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 (GVA) delivers essential infrastructure solutions through heavy civil construction and innovative project delivery methods. This news hub provides investors and industry professionals with direct access to the company's official announcements, financial disclosures, and operational updates.
Discover timely information on quarterly earnings, major project awards, and strategic initiatives that shape GVA's position in transportation, water infrastructure, and materials markets. Our curated collection includes regulatory filings, leadership updates, and partnership announcements critical for assessing the company's market trajectory.
Key updates cover public sector contracts, safety milestones, and sustainability efforts across Granite's nationwide operations. Bookmark this page to monitor developments in design-build projects, materials innovations, and compliance with evolving infrastructure regulations.
Granite Construction reported a net loss of ($60.2) million ($1.29 per share) for 2019, a stark contrast to a net income of $0.6 million in 2018. Revenue increased by 5% to $3.4 billion, aided by acquisitions, but gross profit fell by $113.2 million to $221.7 million due to project write downs. SG&A expenses rose to $308 million, representing 8.9% of revenue. Committed and Awarded Projects decreased to $4.4 billion. The Audit/Compliance Committee's investigation concluded with a determination that prior financial statements should not be relied upon, leading to restated financials. Granite is focused on addressing material weaknesses in internal controls.
Granite (NYSE:GVA) has announced the opening of a new office in Mesa, Arizona, aimed at serving the Phoenix metropolitan area, including Maricopa, Yavapai, and Pinal counties. This expansion complements Granite's existing operations in Arizona, which employs nearly 300 people. The company's Regional Vice President emphasized the importance of local service for clients. Granite has successfully completed projects like the Loop 202 South Mountain Freeway, part of a $917 million contract, reinforcing its capability in infrastructure development. This move aligns with Granite's strategic plan for organic growth.
Granite (NYSE:GVA) has appointed three new executives aimed at enhancing profitability and cultural transformation. Jigisha Desai becomes chief strategy officer, Lisa Curtis is named chief financial officer, and Tim Gruber is appointed senior vice president of human resources. These leaders will focus on strategy, financial management, and HR initiatives to support Granite's growth in the infrastructure sector. The appointments reflect Granite's commitment to leveraging innovation and experienced leadership to drive its strategic objectives.
Granite (NYSE:GVA) has been awarded a $48 million contract for the final package of the $167 million Cosumnes Bridge Replacement Project by Caltrans in Sacramento County, California. This contract is expected to contribute to Granite's first-quarter 2021 backlog. The project includes removing and replacing four bridges over the Cosumnes River, as well as transforming existing railroad bridges. Scheduled for completion in 2024, this project aims to improve infrastructure efficiency and safety, while maintaining budgetary constraints.
Granite (NYSE: GVA) and Healy Tibbitts Builders, Inc. have been selected as one of five contractors for a $750 million Waterfront Multiple Award Construction Contract (MACC) by the Naval Facilities Engineering Command, Southwest. This indefinite delivery/indefinite quantity contract includes task orders between $50,000 and $100 million over two base years and three option years through 2025. The contract focuses on new construction, repair, and renovation of waterfront facilities supporting Navy vessels across several states.
Granite (NYSE:GVA) has secured a $20 million contract from the California Department of Transportation for the State Route 46 4-Lane Widening Project in Lost Hills, California. This project will expand the highway from two to four lanes and includes significant infrastructure enhancements, such as a new bridge over the California Aqueduct and various crosswalks. Construction is scheduled to start in March 2021 and conclude by June 2022. This venture will utilize materials from Granite's new Solari Facility, contributing to its project backlog for the first quarter of 2021.
Granite (NYSE:GVA) has secured a $5 million CMAR contract for the Tucson International Airport's Airfield Enhancement Program, enhancing its third quarter backlog. This project, part of a $130 million multi-year plan, includes constructing a new airfield lighting vault and related infrastructure. Construction is set to commence in January 2021 and conclude by July 2021. Granite continues its partnership with the Tucson Airport Authority, reflecting its capabilities and commitment to delivering projects on time and within budget.
Granite (NYSE:GVA) has been awarded a $125 million CM/GC contract by United Bridge Partners for the Bay City Bridges Project in Michigan. This contract enables Granite to engage early in the design and planning phases, reducing risks and enhancing value for stakeholders. The project includes the rehabilitation of the Liberty Bridge and the reconstruction of the Independence Bridge, with construction expected to complete by late 2023. This venture aligns with Granite's strategy for geographic expansion and focuses on alternative delivery models.
Granite (NYSE:GVA) has launched its new Solari Aggregate Plant in Arvin, California, to serve private and public customers in the Bakersfield area. The facility replaces an outdated site, boosting local aggregate and asphalt supply significantly. Covering 700 acres, it can produce 70 million tons of high-quality reserves. Designed for efficiency, it features automated controls and a three-stage water management system, reducing fresh water demand. Production initiated in December 2020, with asphalt expected in Q2 2021. This marks Granite's 77th materials facility, enhancing its vertically integrated operations.
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