Tutor Perini Provides Update on Recent Settlement Related to the SFMTA Central Subway Project

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) announced a settlement regarding its involvement in the Central Subway Project in San Francisco. On March 2, 2021, the San Francisco Municipal Transportation Agency (SFMTA) approved contract modifications worth $146.6 million, resolving all related issues. The Company expressed satisfaction with the settlement and is optimistic about completing the Project successfully in the near term.

Positive

• Settlement of $146.6 million approved, resolving project-related issues.
• Positive outlook for the successful completion of the Central Subway Project.

Negative

• None.

Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, provided an update today regarding a recent settlement related to the Company’s work on the Central Subway Project (the “Project”) in San Francisco. On March 2, 2021, the Board of Directors of the San Francisco Municipal Transportation Agency (“SFMTA”) approved two contract modifications pertaining to the Project totaling $146.6 million, which resolved all issues contained therein. The Company is pleased with the settlement and looks forward to a successful completion of the Project in the near term.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210309005325/en/

FAQ

What is the recent settlement amount for Tutor Perini related to the Central Subway Project?

The settlement amount is $146.6 million.

What project is Tutor Perini Corporation involved with in San Francisco?

Tutor Perini Corporation is involved with the Central Subway Project.

When did the San Francisco Municipal Transportation Agency approve the contract modifications?

The approval was made on March 2, 2021.

What is the stock symbol for Tutor Perini Corporation?

The stock symbol for Tutor Perini Corporation is TPC.