WATSONVILLE, Calif. - Granite Construction Incorporated (NYSE:GVA) announced the upcoming retirement of its Chief Financial Officer (CFO) Lisa Curtis, effective September 16, 2024. The company has named Staci Woolsey, currently serving as Chief Accounting Officer (CAO), to succeed Curtis following her retirement.
Lisa Curtis, who stepped into the role of CFO in January 2021, has been credited with contributing significantly to the company's transformation over the past three years. Granite's President and CEO, Kyle Larkin, expressed gratitude for her service, noting her valuable perspective and leadership.
Staci Woolsey joined Granite in June 2021 and will be promoted to Executive Vice President and CFO on September 16, 2024. In her new role, Woolsey will oversee all global financial functions of the company, which include corporate accounting and finance, operational finance, tax, treasury, investor relations, internal audit, and IT.
Larkin highlighted Woolsey's proven leadership abilities and her extensive knowledge of the construction industry, which he believes will serve her well as CFO. Woolsey's experience includes responsibilities in corporate accounting, operational finance, internal controls compliance, and external and internal reporting.
The announcement comes as part of a planned leadership transition within Granite, a major player in the construction and construction materials industry in the United States. The company, which prides itself on ethical standards and safety, is known for its diversified construction services and has been incorporated since 1922.
InvestingPro Insights
As Granite Construction Incorporated (NYSE:GVA) prepares for a strategic leadership transition with the upcoming retirement of CFO Lisa Curtis, the company's financial health and market performance remain a vital consideration for investors. According to InvestingPro data, Granite Construction boasts a market capitalization of $2.83 billion, reflecting the company's substantial presence in the construction industry. The company's revenue growth is also notable, with a 12.9% increase over the last twelve months as of Q1 2024, and an impressive quarterly revenue growth of 20.03% in Q1 2024, underscoring the company's expanding operations and market share.
InvestingPro Tips suggest that Granite's stock is currently trading at a high earnings multiple, with a P/E ratio of 78.38, indicating investor confidence in future earnings potential. However, the adjusted P/E ratio for the last twelve months as of Q1 2024 is lower at 41.56, which may still be considered high compared to industry averages. Additionally, the company has maintained its dividend payments for 35 consecutive years, demonstrating a commitment to returning value to shareholders, with a dividend yield of 0.83% as of the last dividend ex-date on March 27, 2024.
For investors considering Granite Construction as part of their portfolio, it's worth noting that the company has been profitable over the last twelve months, with a basic and diluted EPS (Continuing Operations) of $0.81. Furthermore, the company's stock has experienced significant price appreciation, with a 71.1% return over the last year, trading near its 52-week high at 99.74% of the peak price.
For more detailed analysis and additional InvestingPro Tips on Granite Construction, including insights into the company's financials and stock performance, visit InvestingPro. There are 16 additional tips available for those considering the stock, and users can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24.
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