Granite Constr Inc Stock Price, News & Analysis

Granite Construction reported strong Q3 2024 results with revenue increasing 14% year-over-year to $1.3 billion. Net income reached $79 million, or $1.57 per diluted share, up from $58 million in the prior year. The company achieved record Committed and Awarded Projects (CAP) of $5.6 billion, representing a sequential increase of $44 million. Both Construction and Materials segments posted 14% year-over-year growth. Gross profit increased by $36 million to $203 million, while adjusted EBITDA totaled $149 million. The company expanded its southeast presence through the acquisition of Dickerson & Bowen.

Granite (NYSE:GVA) has secured a $42 million design-build contract from Naval Facilities Engineering Systems Command for the Relay Ground Station-Asia program at Naval Base Guam. The project involves constructing four structures, concrete foundations, and radar dome structures supporting the US Space Force's FORGE system for missile warning and defense. Design work began in September 2024, with construction scheduled from January 2025 to August 2026.

Granite (NYSE:GVA) is expanding its Southeast home market presence through multiple infrastructure projects following its acquisitions of Lehman-Roberts, Memphis Stone & Gravel (MSG), and Dickerson & Bowen Inc. The company secured three major projects: the Olive Branch Airport taxiway rehabilitation (2,750 tons of asphalt), the US 61 Tunica County project (34,000 tons of asphalt and 20,000 tons of shoulder gravel), and the SR 547 Claiborne County overlay project (22,500 tons of asphalt and 1,800 tons of granular material). All projects are scheduled for completion between July and October 2025.

Granite has secured a $21 million contract from Caltrans to rehabilitate three miles of pavement on SR 99 through Tulare, California. The project involves replacing existing pavement with 56,300 tons of hot mix asphalt and 7,200 tons of rubberized hot mix asphalt. The scope includes repaving thirteen ramps, replacing concrete pavement at ten locations, drainage improvements, upgraded signage, new striping, and median enhancements. The project will also implement extensive highway electrical upgrades including ramp metering systems, camera systems, and traffic monitoring stations. Construction is scheduled from November 2024 to May 2026.

Granite (NYSE:GVA) has been awarded a $27 million contract by the City of Bakersfield to enhance the SR 58/SR 99 interchange. The project, funded by the City and the Thomas Roads Improvement Program, includes widening the bridge over SR 99 and building a new bridge spanning Wible Road. Key components comprise:

• Four retaining walls
• 2,830 cubic yards of continuously reinforced concrete pavement
• 3,000 linear feet of concrete barrier rail
• 14,300 cubic yards of import borrow
• A comprehensive drainage package

Granite's Solari plant will supply materials for the project. Construction is scheduled to begin in November 2024 and be completed in May 2026.

Granite Construction Incorporated (NYSE: GVA) has announced the timing for its Q3 2024 earnings release and investor conference call. The company will release its financial results for the quarter ended September 30, 2024, before market opens on Thursday, October 31, 2024. An investor conference call is scheduled for 8:00 a.m. PT on the same day.

Investors can access the call through a live audio webcast on Granite's Investor Relations website or by calling 1-877-328-5503 (international: 1-412-317-5472). An archive of the webcast will be available approximately one hour after the call. A replay will be accessible until November 7, 2024, by calling 1-877-344-7529 (international: 1-412-317-0088) with replay access code 8631298.

Granite (NYSE: GVA) has announced the start of the $45 million Atlantic Base Refurbishment (ABR) project in Seattle, Washington. The project aims to modernize King County Metro's (KCM) six-acre trolley bus parking and maintenance facility. Using the General Contractor/Construction Manager (GC/CM) delivery method, the project has reached the Maximum Allowable Construction Cost (MACC) milestone, moving from pre-construction to construction phase.

The ABR project will replace all concrete paving and underground infrastructure, including storm drainage, sanitary sewer, industrial waste, and buried power lines. It will also rehabilitate underground storage tanks and upgrade the overhead catenary system to support KCM's expanding electric trolley fleet. The project aligns with Granite's sustainability goals and KCM's commitment to a zero-emissions fleet by 2035.

Construction is scheduled to begin in January 2025 and be completed in March 2027, with multiple phases to ensure uninterrupted operation of KCM's Atlantic Base.

Granite (NYSE: GVA) has secured a $34 million contract for seismic improvements at Oakland International Airport (OAK). The project aims to enhance the resilience of the airport's perimeter dike, protecting the runway from San Francisco Bay water intrusion. Key aspects include:

- Strengthening 4,200 LF of the OAK perimeter dike using cement deep soil mixing (CDSM)
- 62,295 CY of CDSM work by Keller North America, Inc
- Additional tasks: clearing, temporary work pads, wetlands protection, fuel line protection, and 2,100 CY of rip rap revetment

The project is partially funded by the FAA and will be included in Granite's Q3 CAP. Work is scheduled to begin in Q1 2025 and complete in Q3 2026, requiring careful planning to avoid disrupting airport operations.

Granite (NYSE: GVA) has been honored with six awards from the National Stone, Sand & Gravel Association (NSSGA), including the prestigious Bronze Louis Griesemer Sterling Safety Award for large companies. The awards were presented at the NSSGA Legislative & Policy Forum in Washington DC on September 27, 2024.

The Louis Griesemer Sterling Safety Award recognizes companies with the lowest total accident incidence rate for the previous year. Granite's achievement in the large company category highlights its commitment to maintaining high safety standards across all operations.

Brad Estes, Granite Senior Vice President of Construction Materials, emphasized that safety is a Core Value at Granite, reflecting the company's dedication to protecting its workforce. The company also received several facility-specific awards for safety and environmental excellence, including gold and silver recognitions for various locations across the United States.