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 (GVA) delivers essential infrastructure solutions through heavy civil construction and innovative project delivery methods. This news hub provides investors and industry professionals with direct access to the company's official announcements, financial disclosures, and operational updates.
Discover timely information on quarterly earnings, major project awards, and strategic initiatives that shape GVA's position in transportation, water infrastructure, and materials markets. Our curated collection includes regulatory filings, leadership updates, and partnership announcements critical for assessing the company's market trajectory.
Key updates cover public sector contracts, safety milestones, and sustainability efforts across Granite's nationwide operations. Bookmark this page to monitor developments in design-build projects, materials innovations, and compliance with evolving infrastructure regulations.
Granite (NYSE:GVA) has secured a $15 million contract from the Arizona Department of Transportation for pavement rehabilitation and bridge deck repair on Interstate 10 in Tucson, Arizona. Funded by the Federal Highway Administration and ADOT, the project spans nearly 10 miles and involves various improvements including asphalt removal, guardrail construction, and highway lighting installation. Scheduled to start in December 2022 and conclude by August 2023, this initiative continues Granite's long-standing partnership with ADOT, enhancing their operational portfolio.
Granite (NYSE:GVA) has been awarded a $170 million reconstruction project for Interstate 10 in Tucson, Arizona, by the Arizona Department of Transportation. The project is set to improve roadway capacity with four general purpose lanes and enhance safety for commuters. It combines ADOT's widening and Pima County's Sunset Road extension into one initiative, beginning in January 2023 and completing in October 2025. Granite will utilize sustainable practices, repurposing nearly all demolition materials.
Granite (NYSE:GVA) has secured a $50 million contract for the American River Bridge Rehabilitation by the California Department of Transportation. The project, part of a larger CM/GC initiative, began in June and will replace the bridge deck and widen the structure, completing by December 2025. Two prior child contracts worth $20 million were executed for preliminary works. This project aims to enhance transportation infrastructure and includes a bike path for multimodal connectivity.
Granite (NYSE:GVA) has secured a $30 million contract for Design-Build improvements at East Tongue Point, Astoria, Oregon, funded by the Department of Homeland Security. The project aims to support the Homeporting of two Coast Guard Fast Response Cutters, enhancing local maritime operations. Key features include a fixed pier, floating docks, utilities, and security enhancements, with completion expected by June 2025. This marks Granite’s fourth win under the National Multiple Award Construction Contract, reinforcing its strategic relationship with DHS and the U.S. Coast Guard.
Granite Construction Incorporated (NYSE: GVA) will present at the Baird 2022 Global Industrial Conference in Chicago, Illinois, on November 10, 2022, at 8:30 AM Central Time. CEO Kyle Larkin will meet with investors following the presentation. Presentation slides will be available on the Company's Investor Relations website at 8:00 AM Central Time on the same day. Granite, founded in 1922, is a leading diversified construction firm in the U.S., recognized for its strong ethical standards and commitment to safety, quality, and sustainability.
Granite (NYSE:GVA) has received four CalCIMA Excellence in Safety Awards at the 2022 CalCIMA Education Conference in San Diego. Recognized facilities include the Bradshaw facility in Sacramento, which won the Safety Excellence award for the Asphalt Plant category, and the Big Rock Quarry in Llano, which won in the Large Aggregate category. Safety Manager Josh Peterson was honored with a Safety Professional Award for his leadership. These awards highlight Granite's commitment to safety and innovation in hazardous environments.
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.
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