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. (NYSE: GVA), known as Granite, regularly issues news updates that reflect its role in U.S. transportation and civil infrastructure. Company announcements highlight contract awards, project milestones, financial results, certifications, and corporate actions that are relevant to investors, industry participants, and stakeholders following GVA stock.
News items show Granite’s involvement in highway expansion, bridge rehabilitation, commuter rail improvements, and airport airfield projects. Examples include a highway improvement contract on State Route 49 in Nevada County, California, bridge replacements along historic Route 66 in San Bernardino County, rehabilitation of the Lake Street Bascule Bridge in Chicago, and runway and airfield work at Tucson International Airport. These stories illustrate how Granite’s construction and materials capabilities are applied across roads, bridges, rail, and aviation infrastructure.
Granite’s news flow also covers financial and corporate developments. The company reports quarterly earnings, including segment performance for its Construction and Materials segments and changes in Committed and Awarded Projects (CAP). Releases may include updates on acquisitions, such as the purchase of Warren Paving and related entities, and financing arrangements like amendments to its credit agreement. Dividend declarations and board or executive changes are also disclosed through news and related SEC filings.
Another category of news involves certifications and compliance milestones. For example, Granite has announced achieving Cybersecurity Maturity Model Certification (CMMC) Level 2, a requirement for certain federal contractors handling Controlled Unclassified Information. This type of update signals the company’s readiness to pursue and execute federal infrastructure work that requires specific cybersecurity standards.
Investors and observers who follow Granite’s news can track how new contracts, project awards, acquisitions, and certifications contribute to the company’s project pipeline and operational profile. The GVA news page aggregates these announcements in one place, making it easier to review recent developments in Granite’s construction, materials, and corporate activities.
Granite (NYSE:GVA) has secured a $13 million contract for the Richardson Highway MP 40-51 Resurfacing project in Alaska, awarded by the Alaska Department of Transportation. The project involves 11 miles of grinding and paving, along with additional improvements such as culvert replacement and bridge repairs. Anticipated to start in July 2022 and complete by July 2023, this project enhances Granite's relationship with the DOT and showcases its capabilities in infrastructure development.
Granite Construction Incorporated (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share, payable on July 15, 2022 to shareholders on record by June 30, 2022. Founded in 1922, Granite is a leading diversified construction and materials company in the U.S., recognized for its commitment to safety, quality, and sustainability. The dividend reflects the company's ongoing dedication to returning value to its shareholders while upholding ethical standards within the industry.
Granite (NYSE:GVA) has secured a $15 million contract from the Santa Clara Valley Water District for restoration work on Calabazas Creek in Cupertino, California. This project aims to enhance flood control by addressing earthen channel failures along 4,500 linear feet of streambed affecting residential properties. The construction will involve extensive channel excavation, rock slope protection, and steel sheet piling. Anticipated project start is July 2022, with completion expected by December 2023.
Granite (NYSE:GVA) has announced the acquisition and upcoming development of a new aggregate operation in Grantsville, Utah. The site spans 640 acres and contains approximately 99 million tons of recoverable rock, positioned 30 miles west of Salt Lake City. The facility aims to supply quality materials to Utah, supporting the company's home market strategy. Production is expected to commence in July 2022, and Granite is committed to sustainability through the use of water-saving technologies.
The Nevada Mining Association (NVMA) launches its seventh annual Hope for Heat campaign from May 30 to September 5. During this period, NVMA will contribute $90 for each day the temperature reaches 90°F in Reno and Elko, and $100 for each day it hits 100°F in Las Vegas. Granite (NYSE:GVA) will add $33 per region for each temperature milestone reached. Proceeds will support the Boys & Girls Clubs of Nevada, benefiting over 14,000 children. Since 2016, NVMA has raised $73,160 for Nevada nonprofits through this initiative.
Granite (NYSE:GVA) has been awarded a $10 million contract for Segment Five of the I-40 Median Fill project in San Bernardino County, California, by Caltrans. This segment aims to enhance motorist safety by filling medians and creating recovery areas to reduce accident severity. Construction is set to begin in August 2022 and finish by August 2023. Granite's ongoing partnership with Caltrans District 8 and previous completions of segments one and three will facilitate project synergies.
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Granite (NYSE:GVA) has secured a $36 million project at the Joint Region Marianas naval base in Guam, enhancing critical infrastructure for the U.S. Navy. This Navy-Commercial Tie-In Hardening (P661) project aims to fortify the petroleum oil lubricant tie-in facility, emphasizing safety and utility relocations. Expected to begin in May 2022 and conclude by July 2024, the project underscores Granite's ongoing commitment to the Department of Defense, building on its history of significant contract wins in the area.
Granite Construction has announced a $50 million share repurchase through an accelerated share repurchase (ASR) agreement with Bank of Montreal, funded by available cash. This transaction aligns with the company's capital allocation strategy and reflects confidence in future growth. Post-ASR, Granite will have about $231.5 million remaining for share repurchase. The ASR aims to enhance shareholder value, capitalizing on recent asset sales. The final share count will be determined based on stock price during the ASR period, with settlement expected in Q3 2022.
Granite Construction reported Q1 2022 revenue of $548 million, down 3.3% year-over-year. The company recorded a net loss from continuing operations of ($19 million) or ($0.42 per share), less severe than the ($63 million) loss in the previous year. Adjusted EBITDA fell to $4 million from $9 million last year. Cash and marketable securities decreased to $398 million, while debt reduced to $299 million. Committed and Awarded Projects remained steady at $3.9 billion. The company is focused on strategic execution and share repurchases as it navigates challenges in the Central group.