of Celeste Mastin as the new President and CEO, effective December 4, 2022. Mastin, previously the Executive Vice President and COO, succeeds Jim Owens, who is retiring after 12 years of leadership. Under Owens, the company saw revenue and market value triple, shifting focus to higher-growth sectors like electronics and solar. The transition follows a multi-year succession planning process, with the board expressing confidence in Mastin's ability to advance the company's growth strategy.