Granite Construction Incorporated (GVA) secured a significant contract valued at approximately $113 million for constructing new facilities at Marine Corps Base Camp Blaz (MCCB). The construction will be carried out in partnership with Obayashi Corporation through the Granite-Obayashi 2 Joint Venture. GVA stock moved up 0.5% during the trading session on Sept. 24. Key Project Highlights This project will be funded by the Department of Defense's (DOD) Military Construction (MILCON) program and will be includ ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Eve ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time. Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potent ...

Granite Construction Incorporated (GVA) recently announced a win with the Utah Department of Transportation ("UDOT"), securing a $65 million contract for Phase 2 of the SR-30 Improvement Project in Logan, UT. This deal builds on Granite's successful completion of Phase 1 in 2023, positioning the company as the preferred low bidder for the next phase of the project. GVA stock gained 0.7% during the trading session on Sept. 10. Boost to Granite's Stock Value This contract, funded by UDOT and federal sources, ...

Granite Construction Incorporated (GVA) secured a $38-million contract from the California Department of Transportation (Caltrans) for the Highway 101 mainline segment. This contract involves adding peak-hour High Occupancy Vehicle (HOV) lanes and reconstructing the highway in southern Santa Barbara. The project, funded by Caltrans and local sources, was included in GVA's second-quarter Committed and Awarded Projects (CAP). The latest Highway 101 mainline segment marks Granite's sixth project under its Cons ...

Investors interested in Construction stocks should always be looking to find the best-performing companies in the group. Granite Construction (GVA) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question. Granite Construction is a member of our Construction group, which includes 91 d ...

Granite Construction Incorporated (GVA) has acquired Dickerson & Bowen, Inc. (D&B), a leading regional aggregates, asphalt, and highway construction company serving Central and Southern Mississippi, in cash. This bolt-on buyout is highly complementary to GVA's prior acquisition of Lehman-Roberts Company and Memphis Stone & Gravel (LRC and MSG). This materials-focused business also builds on Granite's footprint in the Southeast, serving as a growth platform in the Memphis metropolitan and Mississippi markets ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time. Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead ...

Financial Performance - Total revenue for Q2 2024 reached $1,082,486,000, a 20.4% increase from $898,552,000 in Q2 2023[81] - Gross profit for Q2 2024 was $164,711,000, compared to $103,086,000 in Q2 2023, reflecting a significant improvement[81] - Total revenue for the three months ended June 30, 2024, was $5,576,219, a 1.4% increase from $5,499,129 in the previous quarter[87] - Public sector revenue accounted for 77.9% of total revenue, while private sector revenue made up 22.1% as of June 30, 2024[87] - Gross profit for the three months ended June 30, 2024, was $164,711, representing 15.2% of total revenue, up from 11.5% in the same period of 2023[89] - Construction segment gross profit increased by $56.2 million, or 71.0%, compared to the same period in 2023, primarily due to higher revenue[89] Revenue Sources - Construction revenue for Q2 2024 increased by $168.5 million, or 22.5%, driven by operations in California, Nevada, and Alaska[84] - Materials revenue for Q2 2024 rose by $15.4 million, or 10.3%, primarily due to revenue increases from newly acquired businesses[85] - Public work projects account for approximately 80% of the company's portfolio, heavily influenced by federal, state, and local funding levels[76] Acquisitions and Projects - The company completed two acquisitions in 2023, including Coast Mountain Resources and Lehman-Roberts Company, which are now contributing to revenue[79] - The company plans to acquire Dickerson & Bowen, Inc., expected to close in Q3 2024, which will enhance its aggregates and asphalt capabilities[80] - Committed and Awarded Projects (CAP) balance stood at $5.6 billion at the end of Q2 2024, supported by a positive public funding environment[78] - The Infrastructure Investment and Jobs Act (IIJA) has provided $550 billion in incremental funding over five years, enhancing project visibility for state and local governments[76] Cost Management - The company has implemented proactive measures to mitigate the impacts of inflation and supply chain constraints on its operations[78] - Total selling, general, and administrative expenses for the three months ended June 30, 2024, were $70,052, which is 6.5% of revenue, down from 7.2% in the previous year[91] - Other costs, net for the three months ended June 30, 2024, decreased by $3.4 million compared to the prior year, primarily due to a non-recurring litigation charge[94] - Total other expense, net decreased by $17.4 million for the three months ended June 30, 2024, mainly due to lower debt extinguishment costs[95] Tax and Compliance - The provision for income taxes for the three months ended June 30, 2024, was $20,693, with an effective tax rate of 34.7%[96] - The company maintained compliance with financial covenants in the Credit Agreement as of June 30, 2024[108] Cash Flow and Capital Expenditures - Cash provided by operating activities for the six months ended June 30, 2024, was $22.1 million, representing a $141.0 million increase compared to the same period in 2023[102] - Cash used in investing activities decreased by $14.3 million to $50.1 million for the six months ended June 30, 2024, compared to the same period in 2023[104] - Cash used in financing activities increased by $126.7 million to $22.9 million for the six months ended June 30, 2024, primarily due to a decrease in proceeds from debt issuances[105] - Capital expenditures for the six months ended June 30, 2024, were $66.9 million, a decrease from $79.7 million in the same period of 2023, with anticipated capital expenditures for 2024 projected to be between $130 million and $150 million[101] - Significant additions to capital assets during the three months included $183 million for highway projects in California and $114 million for a bridge project in Michigan[88] Shareholder Returns - The company repurchased 225,000 shares under the $300 million share repurchase program, with $218.2 million remaining available as of June 30, 2024[109] Assets and Liabilities - As of June 30, 2024, total cash, cash equivalents, and marketable securities amounted to $377.2 million, down from $453.5 million as of December 31, 2023[100] - Non-controlling partners' share of capital assets increased to $351.6 million as of June 30, 2024, from $219.4 million in the previous quarter[88] - The amount attributable to non-controlling interests decreased by $8.8 million and $13.1 million for the three and six months ended June 30, 2024, respectively, compared to the prior year, primarily due to decreased losses from a consolidated construction joint venture[97] - As of June 30, 2024, the total unused availability under the Credit Agreement was $333.4 million[99] - The company had $29.2 million of contract retention receivables from Brightline, representing 9.4% of total contract assets as of June 30, 2024[99]

Financial Performance - Q2 2024 total revenue reached $1082 million, a $184 million increase year-over-year[13] - Construction revenue in Q2 2024 was $918 million, up $169 million year-over-year[13] - Materials revenue in Q2 2024 was $165 million, a $15 million increase year-over-year[13] - Adjusted EBITDA margin increased by 290 bps year-over-year to 120%[13, 14] - The company anticipates revenue between $39 billion and $40 billion for FY 2024[16] CAP and Construction Segment - CAP reached $5576 million, a $139 million increase year-over-year[13, 9] - California CAP decreased sequentially by $86 million to $23 billion but increased $2 million year-over-year[9] - Construction revenue increased 22% year-over-year, led by California, Nevada, and Alaska[9] Materials Segment - The company is centralizing materials segment management functions[12] - The company is making strategic investments, including the acquisition of Dickerson and Bowen and a land lease in Southwest Washington[12] - The company saw cash gross profit margin expansion year-over-year in the materials segment[12] Acquisitions and Expansion - The company acquired Dickerson & Bowen, Inc, strengthening its Southeast platform[4, 5] - Memphis Stone and Gravel has rights to an estimated 82 million tons of reserves[1, 56]