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Granite Construction Inc. reports news on its U.S. civil infrastructure construction business and construction materials operations. Company updates commonly cover quarterly results, Committed and Awarded Projects, project awards for highways, bridges, tactical infrastructure, transit corridors and roadway rehabilitation, and the use of aggregates, asphalt and other materials within its vertically integrated platform.
Granite news also includes capital allocation and corporate development items, including quarterly dividends and completed acquisitions that expand regional construction and materials markets. The company, incorporated since 1922, serves public and private infrastructure customers and reports developments tied to project selection, public-market funding, materials production, and geographic expansion.
Granite (NYSE:GVA) has acquired the Brunswick Canyon quarry and asphalt plant in Carson City, Nevada, enhancing its vertically integrated business strategy in Northern Nevada. This acquisition, which includes a 400-ton-per-hour asphalt plant, supports the company's operations in the region, particularly for communities along Hwy 50 and Hwy 395. With over 50 years of aggregate production in the area, Granite aims to improve service and create jobs. The company is a major player in construction materials across the western United States and follows a strong ethical framework in its operations.
Granite (NYSE:GVA) has secured a $30 million contract from the City of Lancaster for improvements to the Avenue J Interchange at California State Route 14. This project, funded by Caltrans, the City, and LA Metro, involves widening on- and off-ramps and constructing new ramps, enhancing safety and alleviating congestion. Scheduled to commence in Spring 2023 and conclude by Spring 2024, Granite will provide approximately 17,000 tons of asphalt from its Llano facility. Granite has emphasized its commitment to safety and quality, highlighting its longstanding partnership with Lancaster.
Granite (NYSE:GVA) has been honored with 86 awards from the National Asphalt Pavement Association (NAPA) at its 68th annual meeting in Miami, Florida. This recognition includes the prestigious Larry H. Lemon Quality in Construction Award for the Highway 20 Broaddus Creek Overlay Project, showcasing Granite's excellence in quality. Additionally, the company received 58 Diamond Commendations for its operations across six states, emphasizing safety, quality, and sustainability. Granite also secured 28 Quality in Construction Awards, highlighting its commitment to superior paving services.
Granite Construction reported fiscal year 2022 results with revenue of $3.3 billion, a decrease from $3.5 billion in 2021. Net income rose to $83 million, or $1.70 per diluted share, compared to $10 million, or $0.21 per share in 2021. The adjusted diluted EPS increased to $2.31. The company experienced a notable improvement in gross profit, which rose to $369 million. Guidance for 2023 indicates revenue between $3.4 billion and $3.6 billion, with an adjusted EBITDA margin target of 7.5% to 9%. The total Committed and Awarded Projects reached a record $4.5 billion, driven by strong performances in California.
Granite (NYSE:GVA) has been awarded a $100 million contract by the Federal Highway Administration for the Polychrome Area Improvements project in Denali National Park, Alaska. The project aims to address the ongoing challenges posed by the Pretty Rocks Landslide, which has blocked access to 47 miles of Denali Park Road. Construction Manager/General Contractor (CM/GC) methods will be employed to enhance efficiency. Preconstruction commenced in January 2023, with construction set to begin in spring 2023 and completion expected by May 2025. Key features include a 475-foot-long steel truss bridge and various geological supports to maintain safety and ecosystem preservation.
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Granite (NYSE:GVA) received the AGC of California Constructor Award in two categories: Heavy Civil Under $15 Million and Excellence in Partnering on February 3rd. The Highway 101 multi-use path overcrossing at Adobe Creek won the Heavy Civil award, enhancing safety and connectivity in Palo Alto. The Cosumnes River Bridge Replacement project earned the Excellence in Partnering award for overcoming challenges and saving $30 million. This recognition showcases Granite's commitment to quality construction and effective collaboration with stakeholders, reinforcing its position as a leading construction provider in the U.S.
Granite Construction Incorporated (NYSE: GVA) is set to release its fourth quarter and fiscal year 2022 financial results on February 16, 2023, before market opens. An investor conference call will be held at 8:00 a.m. PT on the same day, accessible via a live audio webcast on the company's Investor Relations website or by dialing designated phone numbers for participation. An archive of the call will be available shortly after the event.
Granite, a leading diversified construction and materials company in the U.S., emphasizes ethical standards, safety, quality, and sustainability in its operations.
Granite (NYSE:GVA) has secured a $46 million contract from the California Department of Transportation (Caltrans) to enhance safety on U.S. Highway 101 in Humboldt County. Funded by the Federal Highway Administration, this project includes constructing the new Indianola Interchange, aimed at improving motorist mobility by eliminating a T-intersection on the vital route between Arcata and Eureka. The construction will start in Spring 2023 and is expected to complete by 2025, featuring innovative solutions for challenging conditions.
Granite (NYSE:GVA) recently received three prestigious awards from the Associated General Contractors and Washington Department of Transportation for excellence in contract administration. These awards highlight Granite's commitment to delivering transportation projects efficiently and responsibly. Key projects recognized include the transformation of hazardous intersections into safer roundabouts and the improvement of fish passage on I-5. The company's proactive partnership approach during a cement supply shortage and their community collaboration efforts were particularly noted. Senior leadership emphasized the awards as a testament to their dedicated teams and client relationships.