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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) announced that its subsidiary, Rudolph and Sletten, has received notice to proceed with the construction of a new criminal courthouse for the Judicial Council of California in Santa Rosa. The facility will encompass 15 courtrooms within a six-story building totaling 169,147 square feet, replacing the existing courthouse. This project aims to enhance operational efficiencies while providing modern amenities, including jury assembly rooms and secure holding areas. Construction commenced in June 2021, with completion expected by July 2023, and is included in the company's second-quarter 2021 backlog.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Lunda Construction Company, has been selected by the Missouri Department of Transportation for the design and construction of the new I-70 Missouri River Bridge near Rocheport, Missouri. The project includes two bridges to facilitate traffic flow with minimal disruption. Design work will begin after contract execution, with construction expected to start later this year and substantial completion by the end of 2024. The project budget is set at $220 million, which will contribute to TPC's backlog in Q3 2021.
Tutor Perini Corporation (NYSE: TPC) announced the appointment of Michael Smithson as Executive Vice President to oversee growth in the Building and Specialty Contractors segments. Smithson brings nine years of experience from Skanska USA, where he led heavy civil projects in Los Angeles and the western U.S. He holds degrees from Purdue University and the University of Illinois. Ronald Tutor, the CEO, expressed optimism about Smithson's contributions to the company's future growth.
Tutor Perini Corporation (NYSE: TPC) reported first-quarter 2021 results, showing revenue of $1.21 billion, slightly down from $1.25 billion year-over-year due to reduced activities in the Building segment. However, income from construction operations increased by 5% to $49.7 million, driven by higher-margin Civil segment projects. Net income was $16.0 million, or $0.31 per diluted share, reflecting a rise in effective tax rates. Backlog remained solid at $8.1 billion, with new awards totaling $1.0 billion, including significant government contracts. The company affirms EPS guidance of $1.80 to $2.20.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Rudolph and Sletten, has secured a $269 million design-build contract for a skilled nursing and memory care facility for the California Department of General Services. The facility will be located at the historic Yountville Veterans Home and will replace three existing structures, providing 240 beds for aged or disabled veterans. The project design will meet LEED Gold standards and is set to commence this spring, with anticipated completion by the end of 2023.
Tutor Perini Corporation (NYSE: TPC) announced a conference call scheduled for May 5, 2021, at 2:00 PM Pacific Time to discuss its first quarter 2021 results. The call will feature Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. The earnings announcement will be released the same day after market close. Participants can join by dialing 877-407-8293 or +1-201-689-8349 for international callers. The conference call will also be webcast live on Tutor Perini's website.
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.
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