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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 its subsidiary, Lunda Construction Company, has secured a $62 million contract from the Minnesota Department of Transportation. The contract involves repairs to the I-494 Bridge over the Minnesota River in Bloomington, MN. Key tasks include pavement repair, reconstruction of the regional trail, bridge joint replacement, and drainage system repairs. Work is set to commence immediately, with substantial completion expected in summer 2026. This contract will be reflected in the company's first-quarter 2023 backlog, enhancing future revenue prospects.
Tutor Perini Corporation (NYSE: TPC) reported a net loss of $210 million for 2022, reflecting an 18% revenue decrease to $3.8 billion due to a lack of new project awards, primarily impacted by the COVID-19 pandemic. Despite financial challenges, the company achieved a record operating cash flow of $207 million, the highest since 2008. Backlog stood at $7.9 billion, with potential new awards exceeding $3 billion anticipated in 2023. Strategic changes were implemented to improve cash collection and project operations, particularly in the Specialty Contractors segment in New York. EPS guidance for 2023 is set between $0.45 and $0.65, with expectations for solid revenue growth driven by infrastructure funding.
Tutor Perini Corporation (NYSE: TPC) has announced that the City of New York will hold a public hearing on March 23, 2023, at 10:00 a.m. ET, regarding a proposed contract with the NYC Department of Design and Construction. The contract, valued at $2,958,933,292, is for the Design-Build Program for the Brooklyn Facility of the NYC Borough Based Jails System. The contract duration is set for 2,317 consecutive calendar days from the notice to proceed.
Tutor Perini has been a key player in civil, building, and specialty construction since 1894, recognized for its capability to execute complex projects efficiently.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., secured a $74,991,089 contract from the U.S. Army Corps of Engineers for renovations at the Cadet Field House at the U.S. Air Force Academy in Colorado Springs, CO. Work begins immediately with substantial completion expected by October 2025. This contract will enhance the company's backlog for Q1 2023. The project involves mechanical equipment replacement, installation of a new hydraulic track system, scoreboard installation, asbestos abatement, and various upgrades.
Tutor Perini Corporation (NYSE: TPC) announced that Accelerate Maryland Partners LLC will not proceed with the Maryland Express Lanes Project, initially awarded to Tutor Perini as the design and construction contractor in September 2022. This multi-billion-dollar project was part of the New American Legion Bridge I-270 Traffic Relief Plan. While the Company acknowledges the setback, it remains optimistic about potentially pursuing the project again in the future.
Tutor Perini Corporation (NYSE: TPC) announced a conference call scheduled for March 15, 2023, at 2:00 PM PT to discuss its Q4 and full year 2022 results. The call will feature insights from Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. An earnings announcement will be issued the same day after market close. Participants can join by dialing 877-407-8293 domestically or 1-201-689-8349 internationally. The call will also be webcast live on the company’s website, with a replay available shortly after.
Tutor Perini Corporation (NYSE: TPC) reported a net loss of $32.5 million for Q3 2022, compared to net income of $15.4 million in Q3 2021. Revenue decreased to $1.1 billion due to reduced project execution across segments. However, the company achieved a record operating cash flow of $72.6 million, up from a cash usage of $21.3 million in Q3 2021. The backlog remains strong at $8.4 billion, with potential new projects valued at over $4.5 billion. Despite ongoing disputes affecting guidance, the company expects solid cash generation into 2023.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Five Star Electric, has secured two new contracts worth approximately $90 million. One contract involves building a new substation at JFK International Airport to power the upcoming Terminal 1, expected to be completed by spring 2024. The second contract entails the electrical work for a PATH substation in Jersey City, NJ, with completion projected for summer 2026. These contracts will enhance the Company’s backlog in Q3 and Q4 of 2022.
Tutor Perini Corporation (NYSE: TPC) will hold a conference call on November 2, 2022, at 2:00 PM Pacific Time to discuss its third quarter 2022 results. The earnings announcement will be released on the same day after market close. Key speakers include Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. Interested participants can join via phone or listen to a live webcast on Tutor Perini's website. A replay of the call will be available shortly after the event.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., has secured three federal contracts totaling approximately $164 million. The contracts include two task orders for hurricane recovery work at USCG Sector San Juan, valued at $132.5 million, and a $31.6 million contract for seismic upgrades at the historic Ahwahnee Hotel in Yosemite National Park. Work on these projects is set to commence immediately, with completion expected by May 2027. The contract values will enhance Tutor Perini's project backlog.
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