Tutor Perini Corporation reports recurring developments across civil, building and specialty construction. The company provides general contracting, design-build, pre-construction planning and project management services for private customers and public agencies, with work spanning transportation infrastructure, government facilities, water systems, buildings and public-private partnership projects.
Company updates commonly address operating results, segment revenue, backlog, project execution, new awards and change orders, including work tied to transit, federal facilities, energy resilience and utility infrastructure. News also includes capital-return actions such as quarterly cash dividends and share repurchase authorizations, along with earnings-call announcements and guidance commentary.
Tutor Perini (NYSE: TPC) announced that Elevate Inglewood Partners (EIP), a consortium including Tutor Perini as lead contractor, has been selected as the Best Value Proposer for the Inglewood Transit Connector (ITC) Project. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover in Inglewood, California.
The ITC will connect the Metro K Line with major destinations like the Kia Forum, Sofi Stadium, YouTube Theater, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority to oversee the project. EIP and the City are currently negotiating pricing and contractual terms.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Perini Management Services, has secured a $48.6 million contract from the National Park Service for the Alcatraz Island Historic Structures Stabilization and Rehabilitation Project. The project aims to address structural deficiencies and deterioration in the Alcatraz Main Prison Building, including hazardous material abatement, concrete and steel repairs, and window stabilization. The goal is to enhance safety and seismic resistance for the 1.4 million annual visitors and staff. Work begins this month with expected substantial completion by summer 2027. The contract value is included in the Company’s backlog for Q2 2024.
Tutor Perini (NYSE: TPC) announced that it has been awarded a contract for the Connecticut River Bridge Replacement Project in a joint venture with O&G Industries. The $1.3 billion project, funded by the Infrastructure Investment & Jobs Act and Amtrak, aims to replace a structurally deficient bridge with a modern, two-track, electrified bascule bridge. This project includes enhancements in track, signal, power, and security features. Work is set to begin in late summer/early fall 2024, with completion expected by 2031. Tutor Perini will hold a 30% stake in the joint venture, and its share will be added to the company's backlog in Q2 2024.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Lunda Construction Company, has secured a $53.6 million contract from the City of St. Paul, Minnesota. The project entails replacing the Kellogg/3rd Street Bridge with a new 2,100-foot bridge featuring 13 spans, four traffic lanes, and two 12-foot-wide barrier-separated trails for bicycles and pedestrians. Construction is set to commence in Q3 2024 and is expected to be substantially complete by fall 2027. This contract will be added to Tutor Perini's backlog in Q2 2024.
Tutor Perini (TPC) has announced that its subsidiary, Black Construction , in a joint venture, has been awarded a $74.4 million contract by the U.S. Naval Facilities Engineering Systems Command, Pacific District.
The contract is for the construction of a Child Development Center at Andersen Air Force Base in Guam.
The project involves building a single-story, reinforced concrete facility with child development spaces, administrative areas, staff and facility support spaces, and outdoor activity areas. The construction includes foundations, roofing, utilities, and environmental mitigation work.
Work is set to commence this summer, with substantial completion expected by summer 2026. The contract value will be added to the Company's backlog in Q2 2024.
Tutor Perini (NYSE: TPC) announced that its subsidiary, Tutor Perini Building Corp., has secured a $228.6 million contract from the Broward County Board of County Commissioners for the Terminal Connectors Project at Fort Lauderdale-Hollywood International Airport (FLL).
The project involves the construction of enclosed post-security walkways connecting Terminals 1, 2, and 3, along with upgrades to existing terminals including enhanced security checkpoints, an upgraded bag hall, expanded passenger gate-area hold room, and additional retail concessions.
Work begins in Q2 2024, aiming for substantial completion by Q3 2027. The contract value will be added to the company's backlog starting Q2 2024.
Tutor Perini (NYSE: TPC) has successfully completed the redemption of $500 million of its 6.875% Senior Notes due May 1, 2025, using proceeds from a recent $400 million offering of 11.875% Senior Notes due 2029 and cash on hand. The company's President, Gary Smalley, highlighted the achievement in reducing debt by $200 million since the previous year and reiterated the commitment to further de-leveraging using excess cash.
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