Granite awarded $17 million UDOT contract for bridge replacement

RIVERDALE, UTAH - Granite (NYSE:GVA), a $4 billion market cap construction company with strong financial health according to InvestingPro, has been awarded a $17 million contract by the Utah Department of Transportation (UDOT) for a bridge replacement project in Riverdale, Utah, according to a press release statement.

The project involves replacing the 4400 South bridge over Interstate 15 and two Interstate 84 bridges over 4400 South. The original structures, built in the 1960s, are approaching the end of their service lives.

To minimize traffic disruptions, the Interstate 84 bridges will be constructed adjacent to existing structures and then moved into place during weekend closures, eliminating the need for extended lane closures.

Granite’s West Haven Hot Plant will supply 1,169 tons of hot mix asphalt for the project.

The project area encompasses residential, commercial, and public properties between Roy and Riverdale. Funding will come from state and federal sources, and the contract will be included in Granite’s second quarter CAP.

Construction is scheduled to begin in July 2025 with completion expected in October 2026.

In other recent news, Granite Construction has been awarded a $111 million contract by the Utah Department of Transportation for a significant infrastructure rehabilitation project in Salt Lake City. The project involves extensive work on Interstate 215, including the rehabilitation of 3 miles of roadway and 22 bridges, with completion expected by November 2026. In addition, Granite has formed a joint venture with Contri Construction Company for the Southern Nevada Water Authority’s Paradise Hills project, which includes a $240 million construction contract value for Granite. The project aims to enhance water delivery and system reliability in Southern Nevada, with construction expected to start in January 2027.

Granite has also secured a $3 million preconstruction contract for the Tahoe Cedars Water Reconstruction Project, marking its first Progressive Design-Build contract in California. This project focuses on upgrading water infrastructure along Lake Tahoe’s west shore, with construction slated to begin in 2026. In corporate developments, James Radich, Granite’s COO, has retired but will continue to provide consulting services to the company through October 2025. Meanwhile, DA Davidson has maintained a Buy rating on Granite Construction, with a price target of $108, citing the company’s growth prospects and strategic focus on mergers and acquisitions. The firm’s analyst, Brent Thielman, noted that Granite is trading at a discount compared to industry averages, which may present an attractive opportunity for investors.

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