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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) announced that GARCO’s San Jose Testing Laboratory is now part of the California Green Business Network. This certification reflects the facility's commitment to energy efficiency, water conservation, and materials management. GARCO provides material testing services with a focus on sustainability, including the use of recycled asphalt pavement (RAP). They achieved approval for a 30% RAP-content mix design and seek to increase it further. This initiative exemplifies Granite's dedication to advancing sustainable practices in the construction materials industry.
Granite (NYSE:GVA) has received the Construction Risk Partners Build America Merit Award for its Derby Dam Fish Screen project in McCarran, Nevada. This prestigious accolade recognizes the project as a significant construction achievement of 2021. Previously, the project won the AGC Nevada Chapter’s PINNACLE awards and an Award of Merit from Engineering News-Record. The new fish screen enhances habitat connectivity for the rare Lahontan cutthroat trout, supporting its recovery.
Granite (NYSE:GVA) has secured a significant $20 million road improvement project in Chandler, Arizona. This federally funded initiative is the largest contract awarded to Granite’s newly established Phoenix Area office. The project aims to enhance road safety along Chandler Heights Road, expanding it to at least four lanes, and includes various improvements such as updated sidewalks, traffic signals, and utilities. The project is set to commence in May 2022 and is expected to conclude by July 2023.
Granite (NYSE:GVA) has secured a $75 million contract from the Nevada Department of Transportation for the I-515 and Charleston Boulevard Interchange improvement project in Las Vegas. This project, which commenced in August 2022, is set for completion in Q2 2024. The scope includes widening Charleston Boulevard, ramp improvements, adding auxiliary lanes, and constructing new retaining walls. Granite's involvement dates back to 2017, enhancing their expertise in non-traditional project delivery methods.
Granite Construction (NYSE: GVA) has completed the sale of its trenchless and pipe rehabilitation services business, Inliner, to Inland Pipe Rehabilitation for $159.7 million. CEO Kyle Larkin emphasizes this divestiture aligns with the company's strategic plan, focusing on core civil construction competencies. The proceeds will be used to enhance vertically-integrated services, reduce debt, and facilitate share repurchases. In March, Granite purchased 611,000 shares for $18.5 million, signaling ongoing commitment to shareholder value.
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Granite (NYSE:GVA) has secured a $22 million contract for the expansion of the Moreno Valley Metrolink Station funded by the Riverside County Transportation Commission. This project aims to improve the connection between Moreno Valley and Los Angeles, enhancing capacity for rail travelers and reducing highway congestion. The scope includes extending the existing platform, constructing a new platform and canopy, and extensive rail and track improvements. The project is set to begin in June 2022 and is expected to complete by Q3 2023.
Granite (NYSE:GVA) has been awarded a $32 million contract for the State Route 20 Omega Curve Realignment project in Nevada County, California, funded by State and Federal aid. The project aims to enhance safety by realigning two curves in a high-traffic area. Construction is set to begin in April 2022 and complete by summer 2023. Granite's Vice President highlighted the project's complexity due to steep terrain, and the company’s successful partnership with Caltrans played a key role in securing the contract.
Granite (NYSE:GVA) responded quickly to a roadway emergency after a large boulder, measuring 45-feet-wide and 25-feet-tall, blocked US Highway 50 near Echo Summit on March 3. Crews were dispatched on March 4, and after extensive drilling and blasting with Caltrans, the roadway was cleared. Granite is also monitoring the affected slope continuously. The company is actively engaged in emergency repairs following damage from last summer's Caldor Fire in the same area.
Granite Construction reported a net income of $10.1 million ($0.22 per diluted share) for FY 2021, a recovery from a loss of $145.1 million the previous year. Adjusted net income rose to $83.2 million ($1.80 per share), up from $61.1 million. Revenue from continuing operations fell 3.8% to $3.0 billion, while total revenue decreased 1.7% to $3.5 billion. CAP stood at $4.0 billion. However, Q4 showed a net loss of $13.2 million, with revenue down 17.7% to $683.2 million. For 2022, Granite expects low single-digit revenue growth and adjusted EBITDA margins of 6% to 8%.