Granite Constr Inc Stock Price, News & Analysis

Granite Construction (NYSE: GVA) reported strong Q4 and fiscal year 2024 results. Q4 revenue increased 5% to $977 million, while fiscal year revenue grew 14% to $4.0 billion. Q4 net income reached $41 million ($0.84 per diluted share), with adjusted net income of $56 million ($1.23 per diluted share).

The Construction segment saw revenue growth of 3.5% in Q4 and 14.1% for the full year, with significant gross profit margin improvements. The Materials segment revenue increased 11.4% in Q4 and 14.6% for the year. The company's Committed and Awarded Projects (CAP) stood at $5.3 billion.

For 2025, Granite projects revenue between $4.2-4.4 billion, with adjusted EBITDA margin of 11.0-12.0%. The company plans capital expenditures of $140-160 million, including $50 million in strategic materials investments.

Granite (NYSE:GVA) has secured a $78 million infrastructure project from Caltrans in Orange County, California. The project focuses on demolishing and reconstructing a 320-foot-long concrete bridge to improve mobility in the State Route 55 and State Route 91 (SR 55/91) corridor. The scope includes building retaining walls, sound walls, and implementing both asphalt and concrete paving, along with upgrades to storm drainage and electrical systems.

This initiative is the first of three segmented projects aimed at reducing congestion in the SR 55/91 connector. The project will be funded through state and federal sources and included in Granite's first-quarter CAP. Construction is scheduled to begin in April 2025 and conclude in October 2027.

Granite (NYSE:GVA) announced that Pat Nelson, Regional Vice President and President of Lehman-Roberts Company, has been elected as the National Asphalt Pavement Association's (NAPA) 2025 Chairman of the Board. Nelson took the Oath of Office at NAPA's Annual Meeting on February 3.

Nelson's involvement with NAPA spans two decades, including eight years of Board service, 18 years on the Legislative Committee, and participation in the Political Action Committee (PAC) since 2008. During his chairmanship, he will focus on promoting renewed federal investment for highways and resources for asphalt-specific issues through NAPA's PAC.

Lehman-Roberts, a Granite Company, was a founding member of NAPA 70 years ago. The appointment strengthens Granite's position in industry advocacy and infrastructure development initiatives.

Granite Construction (NYSE: GVA) has scheduled its Q4 2024 financial results release for Thursday, February 13, 2025, before market opens. The company will host an investor conference call at 8:00 a.m. PT on the same day.

Investors can access the live audio webcast through Granite's Investor Relations website at investor.graniteconstruction.com. Alternatively, they can join via phone at 1-877-328-5503 (domestic) or 1-412-317-5472 (international).

A webcast archive will be available approximately one hour after the call on the company's Investor Relations website. A replay will be accessible through February 20, 2025, by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) with replay access code 7965862.

Granite (NYSE:GVA) has secured an $88 million contract from the California Department of Transportation (Caltrans) for enhancing the Ortega Highway State Route 74. The project encompasses widening shoulders and roadway, installing centerline and edge line rumble strips, and resurfacing the highway to improve safety on this narrow two-lane mountainous route.

The project will be funded through state and federal sources and included in Granite's first-quarter CAP. Construction is scheduled to begin in April 2025 and conclude in November 2026. This project represents a continuation of Granite's ongoing work in the region, supporting their strategic expansion in Southern California's Inland Empire.

Granite (NYSE:GVA) has secured a $71 million contract from the United States Army Corps of Engineers for expanding and modernizing the rail yard at Fort Bliss in El Paso, Texas. The project, included in Granite's 2024 third-quarter CAP, will involve adding new loading spurs, expanding the vehicle staging area, and creating a secondary connection to the Union Pacific Railroad.

The improvements aim to increase the rail yard's capacity, enhance operational efficiencies, and reduce rail loading timelines. Construction is scheduled to commence in February 2025 and reach completion in June 2027. The project represents a strategic collaboration between Granite's Federal Division and Regions, offering growth opportunities for regional employees while expanding the company's presence in West Texas.

Granite (NYSE:GVA) has announced that Pat Kelly, their Vice President of Operational Excellence, has been elected as the president of the Associated General Contractors (AGC) of California for 2025. Kelly, who has served at Granite for over 40 years in various leadership positions, will lead AGC of California in its mission to advocate for the construction industry, promote best practices, and support professional development of its members.

The appointment was welcomed by AGC of California CEO Peter Tateishi, who highlighted Kelly's extensive industry experience and involvement with the organization. Granite's President and CEO Kyle Larkin expressed pride in Kelly's appointment, emphasizing the potential impact on both AGC of California and the broader construction industry.

Granite (NYSE:GVA) has announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per common share. The dividend will be paid on January 15, 2025, to shareholders of record as of the close of business on December 31, 2024.

Granite (NYSE:GVA) has been recognized by Newsweek as one of America's Most Responsible Companies in 2025, marking its third consecutive year on the list. The recognition, announced on December 4th, 2024, evaluates companies based on Environmental, Social, and Corporate Governance (ESG) criteria.

The selection process involved analyzing the top 2,000 public companies by revenue, including banks and insurance companies with assets over $50 billion. The evaluation was based on two key parameters: a KPI Research examining over 30 performance indicators and a survey of 26,000 US residents assessing companies' CSR reputation.

Granite's President and CEO Kyle Larkin emphasized the company's commitment to sustainability and responsible business practices, highlighting their focus on stakeholder engagement and industry leadership in building a resilient future.