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Granite Announces $88 Million Highway Safety Enhancement Project Near Lake Elsinore, California

1. Granite awarded an $88 million contract by Caltrans for highway improvements. 2. Project includes widening and resurfacing a dangerous section of SR 74. 3. Construction set to start in April 2025 and completed by November 2026.

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Why Bullish?

The $88 million project signals growth and steady revenue for Granite. Similar past contracts have enhanced GVA's financial outlook.

How important is it?

The contract underlines Granite's growth strategy and operational execution. Such projects are critical for GVA’s market presence.

Why Long Term?

This project will provide consistent revenue over the project timeline. Long-term contracts positively affect company stability and investor confidence.

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Granite Announces $88 Million Highway Safety Enhancement Project Near Lake Elsinore, California

WATSONVILLE, Calif.--()--Granite (NYSE:GVA) has been awarded an approximately $88 million contract by the California Department of Transportation (Caltrans) to improve a section of Ortega Highway State Route 74 (SR 74). Project funding will come from state and federal sources and the project will be included in Granite’s first-quarter CAP.

The project scope includes widening the shoulders and roadway, allowing for the installation of centerline and edge line rumble strips. These enhancements will provide vehicle buffer room, significantly improving safety on this narrow two-lane mountainous highway.

In addition to widening this section of SR-74, the project will resurface the highway, ensuring safer and more efficient travel. This project continues our ongoing efforts on this stretch of highway, building on the work we have been doing over the past few years.

“We have been working closely with Caltrans on this highway for several years, and we are excited to continue this partnership,” said Bill Moore, Granite Vice President of Regional Operations. “It aligns with our strategic goal of expanding our footprint in the Inland Empire of Southern California.”

Construction is expected to begin in April 2025 and be completed in November 2026.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.

Contacts

Granite Contacts
Media
Erin Kuhlman 831-768-4111

Investors
Wenjun Xu - 831-761-7861

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