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Tutor Perini Corporation (TPC) is a leading construction company that provides a diverse range of general contracting, construction management, and design-build services to both private clients and public agencies worldwide. The company operates through three primary segments: Civil, Building, and Specialty Contractors.
The Civil segment focuses on public works, including the construction, replacement, and reconstruction of critical infrastructure such as highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities. This segment also offers specialized services like drilling, foundation work, and excavation support for a variety of projects.
The Building segment caters to specialized construction markets, including hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment venues, educational institutions, correctional facilities, biotechnology, pharmaceuticals, and high-tech industries. This segment provides comprehensive services covering every aspect of the building process.
The Specialty Contractors segment delivers expert services in electrical, mechanical, and plumbing systems, as well as heating, ventilation, and air conditioning (HVAC). This segment is crucial for ensuring that all essential systems within a building are installed and maintained to the highest standards.
Recently, Tutor Perini has been involved in several major projects and has established strong partnerships within the industry. Financially, the company generates the majority of its revenue from the Civil segment, with a significant portion of its total income derived from projects in the United States. The company's ability to self-perform a wide range of construction services, including site work, concrete forming, steel erection, and mechanical installations, sets it apart from many competitors.
As an industry leader, Tutor Perini continues to take on complex and large-scale projects, contributing to the development and enhancement of infrastructure and facilities that are vital to communities around the globe.
Tutor Perini (NYSE: TPC) has pre-paid an additional $100 million of its Term Loan B debt, following a previous $50 million paydown announced in November. This total $150 million debt reduction represents the upper end of the company's Q4 2024 target. The remaining Term Loan B principal balance stands at approximately $123 million as of November 20, 2024. The company plans to exceed its previously announced target of $50-75 million additional debt reduction in Q1 2025. All debt repayments were voluntary, early paydowns.
Tutor Perini (NYSE: TPC) and O&G Industries have been awarded a $1.18 billion contract by the Port Authority of New York and New Jersey for the AirTrain Newark Replacement Program. The project involves designing and constructing a 2.5-mile elevated, automated people mover train system with three stations at Newark Liberty International Airport, replacing the existing AirTrain that has operated since 1996. Tutor Perini is the managing partner with O&G holding a 25% stake, while Parsons will serve as the lead design subcontractor.
Tutor Perini (NYSE: TPC) reported Q3 2024 results with revenue of $1.1 billion, slightly up from Q3 2023. The company posted a net loss of $100.9 million ($1.92 per share) due to $152 million in net charges from dispute resolutions. Notable highlights include record backlog of $14.0 billion, up 35% from Q2 2024, and strong year-to-date operating cash flow of $174.0 million. The company expects record full-year 2024 operating cash flow of $425-575 million and plans to prepay $100-150 million of Term Loan B debt by year-end, with additional $50-75 million prepayment in Q1 2025. Management anticipates return to profitability in 2025.
Tutor Perini (NYSE: TPC), in a joint venture with O&G Industries, has been named the Apparent Selected Proposer for the new Manhattan Jail Facility project by the New York City Department of Design and Construction. The multi-billion-dollar design-build project is part of a four-jail initiative replacing the Rikers Island Jail Complex. The new facility will feature 886 beds, 125 below-grade parking spaces, and 20,000 square feet of community and commercial space. The project includes dedicated areas for on-site services, recreation, food services, and staff facilities. Tutor Perini leads the joint venture with 75% ownership, while O&G holds 25%, with HOK as the design partner.
Tutor Perini (NYSE: TPC) and Nan, Inc. have been awarded a $330.6 million base contract by Naval Facilities Engineering Systems Command for the Apra Harbor Waterfront Repairs Project in Guam. The design-build project aims to repair Glass Breakwater and restore waterfront areas damaged by storms, including Typhoon Mawar in May 2023. The contract includes nine additional options worth up to $230 million. Tutor Perini is the managing partner with 70% stake, while Nan, Inc. holds 30%. Design work begins immediately, with construction starting August 2025 and completion expected July 2029.
Tutor Perini (NYSE: TPC) has scheduled a conference call for Wednesday, November 6, 2024, at 2:00 PM Pacific Time to discuss its third quarter 2024 results. The company will release its earnings announcement after market close on the same day. Chairman and CEO Ronald Tutor, President Gary Smalley, and Senior VP and CFO Ryan Soroka will lead the call. Participants can join via phone or webcast through the company's website.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Rudolph and Sletten, has secured a contract worth over $1 billion for a healthcare campus project in California. The project encompasses the construction of a new hospital, energy center, and parking garage. Construction is scheduled to commence in late 2024, with substantial completion expected by 2029. The contract value has been incorporated into the company's third-quarter 2024 backlog.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Frontier-Kemper Constructors, has secured a $1.1 billion contract from the New York City Department of Environmental Protection for the Kensico-Eastview Connection Tunnel Project. The project involves constructing a deep rock tunnel between the Kensico Reservoir and the Catskill/Delaware Ultraviolet Light Disinfection Facility in Westchester County, New York. The tunnel will enhance operational resiliency and redundancy for New York City's water supply system. Construction is set to begin in the coming months with completion expected in 2030.
Tutor Perini (NYSE: TPC) provided an update on recent developments, including settlement of project-related disputes. The company expects record operating cash flow of $425-$575 million for 2024, surpassing previous estimates. TPC plans to use this cash to prepay $100-$150 million of Term Loan B debt by end of 2024, with additional $50-$75 million in Q1 2025.
The company anticipates a new record backlog of approximately $14 billion as of September 30, 2024, up 35% from June 30, 2024. However, due to net charges from dispute resolutions, TPC expects to report a loss for Q3 2024 and is withdrawing its 2024 EPS guidance. The company expects to return to profitability in 2025.
TPC resolved seven of its largest disputed matters, with four having favorable outcomes. The company will record a $102 million non-cash charge for an adverse arbitration decision and a net $43 million charge for other resolutions. Despite these charges, TPC expects a net cash inflow of approximately $180 million in Q4 2024 from these resolutions.
Tutor Perini (NYSE: TPC) has announced the execution of a contract and receipt of Notice to Proceed for the $1.66 billion City Center Guideway and Stations Project in Honolulu, Hawaii. The project, awarded by the Honolulu Authority for Rapid Transportation, involves:
- Design and construction of six rail stations
- Approximately three miles of elevated rail guideway
- Scope extends from east of Middle Street Transit Center Station to Civic Center Station
Project timeline:
- Design to begin immediately
- Construction expected to start in second half of 2025
- Substantial completion anticipated by 2030
Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value has been added to the Company's backlog in the third quarter of 2024.
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