Granite Constr Inc Stock Price, News & Analysis

Granite Construction Incorporated (NYSE: GVA) has declared a quarterly cash dividend of $0.13 per common share. This dividend will be payable on July 15, 2021, to shareholders on record as of June 30, 2021. Granite is a leading diversified construction company in the U.S., focusing on transportation, water infrastructure, and mineral exploration. Established in 1922, the firm prides itself on strong ethical standards and industry-leading safety practices.

Granite Construction reported a net loss of $66.2 million ($1.45 per diluted share) for Q1 2021, slightly worse than a $65.4 million loss in Q1 2020. Revenue rose 5.3% to $669.9 million, with gross profit increasing 166.1% to $63.3 million, reflecting a margin boost to 9.5%. Adjusted EBITDA improved significantly to $16.9 million from a loss of $18.4 million a year prior. Operating cash flow surged $58.2 million to $38.1 million. Cash and marketable securities increased to $464.2 million, while debt fell to $340.3 million.

Granite (NYSE:GVA) secured a $160 million contract for the Leon Hurse Dam project in Ladonia, Texas, awarded by Upper Trinity Regional Water District. This project, part of Lake Ralph Hall, aims to construct a new earthen dam capable of delivering 45 million gallons of water per day to Collin, Denton, and Fannin counties. Construction is set to begin in July 2021 and is expected to address significant water needs in a rapidly growing population area. Granite’s history in complex dam projects positions it well for this undertaking.

Granite Construction (NYSE: GVA) will release its first quarter 2021 financial results on May 7, 2021, before market opens. An investor conference call is scheduled for 8:00 a.m. PT on the same day. Investors can access a live audio webcast on Granite's Investor Relations website. The company is recognized as one of the largest diversified construction firms in the U.S. and emphasizes safety, quality, and sustainability in its operations. For further details, the full press release is available online.

Granite (NYSE:GVA) has secured the Intermodal Ethanol Transfer Facility project from Eco-Energy Distribution in Stockton, California. This contract is expected to be part of Granite's first quarter 2021 backlog. The project entails a new rail yard on 17 acres, accommodating 108 rail cars, and includes various construction works such as mechanical and electrical systems, stormwater controls, and site improvements. Construction is currently in progress, with an anticipated completion date of February 2022.

Granite (NYSE:GVA) has been awarded a $34 million contract by the Arizona Department of Transportation for the Tucson – Oracle Junction – Globe Hwy (SR77) project. This project involves rehabilitating nine miles of six-lane State Route 77, aimed at enhancing vital connectivity in the Tucson metropolitan area. The scope includes milling and replacing asphalt, storm drain extensions, and other improvements. Construction is set to begin in April 2021 and conclude by March 2023, utilizing materials supplied by Granite’s Tangerine Road Facility.

Granite Construction reported a net loss of ($145.1) million for FY 2020, reflecting a significant increase from a net loss of ($60.2) million in FY 2019. However, adjusted net income rose to $60.0 million, up from an adjusted net loss of ($27.2) million. Revenue grew 3.4% to $3.6 billion, with gross profit surging 55.5% to $344.8 million. Adjusted EBITDA rose to $189.7 million. Operating cash flow reached a record $268.5 million. The company anticipates low- to mid-single digit revenue growth for 2021.

Granite Construction (NYSE: GVA) has announced the record date for its 2021 Annual Meeting of Shareholders as April 12, 2021. The virtual meeting is set for June 2, 2021, at 10:30 a.m. PT. Granite, a leader in the construction and materials industry, focuses on transportation, water infrastructure, and mineral exploration. The company emphasizes ethical standards through its Code of Conduct and is recognized for its safety, quality, and sustainability efforts.