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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 announced that its subsidiary, Rudolph and Sletten, has commenced construction on the Stanford Hospital Pod E Renovation project in Palo Alto, California. The project involves renovating a 62,000 square-foot portion of the existing acute care hospital to upgrade inpatient nursing units for cancer patient recovery. The scope includes converting dual-bed patient rooms into single-patient rooms and upgrading various systems. Additionally, two 40,000 square-foot extensions will be added to increase patient bed capacity. Rudolph and Sletten has been involved in preconstruction tasks since late 2022, with substantial completion expected in spring 2027. The contract value, while undisclosed, has been included in the Company's backlog earlier this year.
Tutor Perini (NYSE: TPC) has been awarded a $1.66 billion contract by the Honolulu Authority for Rapid Transportation (HART) for the City Center Guideway and Stations Project in Honolulu, Hawaii. The project involves designing and constructing six rail stations and approximately three miles of elevated rail guideway. Design work will begin immediately after contract execution in mid-September, with construction starting in the second half of 2025 and substantial completion expected in 2030. Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value will be added to the Company's backlog in the third quarter of 2024.
Tutor Perini (NYSE: TPC) has announced that its subsidiary, WDF, Inc., has been awarded a $35.5 million project by the New York City Housing Authority. The project involves constructing a new boiler plant at George Washington Carver Houses, a 13-building public housing development in Manhattan. The scope of work includes replacing the existing boiler plant with new boilers, domestic hot water heaters, and sump pumps. Work is scheduled to begin in June 2024, with substantial completion expected by January 2027. The contract value has been added to Tutor Perini's backlog in the second quarter of 2024.
Tutor Perini (NYSE: TPC) reported strong Q2 2024 results, with revenue up 10% to $1.1 billion compared to Q2 2023. The company generated $53.1 million in operating cash flow for Q2 and $151.4 million for the first six months of 2024. Backlog grew to $10.4 billion as of June 30, 2024, with significant new awards in Civil and Building segments. Income from construction operations increased to $40.5 million, up $38.1 million from Q2 2023. Net income was $0.8 million, or $0.02 EPS, compared to a net loss of $37.5 million in Q2 2023. The company affirmed its 2024 EPS guidance range of $0.85 to $1.10 and anticipates strong backlog growth in the second half of 2024 and 2025.
Tutor Perini (NYSE: TPC), a leading civil, building and specialty construction company, has announced a conference call to discuss its second quarter 2024 results. The call is scheduled for Thursday, August 1, 2024, at 2:00 PM Pacific Time. Key speakers will include Ronald Tutor (Chairman and CEO), Gary Smalley (President), and Ryan Soroka (Senior Vice President and CFO).
The company plans to release its earnings announcement on the same day after market close. Interested parties can participate by dialing 877-407-8293 (US) or 1-201-689-8349 (International). The call will also be webcast live on Tutor Perini's website at www.tutorperini.com. For those unable to attend, a replay will be available on the company's website shortly after the call.
Tutor Perini (NYSE: TPC) announced that Elevate Inglewood Partners (EIP), a consortium including Tutor Perini as lead contractor, has been selected as the Best Value Proposer for the Inglewood Transit Connector (ITC) Project. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover in Inglewood, California.
The ITC will connect the Metro K Line with major destinations like the Kia Forum, Sofi Stadium, YouTube Theater, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority to oversee the project. EIP and the City are currently negotiating pricing and contractual terms.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Perini Management Services, has secured a $48.6 million contract from the National Park Service for the Alcatraz Island Historic Structures Stabilization and Rehabilitation Project. The project aims to address structural deficiencies and deterioration in the Alcatraz Main Prison Building, including hazardous material abatement, concrete and steel repairs, and window stabilization. The goal is to enhance safety and seismic resistance for the 1.4 million annual visitors and staff. Work begins this month with expected substantial completion by summer 2027. The contract value is included in the Company’s backlog for Q2 2024.
Tutor Perini (NYSE: TPC) announced that it has been awarded a contract for the Connecticut River Bridge Replacement Project in a joint venture with O&G Industries. The $1.3 billion project, funded by the Infrastructure Investment & Jobs Act and Amtrak, aims to replace a structurally deficient bridge with a modern, two-track, electrified bascule bridge. This project includes enhancements in track, signal, power, and security features. Work is set to begin in late summer/early fall 2024, with completion expected by 2031. Tutor Perini will hold a 30% stake in the joint venture, and its share will be added to the company's backlog in Q2 2024.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Lunda Construction Company, has secured a $53.6 million contract from the City of St. Paul, Minnesota. The project entails replacing the Kellogg/3rd Street Bridge with a new 2,100-foot bridge featuring 13 spans, four traffic lanes, and two 12-foot-wide barrier-separated trails for bicycles and pedestrians. Construction is set to commence in Q3 2024 and is expected to be substantially complete by fall 2027. This contract will be added to Tutor Perini's backlog in Q2 2024.
Tutor Perini (TPC) has announced that its subsidiary, Black Construction , in a joint venture, has been awarded a $74.4 million contract by the U.S. Naval Facilities Engineering Systems Command, Pacific District.
The contract is for the construction of a Child Development Center at Andersen Air Force Base in Guam.
The project involves building a single-story, reinforced concrete facility with child development spaces, administrative areas, staff and facility support spaces, and outdoor activity areas. The construction includes foundations, roofing, utilities, and environmental mitigation work.
Work is set to commence this summer, with substantial completion expected by summer 2026. The contract value will be added to the Company's backlog in Q2 2024.
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