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) has secured a $12 million contract for the Oakhurst Midtown Connector project from Madera County, California, included in its Q3 2020 backlog. This project aims to alleviate traffic congestion by constructing a new two-lane road connecting State Route 41 with Indian Springs Road. Granite will manage the construction of the roadway, a box girder bridge over Nelder Creek, bike lanes, sidewalks, and signalized intersections. The construction is currently underway, with completion expected by spring 2022.
Granite (NYSE:GVA) announced the award of two airport projects worth a total of $15 million. The first project, valued at $9 million, involves the reconstruction of runway 2-20 at Inyokern Airport in California, with construction set to begin in November 2020 and completion expected by June 2021. The second project, a $6 million rehabilitation of Merrill Field Drive in Anchorage, Alaska, will commence in May 2021 and is expected to finish by October 2021. These projects enhance Granite's backlog and reaffirm its position in aviation construction.
Granite (NYSE:GVA) has been selected by Caltrans as the Construction Manager/General Contractor for the $257 million State Route 99 Rehabilitation project in Fresno, California. The initial construction management phase is valued at $3 million. The project aims to reconstruct 3.2 miles of roadway, improve traffic flow, and includes the replacement or widening of six bridges. The contract's construction management phase is set to begin by late 2020, with the general contracting phase starting in mid-2024, contributing to Granite's fourth quarter 2020 backlog.
Granite (NYSE:GVA) has secured a Construction Manager at Risk (CMAR) contract from the Metro Wastewater Reclamation District for the PAR 163 Interceptor Rehabilitation 2020-2022 project in Denver, Colorado. The total contract value is projected to approach $30 million, including a $500,000 preconstruction contract. The project involves rehabilitating sewage treatment plant piping and includes advanced cured-in-place pipe (CIPP) technology to reduce environmental impact. Construction is set to commence in late 2020 and continue through 2022.
Granite (NYSE:GVA) has secured a $16 million task order contract from the U.S. Department of Homeland Security’s FEMA for housing construction in Saipan, CNMI, following Super Typhoon Yutu. This project will be part of a previously awarded national construction contract aimed at building twenty new homes. Construction is set to begin in fall 2020 and end by spring 2021, with the contract contributing to Granite's backlog in Q4 2020. Granite has been active in the Mariana Islands since 2011, showcasing its capabilities in disaster recovery.
Granite (NYSE:GVA) received three prestigious awards from the National Stone, Sand, and Gravel Association (NSSGA) in 2020, including two for Environmental Excellence and one for Community Relations. The Environmental Excellence Awards were given to Granite’s Palmer Facility in Anchorage, Alaska, and Lockwood Quarry in Sparks, Nevada, highlighting their commitment to sustainable operations. The Community Relations Award was presented to Rowley Quarry in Yakima, Washington, recognizing its engagement with the local community through various activities. Granite emphasizes that these achievements reflect their core values of sustainability and community involvement.
Granite (NYSE:GVA) has secured the El Portal Pedestrian Rail Undercrossing project in Encinitas, California, with a contract worth $7 million. This project, awarded by the San Diego Association of Governments (SANDAG), will be reflected in Granite's financial backlog for Q3 2020. Scheduled construction will commence in fall 2020 and is expected to finish by spring 2022. The undercrossing will enhance pedestrian and cyclist safety, linking important local attractions and minimizing disruptions to rail traffic.
Granite Construction (NYSE: GVA) has appointed Kyle T. Larkin as President and Principal Executive Officer, effective September 22, 2020. Larkin, who has been with the company since 1996, will succeed James H. Roberts, who is retiring after decades of service. The board expressed confidence in Larkin's leadership, emphasizing his strategic focus and experience in various roles within the company. Roberts will remain to ensure a seamless transition as Chief Executive Officer Emeritus.