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WATSONVILLE, Calif. - Granite (NYSE:GVA), a $3.91 billion construction company that has delivered 11.42% revenue growth over the last twelve months, has been selected by the Tahoe City Public Utility District for the approximately $3 million preconstruction portion of the Tahoe Cedars Water Reconstruction Project in Tahoma, California, according to a company press release.
The project, which uses a Progressive Design-Build contract with DOWL, LLC as the Designer-of-Record, represents Granite’s first such contract in California. According to InvestingPro analysis, Granite maintains strong financial health with liquid assets exceeding short-term obligations, positioning it well for such major projects. The preconstruction activities began this Spring and are expected to continue through early 2026.
The full project aims to upgrade water infrastructure originally built in the 1940s along Lake Tahoe’s west shore. Plans include replacing 15 miles of water mains, relocating 632 water service lines from backyards to streets, installing 97 new fire hydrants, and adding over 1,000 residential water meters.
The construction phase is scheduled to begin in May 2026 and continue through 2029, with an anticipated construction value of $60 million.
Chris Burke, Granite Vice President of Regional Operations, stated that the company looks forward to "delivering a project that significantly enhances the water infrastructure for the Tahoe Cedars community."
Granite, incorporated since 1922, describes itself as a diversified construction and construction materials company in the United States. The company has maintained dividend payments for 36 consecutive years, demonstrating long-term financial stability. InvestingPro analysis reveals 8 additional key insights about Granite’s financial outlook and market position, available to subscribers.
In other recent news, Granite Construction has been the focus of several significant developments. DA Davidson has maintained its Buy rating on Granite Construction, setting a price target of $108, citing the company’s strategic focus on mergers and acquisitions. Analyst Brent Thielman from DA Davidson highlighted the company’s valuation as attractively positioned below industry averages, which could present opportunities for investors. Additionally, Granite Construction secured a $54 million contract for the realignment of a segment of the Parks Highway in Alaska, a project aimed at improving traffic safety and infrastructure in collaboration with the Alaska Department of Transportation.
In corporate news, Granite Construction announced the retirement of its Executive Vice President and Chief Operating Officer, James A. Radich, effective July 4, 2025. The company has decided not to appoint a direct successor, with senior vice presidents now reporting directly to CEO Kyle Larkin. This decision marks a strategic shift in the company’s leadership structure. These developments come as Granite Construction continues to implement its management strategy and capitalize on market opportunities within the infrastructure sector. Investors and stakeholders will be closely monitoring these changes and their potential impact on the company’s future performance.
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