Welcome to our dedicated page for Tutor Perini news (Ticker: TPC), a resource for investors and traders seeking the latest updates and insights on Tutor Perini stock.
Tutor Perini Corporation (TPC) is a leading construction services provider specializing in complex infrastructure and building projects. This page serves as the definitive source for official company announcements, financial updates, and operational developments.
Key resources include: Quarterly earnings reports, project award notices, regulatory filings, and leadership updates. Investors and industry professionals can monitor progress on major civil infrastructure initiatives, building segment contracts, and specialty construction milestones.
The curated news archive enables tracking of TPC's strategic positioning in markets including transportation, water infrastructure, and specialized facilities construction. Content is updated press releases and verified financial disclosures, maintaining compliance with SEC regulations.
Bookmark this page for direct access to TPC's corporate communications, including contract awards from government agencies and private sector partners. Regular updates provide insights into the company's project pipeline and operational health.
Tutor Perini (NYSE: TPC) and its subsidiary Frontier-Kemper Constructors have been awarded a $1.18 billion design-build contract for the Manhattan Tunnel Project, part of the larger Hudson Tunnel Project (HTP). The project involves constructing twin 30-foot diameter tunnels spanning approximately 700 feet beneath the Hudson River's eastern shore.
The scope includes building an access shaft at 12th Avenue and Manhattan West Side Highway, which will later serve as a ventilation facility. This initiative is part of a broader resiliency project to establish new passenger rail tracks between New York and New Jersey while rehabilitating the North River Tunnel, which suffered damage during Superstorm Sandy.
Construction is scheduled to begin in spring 2025 with completion expected in 2029. The contract value will be added to the company's backlog in Q1 2025.
Tutor Perini (NYSE: TPC) has announced an additional $75 million prepayment of its Term Loan B debt. This latest debt reduction brings the company's total deleveraging to $430 million over the past twelve months, with $320 million specifically allocated to early Term Loan B paydowns. Following these recent payments, the remaining principal balance of the Term Loan B stands at approximately $47 million as of January 21, 2025.
Tutor Perini (NYSE: TPC) announced that Gary Smalley has assumed the position of Chief Executive Officer and joined the Board of Directors, succeeding Ronald N. Tutor who transitions to Executive Chairman. Smalley, who previously served as President since November 2023, was part of a formal succession plan announced earlier.
Smalley's experience includes serving as Executive Vice President and CFO at Tutor Perini since September 2015, following nearly 24 years in financial management roles at Fluor The company currently maintains a record backlog with strong visibility into future cash flow generation and profitability.
Ronald Tutor, who served as Chairman and CEO since 2008, will continue as Executive Chairman through 2026, concluding over 61 years of career achievements in the construction industry.
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.
FAQ
What is the current stock price of Tutor Perini (TPC)?
What is the market cap of Tutor Perini (TPC)?
