Granite Constr Inc Stock Price, News & Analysis

Granite Construction Incorporated (NYSE: GVA) has announced the timing for its Q2 2024 earnings release and investor conference call. The company will release its financial results for the quarter ended June 30, 2024, before market opens on Thursday, August 1, 2024. An investor conference call is scheduled for 8:00 a.m. PT on the same day.

Investors can access the live audio webcast of the call on Granite's Investor Relations website. Alternatively, they can dial in at 1-877-328-5503 (US) or 1-412-317-5472 (international). An archive of the webcast will be available approximately one hour after the call, and a replay will be accessible until August 8, 2024, by calling 1-877-344-7529 (US) or 1-412-317-0088 (international) with the replay access code 7954492.

Granite (NYSE:GVA) has secured a $20 million contract from the Coachella Valley Association of Governments (CVAG) to build a segment of a 40-mile multimodal pathway in Southern California, linking Palm Springs to Thermal. Scheduled to start in July 2024 and finish by July 2025, the pathway will serve pedestrians, bicyclists, and low-speed electric vehicles, easing vehicular traffic and promoting outdoor activity. This project will enhance community connectivity and aligns with Granite's home market strategy. The Desert Cities Asphalt Plant, a Granite facility, will supply some of the materials for this development.

Granite (NYSE:GVA) announced that Lehman-Roberts, a Granite company, has been selected as a subcontractor by Dement Construction Company for a Tennessee Department of Transportation (TDOT) project. Funded by federal and TDOT funds, Lehman-Roberts' $21 million contract will be part of Granite's second-quarter CAP. This Phase 2 project aims to add lanes and overpasses over two miles to ease congestion and enhance transportation efficiency. Lehman-Roberts will produce 178,000 tons of hot mix asphalt, while Granite-owned Memphis Stone & Gravel will supply 2,600 tons of washed sand, 182,000 tons of clay gravel, and 32,000 tons of screened gravel. The project is set to start in July 2024 and finish in July 2028.

Granite (NYSE:GVA) announced that its joint venture, GKJV-II, will undertake a $113 million project to remove and replace the Lafayette Bascule Bridge in Bay City, Michigan. This joint venture with Kraemer North America was awarded the contract by the Michigan Department of Transportation (MDOT) and is funded by the Federal Highway Administration (FHWA) and MDOT. The project, leveraging the team's expertise in movable bridge and marine construction, will be included in Granite's second-quarter CAP. Key works include demolition, cofferdam installation, new substructures, bascule piers, structural steel, machinery, bridge house, and approach spans. With work starting in Fall 2024 and expected completion by Summer 2027, this marks Granite's third bascule bridge project in Bay City. The company aims to enhance infrastructure and community quality of life through this initiative.

Granite (NYSE:GVA) has secured a $16 million contract from the City of Salinas to enhance safety and traffic flow on East Boronda Road. This project includes widening the road, constructing a multi-lane roundabout, adding bioretention facilities, bike lanes, sidewalks, ADA-compliant ramps, and more. The initiative will benefit pedestrians and cyclists, especially those commuting to a nearby elementary school. Funding is provided by the City of Salinas, and the project will be included in Granite’s second-quarter CAP. The project will start in Q3 2024 and complete by Fall 2025, with materials supplied by Granite’s local facilities.

Granite (NYSE:GVA) has been awarded a $25 million contract by the City of Everett to replace the Edgewater Creek Bridge, originally built in 1946. The project, funded by federal grants and local funds, will be included in Granite’s second-quarter CAP. This bridge replacement, featuring engineering challenges due to steep and unstable soils, will require the construction of a trestle for access. The site is located near Granite’s regional office, strengthening ties with the City of Everett. Construction is set to begin in November 2024 and complete by January 2026. Granite’s local facilities will supply the necessary materials.

Granite (NYSE:GVA) has secured a $15 million contract from the California Department of Transportation (Caltrans) to rehabilitate pavement along State Route 41 (SR41) near Stratford, California. The project, funded by Caltrans and included in Granite’s Q2 CAP, involves removing and replacing failed pavement with 49,400 tons of Hot Mix Asphalt (HMA) and adding 19,100 tons of Rubberized Hot Mix Asphalt (RHMA) from Granite’s Coalinga plant. Other tasks include upgrading guard rails, barriers, and bridge approaches. The project is scheduled to start in July 2024 and finish by July 2025.

Granite (NYSE:GVA) has signed a long-term lease with the Port of Woodland to establish a new construction materials facility on a 25-acre site by the Columbia River. The facility will enhance Granite's presence in Southwest Washington, particularly in the Vancouver Portland Metropolitan area. This development aims to support regional infrastructure growth and sustainability goals. The facility, which will start operating in 2025, will produce high-quality asphaltic concrete using up to 40% recycled asphalt pavement, reducing greenhouse gas emissions. This investment is expected to create jobs and stimulate economic activity in the region.

Granite Construction announced the closing of its $373.75 million Convertible Senior Notes offering, including the full exercise of the initial purchasers' option for an additional $48.75 million. The Convertible Notes, bearing 3.25% interest and maturing in 2030, were sold privately under Rule 144A. Net proceeds are estimated at $364.2 million, after expenses. Granite used $46 million for capped call transactions and $57.6 million to repurchase 2024 notes. Remaining funds will repay term loans and support general corporate purposes. The Convertible Notes have a conversion rate of 12.8398 shares per $1,000 principal and a conversion price of $77.88 per share, a 30% premium over the June 6, 2024, stock price. Granite may redeem the Notes post-2027 under specific conditions and has agreements to mitigate potential stock dilution.