Tutor Perini (TPC) Stock News

Tutor Perini Corporation (NYSE: TPC) has announced that its subsidiary, Perini Management Services, is executing two new government contracts with a combined value of $48.9 million.

The first project, valued at $28.4 million, involves barrier system repairs at RAF Lakenheath in the UK for the US Air Force, including security fencing, gates, and surveillance infrastructure, with completion expected in fall 2026. The second project, worth $20.5 million, is a design-build contract for the US Coast Guard in Puerto Rico, focusing on infrastructure improvements at Rio Bayamon Housing, with completion scheduled for spring 2027.

Tutor Perini Corporation (NYSE: TPC) has secured a significant $220 million contract through its subsidiary, Tutor Perini Building Corp., for the Eagle Mountain Casino Phase 2 Expansion project in Porterville, California. The contract was awarded by the Tule River Gaming Authority.

The expansion project encompasses the construction of a 193-room tower featuring a rooftop restaurant, central warehouse and offices, and a 2,000-seat events center with convention space. Additional amenities include breakout meeting rooms, pre-function space, a spa, arcade, and resort pool, along with the expansion of an existing restaurant.

Construction is scheduled to begin in summer 2025, with substantial completion expected in 2027. The contract value will be added incrementally to the company's backlog, starting with the preconstruction phase booked in Q2 2025, with subsequent construction phases to be awarded later in the year.

Tutor Perini Corporation (NYSE: TPC) has been selected for a $1.871 billion contract by the Port Authority of New York and New Jersey to construct key components of the Midtown Bus Terminal Redevelopment Program in New York City.

The project scope includes building a modern seven-floor steel-clad storage and staging facility between 9th and 10th Avenues that will accommodate up to 350 buses. Additionally, the company will construct an innovative ramp structure between 10th and 11th Avenues to connect the Lincoln Tunnel with the bus terminal's above-grade levels.

Construction is scheduled to begin in fall 2025 with completion expected in fall 2028. The contract value will be added to Tutor Perini's backlog in the second quarter of 2025.

Tutor Perini Corporation (NYSE: TPC) has promoted Leonard Kaae to President of Black Construction Corporation, its Guam-based subsidiary. With over 40 years of experience at Black Construction, Kaae previously served as Senior Vice President and General Manager, overseeing operations and approximately 2,000 employees. Under his leadership, Black Construction has become Guam's largest general contractor and the island's second-largest employer after the U.S. federal government. The company maintains a record backlog and anticipates increased bidding opportunities over the next decade, driven by U.S. government funding for the Pacific Deterrence Initiative and strategic infrastructure investments in the Indo-Pacific region.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Lunda Construction Company, has secured a $34 million contract for a significant infrastructure project on Highway 169 in Jordan, Minnesota. The project scope includes the construction of four bridges and 14 cast-in-place retaining walls. Construction work commenced in May 2025, with substantial completion expected by November 2027. The contract value has been incorporated into the company's second quarter 2025 backlog.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Lunda Construction Company, has secured a $67.2 million contract from the Minnesota Department of Transportation for the I-94 and I-394 Interchange Project in Minneapolis. The comprehensive project involves repairing 34 bridges and ramps along I-394 and I-94 between downtown Minneapolis and Highway 100, including maintenance work on the Dunwoody Boulevard ramp and replacement of the Penn Avenue bridge deck over I-394. Construction is scheduled to commence in July 2025, with substantial completion expected by summer 2027. The contract value has been incorporated into the Company's second quarter 2025 backlog.

Tutor Perini (NYSE: TPC) reported exceptional Q1 2025 results with significant growth across all metrics. Revenue increased 19% Y/Y to $1.25 billion, while income from construction operations grew 34% to $65.3 million. The company achieved diluted EPS of $0.53, up 77% Y/Y, marking its second-best first-quarter EPS performance. TPC's backlog reached a record $19.4 billion, up 94% Y/Y, bolstered by $2.0 billion in new awards. Notable Q1 wins included the $1.18 billion Manhattan Tunnel project. The company generated operating cash flow of $22.9 million and reduced total debt by 24% since year-end 2024. Based on strong performance, TPC raised its 2025 EPS guidance to $1.60-$1.95 (from $1.50-$1.90) and expects 2026 and 2027 EPS to more than double the 2025 guidance.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Fisk Electric Company, has secured an electrical services contract for the Cook Children's Medical Center West Tower project in Fort Worth, Texas. The project scope encompasses electrical system design and installation for multiple facilities:

- A 763,000-square-foot hospital tower
- South utility plant expansion with 10,000 kW generation capacity
- 305,000-square-foot garage with data center
- 25,000-square-foot child daycare center

Work has already begun with completion expected in September 2030. The contract value, while undisclosed, has been added to TPC's Q1 2025 backlog.

Fisk Electric, a subsidiary of Tutor Perini Corporation, has secured a $99 million contract for the second phase of the new Harris Health hospital project in Houston, Texas. This phase is part of a larger $166 million guaranteed maximum price contract for electrical services.

The project involves constructing a new 14-story hospital tower at the Lyndon B. Johnson Hospital campus. Fisk's work scope includes electrical and fire alarm components for both core and shell and tenant finish-out. The first phase began in Q4 2024, with the second phase starting in March 2025. Project completion is expected in Q4 2028.

The new facility will become Harris County's third Level I trauma center, featuring:

• 1.3 million square feet of space
• 390 private rooms (expandable by 60)
• 15 dedicated operating rooms
• A cutting-edge hybrid operating room
• Rooftop helipad