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. 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 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.
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Granite (NYSE:GVA) has secured two construction contracts totaling approximately $107 million for projects on State Highway 288 near Houston, Texas. These contracts, funded by the Texas Department of Transportation, expand Granite's total project value on SH 288 to over $145 million when combined with an earlier $40 million contract. The projects will cover 24 lane miles of highway, including the construction of five new bridges and improvements to ramps. Construction is expected to start in fall 2022 and be completed by summer 2024.
Granite Construction (NYSE:GVA) has decided to retain its Water Resources and Mineral Services businesses due to unfavorable market conditions preventing a satisfactory sale. These segments will now be included in continuing operations, with their financials to be reported accordingly. CEO Kyle Larkin expressed optimism about the strong market demand and the potential for these businesses to enhance shareholder value and EBITDA margins. Notably, Granite returned value to shareholders by repurchasing over 2.3 million shares in 2022 and maintaining strong liquidity.
Granite Construction (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share, payable on October 14, 2022. Shareholders of record at the close of business on September 30, 2022 will receive this dividend. Established in 1922, Granite is a leading diversified construction company in the U.S., renowned for its commitment to quality, safety, and sustainability.
Granite (NYSE:GVA) has secured a $17 million construction contract from the Placer County Water Agency for upgrades at the Duncan Creek Diversion Dam in California. This project is part of a broader effort to enhance older dams in the Sierra Nevada region, ensuring compliance with modern safety standards set by the California Department of Water Resources. Key updates include a new pneumatic gate structure, improved fish passage capabilities, and the installation of micro-hydropower units. The project is set to start in Q4 2022 and aims for completion by 2024.
Granite (NYSE:GVA) has secured a construction contract worth approximately $20 million from the Tucson Airport Authority (TAA) to reconstruct Taxiway C at Tucson International Airport. This project is part of a larger $400 million Airfield Safety Enhancement Program. The work is linked to a previously announced $130 million project aimed at modernizing the airport's runway and taxiway systems. The project is set to begin in October 2022 and conclude by September 2023.
Granite (NYSE:GVA) has become the exclusive distributor of EZ STREET® Asphalt in California, enhancing its product line with this premium cold asphalt aimed at reducing carbon emissions. EZ STREET® is known for its ability to permanently repair potholes and other asphalt issues, and its 'bioblends' mixture utilizes green fuel substitutes and recycled materials, aligning with Granite's sustainability goals. This strategic partnership is set to bolster Granite's customer base and environmental initiatives across California.
Granite (NYSE:GVA) has joined The Road Forward, an initiative by the National Asphalt Pavement Association (NAPA) aiming for net zero carbon emission asphalt pavements by 2050. Granite demonstrates its commitment to sustainability by participating in this initiative, which will guide the asphalt industry in addressing climate change. The company has received various accolades for its sustainability efforts, including 20 NAPA Diamond Achievement Sustainable Commendations and 26 NAPA Quality in Construction Awards in 2021. Additionally, Granite has set a target to reduce greenhouse gas emissions by 25% by 2030.