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. (NYSE: GVA), known as Granite, regularly issues news updates that reflect its role in U.S. transportation and civil infrastructure. Company announcements highlight contract awards, project milestones, financial results, certifications, and corporate actions that are relevant to investors, industry participants, and stakeholders following GVA stock.
News items show Granite’s involvement in highway expansion, bridge rehabilitation, commuter rail improvements, and airport airfield projects. Examples include a highway improvement contract on State Route 49 in Nevada County, California, bridge replacements along historic Route 66 in San Bernardino County, rehabilitation of the Lake Street Bascule Bridge in Chicago, and runway and airfield work at Tucson International Airport. These stories illustrate how Granite’s construction and materials capabilities are applied across roads, bridges, rail, and aviation infrastructure.
Granite’s news flow also covers financial and corporate developments. The company reports quarterly earnings, including segment performance for its Construction and Materials segments and changes in Committed and Awarded Projects (CAP). Releases may include updates on acquisitions, such as the purchase of Warren Paving and related entities, and financing arrangements like amendments to its credit agreement. Dividend declarations and board or executive changes are also disclosed through news and related SEC filings.
Another category of news involves certifications and compliance milestones. For example, Granite has announced achieving Cybersecurity Maturity Model Certification (CMMC) Level 2, a requirement for certain federal contractors handling Controlled Unclassified Information. This type of update signals the company’s readiness to pursue and execute federal infrastructure work that requires specific cybersecurity standards.
Investors and observers who follow Granite’s news can track how new contracts, project awards, acquisitions, and certifications contribute to the company’s project pipeline and operational profile. The GVA news page aggregates these announcements in one place, making it easier to review recent developments in Granite’s construction, materials, and corporate activities.
Granite (NYSE:GVA) has secured a $267 million contract for the Lower Olentangy Tunnel project in Columbus, Ohio, which will enhance water quality by mitigating sewer overflow during floods. This project, set to commence in March 2021 and conclude in December 2026, involves constructing a 17,000-foot main tunnel with a diameter of 144 inches, utilizing a tunnel boring machine. Granite aims to leverage its prior experience with the city, having completed a similar project in the past. This award will contribute to Granite's backlog in Q1 2021.
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Granite has been awarded several prestigious accolades from the National Asphalt Pavement Association (NAPA), including three Diamond Paving Commendations, seven Diamond Achievement Commendations, 27 Diamond Achievement Sustainable Commendations, and 31 Diamond Quality Commendations. These commendations recognize best practices in asphalt production and paving operations. The awards are a testament to Granite's commitment to sustainability, quality, and operational excellence in the construction industry.
Granite Construction reported a net loss of ($153.1) million for the nine months ending September 30, 2020, worsening from a loss of ($40.8) million in the previous year. The loss included $194.4 million of non-recurring expenses. However, adjusted net income stood at $41.3 million, showing a recovery from an adjusted net loss of ($14.7) million year-over-year. Revenues increased by $56.9 million to $2.6 billion, with gross profit margins rising from 6.7% to 9.1%. Despite challenges from the pandemic, cash and marketable securities improved to $393.7 million, reflecting effective cash management.
Granite Construction (NYSE: GVA) is set to release its third quarter 2020 financial results on February 25, 2021, before market hours. An investor conference call will follow at 8:00 a.m. PT on the same day. Investors can access the live audio webcast via the Company's Investor Relations website. Furthermore, a replay of the call will be available until March 4, 2021. As a leading diversified construction company, Granite focuses on transportation, water infrastructure, and mineral exploration.
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.
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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.