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WATSONVILLE, Calif. - Granite (NYSE:GVA), a $4 billion market cap construction company with over $4 billion in annual revenue, announced Thursday that its joint venture with Obayashi Corporation has been awarded a $158 million task order from the Naval Facilities Engineering Command (NAVFAC) for construction of missile defense infrastructure in Guam. According to InvestingPro data, the company maintains strong financial health metrics and has shown impressive growth with a 44% return over the past year.
The project involves building the first phase of the Missile Defense Agency’s Guam Defense System, Enhanced Integrated Air and Missile Defense at South Finegayan. The contract was issued under the Facilities and Infrastructure Multiple Award Construction Contract.
The scope of work includes installation of 60,000 linear feet of underground ductbank, 110,000 cubic yards of mass earthwork, 11,000 linear feet of water main, and construction of a 220,000-gallon steel water tank. The project will also include a Fire Pump Building and Security Forces Office Building on the approximately 120-acre site.
"We are proud to contribute to the security of Guam and the broader Indo-Pacific region through this critical project," said Curt Haldeman, Granite Vice President of Regional Operations, according to the company’s press release.
The construction site is located near Granite’s ongoing work at Marine Corps Base Camp Blaz and will feature autonomous power generation. The infrastructure will support future missile defense systems to be installed under a separate contract.
Construction is scheduled to begin in late July 2025 with completion expected by July 2028. The award will be reflected in Granite’s third-quarter committed and awarded projects. With the company’s earnings announcement scheduled for July 24, InvestingPro subscribers can access detailed analysis and 12 additional exclusive ProTips about Granite’s financial outlook and valuation metrics through the comprehensive Pro Research Report.
In other recent news, Granite has been awarded a $111 million contract by the Utah Department of Transportation for a major infrastructure rehabilitation project in Salt Lake City. This project involves the rehabilitation of Interstate 215 and includes structural deck replacements and bridge repairs. Additionally, Granite has secured a $17 million contract for a bridge replacement project in Riverdale, Utah, which will be funded by state and federal sources. In personnel changes, Granite announced the retirement of James Radich, its Executive Vice President and Chief Operating Officer, who will now serve as a consultant for the company. Granite has also formed a joint venture with Contri Construction for a Southern Nevada water project, with an estimated construction contract value of $240 million. Furthermore, Granite has been selected for a $3 million preconstruction contract for the Tahoe Cedars Water Reconstruction Project in California. This project represents Granite’s first Progressive Design-Build contract in the state. These developments reflect Granite’s active involvement in significant infrastructure projects across various regions.
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