🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Granite appoints former Fluor CEO to its board

EditorNatashya Angelica
Published 08/06/2024, 07:02 am
GVA
-

WATSONVILLE, Calif. - Granite Construction Incorporated (NYSE:GVA) has announced the appointment of Carlos M. Hernandez to its board of directors, effective as of Monday. Hernandez, a seasoned executive with a deep background in the engineering and construction sector, is expected to bring his extensive experience to the table as Granite continues to navigate the infrastructure industry.

Hernandez's career spans several decades, with notable achievements including his tenure as the chief executive officer of Fluor Corporation (NYSE:FLR), a prominent engineering and construction firm based in Irving, Texas.

His expertise extends to areas critical to the construction industry, such as safety, environmental issues, governance, compliance, risk management, and law. Hernandez's association with Fluor began in 2007 when he joined as chief legal officer and ascended to the role of CEO from 2019 to 2020.

Granite's board chair, Michael McNally, expressed confidence in Hernandez's capabilities, highlighting the value of his industry knowledge and governance experience to the company's future growth and development. The appointment comes as Granite, a company with a long-standing history since 1922, continues to establish itself as a major player in the construction and construction materials markets in the United States.

In addition to his new position at Granite, Hernandez holds board roles at PG&E, the nation's largest utility, and Steward Health Care System. His educational background includes a BS in civil engineering from Purdue University and a JD (NASDAQ:JD) from the University of Miami School of Law.

Hernandez's contributions to the industry have been recognized with several awards, including the Dallas Hispanic Bar Association Corporate Counsel Diversity Award and the Hispanic National Bar Foundation Corporate Leadership Award.

Granite, which prides itself on its strong ethical standards and core values, has made significant strides in safety, quality, and sustainability, earning accolades for its efforts. The company's commitment to America's infrastructure is reflected in its comprehensive civil construction services.

The information for this article is based on a press release statement.

In other recent news, Granite Construction Incorporated has announced plans for a $325 million convertible notes offering, with the funds intended for various corporate purposes, potentially including acquisitions.

The company also reported significant growth in their first quarter of 2024, with an 18% increase in construction revenue and a $20 million jump in the materials segment's revenue. Moreover, Granite has secured several major contracts, including a $48 million eco-friendly project in Washington, an $89 million subcontract for a transformation project at Houston Airport, and a $25 million infrastructure retrofit at Ontario International Airport.

In leadership transitions, CFO Lisa Curtis will retire in September 2024, with Staci Woolsey, currently Chief Accounting Officer, set to take over the role. These developments are part of Granite's strategic focus on diversification and growth in the construction sector. Note that these are all recent developments, and their impact on the company's performance will unfold over time.

InvestingPro Insights

As Granite Construction Incorporated (NYSE:GVA) welcomes Carlos M. Hernandez to its board of directors, the company's financial metrics and market performance provide additional context to the strategic move.

With an adjusted market capitalization of $2.61 billion, Granite Construction is positioned as a significant entity in the industry. The company's stock has experienced a large price uptick over the last six months, with a 25.31% increase, signaling investor confidence and a potentially positive market reaction to strategic decisions like the recent board appointment.

Granite Construction's commitment to maintaining dividend payments is reflected in its impressive track record of 35 consecutive years of dividends, a testament to its financial resilience and dedication to shareholder returns.

This is particularly noteworthy for investors looking for stable income, especially when considering the company's current dividend yield of 0.87%. Moreover, the company's stock is trading at a high earnings multiple, with a P/E ratio of 73.32, which may indicate expectations of future earnings growth as analysts predict the company will be profitable this year.

For readers interested in a deeper dive into Granite Construction's financials and market performance, there are 11 additional InvestingPro Tips available. These insights could provide valuable information for potential investors or current shareholders looking to understand the company's position in the market better. To access these tips and benefit from the expertise of InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.