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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 secured two significant contracts totaling approximately $38 million for improvements on Interstate 5 in California. The first contract, valued at $27 million, involves pavement rehabilitation on 10.6 miles of I-5, while the second, worth $11 million, focuses on replacing two bridge structures over Tumey Gulch. Both projects will utilize materials from Granite's Coalinga facility and are scheduled to commence in July 2022 and be completed by October 2023.
Granite Construction (NYSE:GVA) announced the acquisition of a liquid asphalt terminal in Bakersfield, California, from its subsidiary Centennial Asphalt Company. The terminal, with a capacity of 170,000 barrels, will enhance Granite's Home Market Strategy by providing greater access to high-quality polymer modified asphalt and emulsions. This strategic facility supports the expansion into sustainable products, including asphalt modified with recycled materials, leveraging its central location and flexibility in transportation options.
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.