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. 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) and Obayashi Corporation have secured a $42 million contract for the P3001 Standoff Weapons Complex at Andersen Air Force Base, Guam, awarded by NAVFAC PAC. This project involves expanding existing facilities and upgrading infrastructure to support missile assembly. Notably, Granite has executed 38 projects for the Department of Defense in Guam over the past decade. Construction is scheduled to begin this month and complete by March 2023, with a significant impact on Granite's financial backlog for Q1 2021.
Granite Construction has declared a quarterly cash dividend of $0.13 per common share, payable on April 15, 2021, to shareholders of record as of March 31, 2021. This announcement reflects Granite's commitment to returning income to shareholders while maintaining its position as a leading construction and materials company in the U.S. Incorporated in 1922, Granite operates in transportation, water infrastructure, and mineral exploration markets, emphasizing high ethical standards and sustainability.
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.