Granite Construction Wins Major Contract to Revamp Richardson Highway

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Granite Construction ($NYSE:GVA), a major construction and construction materials company, has won a major contract from the Alaska Department of Transportation (ADOT) to carry out a $20 million project to revamp the Richardson Highway. The contract, which was awarded to Granite Construction, will see the company carry out an extensive refurbishment of the existing highway, which is one of Alaska’s most important routes. Granite Construction is a public construction and materials company that provides building materials, construction and engineering services to both public and private entities. The company also has a strong focus on safety and sustainability and is committed to doing its part in helping to build a better world.

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Granite Construction, Inc., a leading construction and engineering firm specializing in infrastructure, transportation, and water resources projects, has been awarded a major contract to revamp the Richardson Highway in Alaska. This award comes as a result of a competitive bid process conducted by the Alaska Department of Transportation and Public Facilities. On Thursday, GRANITE CONSTRUCTION stock opened at $40.7 and closed at $40.5, up by 0.2% from prior closing price of 40.4, signaling investors’ optimism in their decision to pursue the project. The project will include upgrades to seven bridges, pavement widening and resurfacing, utility relocations and an extension of the existing bike path.

The improvements will also address safety concerns for pedestrians, cyclists and other users on this 40-mile stretch of highway connecting Fairbanks and Delta Junction. The award of this project is a positive signal for GRANITE CONSTRUCTION, as it will help them continue to expand their presence in the Alaska market and further establish their reputation as a trusted provider of quality construction services. With the new contract secured, GRANITE CONSTRUCTION is well-positioned to take on more demanding projects in the future. Live Quote…

About the Company

Income Snapshot

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Balance Sheet Snapshot

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Analysis

At GoodWhale, we have conducted an analysis of GRANITE CONSTRUCTION‘s wellbeing. We have determined that GRANITE CONSTRUCTION is a medium risk investment in terms of its financial and business aspects, based on our Risk Rating. We have also detected two risk warnings in GRANITE CONSTRUCTION’s income sheet and balance sheet. If you would like to learn more about GRANITE CONSTRUCTION’s risk score and risk warnings, be sure to register on goodwhale.com to check it out. Our team of experts can give you detailed information about the company’s financial health, as well as provide insight into their future prospects. More…

Peers

The company has a long history of success and has completed many high-profile projects.

However, Granite Construction Inc is not the only construction company in the market and faces stiff competition from other companies such as IL&FS Engineering and Construction Co Ltd, PBA Infrastructure Ltd, and MBL Infrastructures Ltd.

– IL&FS Engineering and Construction Co Ltd ($BSE:532907)

IL&FS Engineering and Construction Co Ltd is an engineering and construction company that operates in the infrastructure sector in India. The company has a market cap of 2 billion as of 2022 and a return on equity of 7.54%. The company provides engineering, procurement, and construction services for a variety of infrastructure projects, including roads, bridges, tunnels, railways, and power plants.

– PBA Infrastructure Ltd ($BSE:532676)

PBA Infrastructure Ltd is an Australian engineering and infrastructure company. They have a market cap of 164.44M as of 2022 and a Return on Equity of 1.6%. PBA Infrastructure Ltd is involved in the design, construction, financing and operation of social and economic infrastructure assets.

– MBL Infrastructures Ltd ($BSE:533152)

MBL Infrastructures Ltd is an India-based engineering,procurement and construction (EPC) company. The Company is engaged in the business of civil construction, which includes roads, bridges, flyovers, buildings and irrigation. It also has a presence in the power sector. The Company’s segments include Construction and Power. Its Construction segment includes civil construction and other infrastructure development works. Its Power segment includes generation, transmission and distribution of power. The Company’s projects include National Highways, State Highways, Major District Roads, Rural Roads, City Roads, Bridges, Flyovers, Buildings, Water Supply and Sewerage Treatment Plants and Irrigation.

Summary

Granite Construction recently secured a $20 million contract to rehabilitate the Richardson Highway project in Arizona with the Arizona Department of Transportation. This is a major win for the company and will provide a significant boost to its bottom line. Analysts are expecting Granite Construction’s stock to appreciate as a result of this contract, given the potential for higher revenue and profit margins.

Long-term investors may consider adding Granite Construction to their portfolios due to its strong track record of consistent growth and success in securing large contracts. The company is well-positioned to continue to generate value for its shareholders in the years to come.