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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 Corporation (NYSE: TPC) has been selected by the Los Angeles County Metropolitan Transportation Authority as the low bidder for the LAX Airport Metro Connector Project, valued at approximately $478 million. This project entails creating a new major transit station hub that connects the Metro Crenshaw/LAX and Green rail lines, along with various bus routes to the LAX Automated People Mover. Construction is expected to start in Q3 2021 and be substantially completed by Q1 2025. The contract value will be booked into backlog in Q1 2021.
Tutor Perini Corporation (NYSE: TPC) announced a settlement regarding its involvement in the Central Subway Project in San Francisco. On March 2, 2021, the San Francisco Municipal Transportation Agency (SFMTA) approved contract modifications worth $146.6 million, resolving all related issues. The Company expressed satisfaction with the settlement and is optimistic about completing the Project successfully in the near term.
Tutor Perini Corporation (NYSE: TPC) reported strong fourth quarter and full year 2020 results, with revenues of $1.3 billion and $5.3 billion, representing increases of 15% and 20% respectively. Net income reached $35.5 million for Q4 and $108.4 million for the year, significantly boosted by the absence of prior-year charges. Despite a $290 million estimated revenue loss from COVID-19, the company anticipates future revenue recovery. Backlog stands at $8.3 billion, reflecting strong demand for construction services.
Tutor Perini Corporation (NYSE: TPC) will host a conference call on February 24, 2021, at 2:00 PM PT to discuss its fourth quarter and full year 2020 results. The earnings announcement will be released the same day after market close, featuring Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive VP and CFO. Interested participants can join by calling 877-407-8293 or +1-201-689-8349 for international callers. The call will also be webcast live on Tutor Perini's website, and a replay will be available shortly after the call concludes.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., secured a $44.1 million fixed-price contract from the U.S. Customs and Border Protection for the renovation of the San Juan Custom House in Puerto Rico. This historic building, constructed in 1924, is listed on the National Register of Historic Places. The two-year project involves extensive restoration including facade repairs, structural renovations, and upgrades to mechanical and electrical systems, adhering to preservation guidelines.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc. (PMSI), has secured two federal contracts totaling approximately $66.9 million. The first contract, valued at $40.9 million, involves the design and construction of a prefabricated dormitory at the Federal Law Enforcement Training Centers in Georgia. The second, worth $26 million, pertains to the renovations of the Cadet Field House at the U.S. Air Force Academy. Both projects are set for completion by December 2022 and contribute to the company's backlog for Q4 2020.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Rudolph and Sletten, has secured a $54 million contract for the Rise Koreatown project in Los Angeles. The project includes 364 rental units and a 52,000 square-foot retail area, totaling 798,000 square feet with extensive parking facilities. Construction resumed in July 2020 after replacing an underperforming contractor, and is expected to be completed by November 2021. This project marks Rudolph and Sletten's first collaboration with Rescore Property Corp.
Tutor Perini Corporation (NYSE: TPC) reported strong third-quarter results for 2020, with revenue reaching $1.4 billion, marking a 21% increase from $1.2 billion year-over-year. This growth was driven by significant infrastructure projects, including the California High-Speed Rail. Income from construction operations surged 73% to $83 million. Net income rose to $36.8 million, or $0.72 per share, influenced by a favorable tax expense linked to the CARES Act. Despite a slight decline in backlog to $9.2 billion, the company maintains confidence in future projects and affirms its EPS guidance of $1.80 to $2.10.
Tutor Perini Corporation (NYSE: TPC) will host a conference call on November 4, 2020, at 2:00 PM PT to discuss its Q3 2020 results. The call will feature Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive VP and CFO. An earnings announcement will precede the call, released after market close on the same day. Participants can join by dialing 877-407-8293 or +1-201-689-8349 for international calls. The call will be available via webcast on Tutor Perini's website, including a replay for those unable to attend live.
Tutor Perini Corporation (NYSE: TPC) announced receiving a partial final arbitration award of approximately $23.6 million against Gary Segal, the former owner, president, and CEO of Five Star Electric Corporation, on September 28, 2020. The arbitrator determined Mr. Segal breached his employment agreement and fiduciary duties. As the prevailing party, Tutor Perini will seek recovery of attorneys’ fees and interest. This matter will now advance to the final phase of arbitration.
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