Granite Constr Inc Stock Price, News & Analysis

Granite Construction announced a quarterly cash dividend of $0.13 per common share.

The dividend is payable on July 15, 2024, to shareholders of record at the close of business on June 28, 2024.

Granite (NYSE:GVA) has secured a $48 million contract from the Washington State Department of Transportation (WSDOT) to replace two fish barrier culvert crossings with three new fish passable structures on I-5 in Snohomish County, Washington. This project, funded by WSDOT, will be part of Granite's second-quarter CAP and builds on their successful Padden Creek project completed in 2022. Granite will import 95,000 tons of gravel from its Conway Aggregate Facility for the project, which aims to support WSDOT's compliance with a 2030 injunction. The project is set to start in June 2024 and expected to complete by December 2026.

Granite (NYSE:GVA) has expanded its home market strategy by acquiring Lehman-Roberts Company and Memphis Stone & Gravel Company (MSG) in Q4 2023. This acquisition targets the Memphis Metropolitan and Northern Mississippi areas. In 2024, the newly acquired entities have secured significant contracts, including:

- Tennessee Department of Transportation (TDOT) Shelby County SR 14 project, involving over four miles of construction.

- Mississippi Department of Transportation (MDOT) Hwy 61 project, enhancing a major transportation corridor.

- Calhoun County Roads 306 & 137 project, improving local infrastructure.

MSG will supply substantial quantities of sand and gravel for these projects, enhancing Granite's operational capabilities in asphalt and aggregates. Patrick Nelson, President of Lehman-Roberts and MSG, highlighted the importance of these contracts for driving volume and delivering high-quality services.

Granite (NYSE:GVA) has secured an $89 million subcontract from United Airlines and Manhattan Construction for the United Airlines Terminal B Airside Transformation program at George Bush Intercontinental Airport (IAH). This project is part of a $2 billion initiative funded by United Airlines and the City of Houston. Granite's responsibilities include demolishing and reconstructing the north concrete apron, involving 126,000 SY of demolition and 154,000 SY of concrete paving. The project aims to modernize Terminal B, adding more gates and amenities for travelers. It will start in Summer 2024 and complete by April 2026. The initiative supports Granite's strategy to broaden its Texas Region portfolio and enhance its presence in Houston.

Granite (NYSE:GVA) has secured a $36 million contract from Caltrans to rehabilitate a 25-mile stretch of Highway 162 in Mendocino County, California. Funded by federal sources and California Senate Bill 1 (SB1), the project will utilize 150,000 tons of conventional and rubberized hot mix asphalt, with recycled tires for the rubberized surface. The project, leveraging materials from Granite's Highway 175 Quarry, aims to enhance road safety and driving quality. Scheduled to start in June 2024 and conclude in September 2025, the effort underscores Granite's ongoing partnership with Caltrans in infrastructure improvement.

Granite's CFO, Lisa Curtis, has announced her retirement effective September 16, 2024. Curtis, who has been in her role since January 2021, will be succeeded by Staci Woolsey, the current Chief Accounting Officer (CAO) and Senior Vice President.

Woolsey joined Granite in June 2021 and will take over as CFO on the same date as Curtis's retirement. In her new role, Woolsey will oversee all of Granite's financial functions including corporate accounting, operational finance, tax, treasury, investor relations, internal audit, and IT.

Kyle Larkin, Granite President and CEO, praised both Curtis for her leadership over the past three years and Woolsey for her extensive industry knowledge and effectiveness as a leader.

Granite (NYSE:GVA) secured a $25 million contract to retrofit offsite infrastructure near the Ontario International Airport. The project includes constructing nine logistics buildings totaling 4,263,000 square feet. Granite will upgrade water, sewer, and drainage systems, along with other utilities and street improvements. The company aims to finish the project by August 2025.

Granite, a leading company in the construction industry, has expanded its presence in the Inland Empire, California, by opening a new office in Ontario. This strategic move highlights Granite's commitment to the region and its goal of securing more projects in the area. With a focus on enhancing local infrastructure, fostering client relationships, and contributing to the region's growth, Granite's investment in the Inland Empire is a positive step towards economic development and community support.

Granite Construction Incorporated (NYSE: GVA) reported first quarter 2024 results with a 20% year-over-year revenue increase to $672 million. Adjusted diluted EPS stood at $(0.21), while operating cash flow rose $101 million to $24 million. The company reorganized operations to align leadership with reportable segments. Despite a net loss of $31 million, revenue, gross profit, and adjusted EBITDA all saw positive growth compared to the prior year.