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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) has announced that its subsidiary, Rudolph and Sletten, has secured a contract to construct a new Cedars-Sinai Marina del Rey Hospital in Los Angeles County, California. The nine-story facility will span 230,000 square feet and feature advanced medical services, including expanded emergency care, private patient rooms, and specialized operating rooms. Construction is set to begin in October 2021 and is expected to be completed by 2026. This contract adds to the Company’s backlog for Q3 2021.
Tutor Perini Corporation (NYSE: TPC) announced its joint venture with Black Construction has secured a fixed-price contract worth approximately $98.3 million from the Naval Facilities Engineering Systems Command for constructing bachelor officer quarters at Marine Corps Base Camp Blaz, Guam. Funded by the Japanese government, the project involves building a multi-story housing tower and aims for substantial completion by May 2024. Engineering work is ongoing, with field activities expected to commence in November 2021 and will contribute to the company's third-quarter 2021 backlog.
Tutor Perini Corporation (NYSE: TPC) reported second-quarter 2021 revenue of $1.22 billion, a decrease from $1.28 billion in Q2 2020, primarily due to reduced activity in the Building segment. However, income from construction operations rose 19% to $68.8 million, driven by higher-margin projects. Net income surged to $31.2 million, or $0.61 per diluted share, compared to $18.7 million, or $0.37 per diluted share, a year earlier. The backlog stands at $7.5 billion, down from $8.3 billion at the end of 2020, with new awards totaling $0.6 billion. The company affirms its EPS guidance of $1.80 to $2.20.
Tutor Perini Corporation (NYSE: TPC) will host a conference call on August 4, 2021, at 2:00 PM PT to discuss its second quarter 2021 results. Ronald Tutor, Chairman and CEO, along with Gary Smalley, Executive VP and CFO, will present the details. The earnings announcement will be made after market close on the same day. To join the call, participants can dial in five to ten minutes early. The call will also be available via live webcast on Tutor Perini's website, with replays accessible shortly after the session.
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.
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