Tutor Perini Stock Price, News & Analysis

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.

Tutor Perini Corporation (NYSE: TPC) reported strong fourth quarter and full year 2020 results, with revenues of $1.3 billion and $5.3 billion, representing increases of 15% and 20% respectively. Net income reached $35.5 million for Q4 and $108.4 million for the year, significantly boosted by the absence of prior-year charges. Despite a $290 million estimated revenue loss from COVID-19, the company anticipates future revenue recovery. Backlog stands at $8.3 billion, reflecting strong demand for construction services.

Tutor Perini Corporation (NYSE: TPC) will host a conference call on February 24, 2021, at 2:00 PM PT to discuss its fourth quarter and full year 2020 results. The earnings announcement will be released the same day after market close, featuring Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive VP and CFO. Interested participants can join by calling 877-407-8293 or +1-201-689-8349 for international callers. The call will also be webcast live on Tutor Perini's website, and a replay will be available shortly after the call concludes.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., secured a $44.1 million fixed-price contract from the U.S. Customs and Border Protection for the renovation of the San Juan Custom House in Puerto Rico. This historic building, constructed in 1924, is listed on the National Register of Historic Places. The two-year project involves extensive restoration including facade repairs, structural renovations, and upgrades to mechanical and electrical systems, adhering to preservation guidelines.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc. (PMSI), has secured two federal contracts totaling approximately $66.9 million. The first contract, valued at $40.9 million, involves the design and construction of a prefabricated dormitory at the Federal Law Enforcement Training Centers in Georgia. The second, worth $26 million, pertains to the renovations of the Cadet Field House at the U.S. Air Force Academy. Both projects are set for completion by December 2022 and contribute to the company's backlog for Q4 2020.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Rudolph and Sletten, has secured a $54 million contract for the Rise Koreatown project in Los Angeles. The project includes 364 rental units and a 52,000 square-foot retail area, totaling 798,000 square feet with extensive parking facilities. Construction resumed in July 2020 after replacing an underperforming contractor, and is expected to be completed by November 2021. This project marks Rudolph and Sletten's first collaboration with Rescore Property Corp.

Tutor Perini Corporation (NYSE: TPC) reported strong third-quarter results for 2020, with revenue reaching $1.4 billion, marking a 21% increase from $1.2 billion year-over-year. This growth was driven by significant infrastructure projects, including the California High-Speed Rail. Income from construction operations surged 73% to $83 million. Net income rose to $36.8 million, or $0.72 per share, influenced by a favorable tax expense linked to the CARES Act. Despite a slight decline in backlog to $9.2 billion, the company maintains confidence in future projects and affirms its EPS guidance of $1.80 to $2.10.

Tutor Perini Corporation (NYSE: TPC) will host a conference call on November 4, 2020, at 2:00 PM PT to discuss its Q3 2020 results. The call will feature Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive VP and CFO. An earnings announcement will precede the call, released after market close on the same day. Participants can join by dialing 877-407-8293 or +1-201-689-8349 for international calls. The call will be available via webcast on Tutor Perini's website, including a replay for those unable to attend live.

Tutor Perini Corporation (NYSE: TPC) announced receiving a partial final arbitration award of approximately $23.6 million against Gary Segal, the former owner, president, and CEO of Five Star Electric Corporation, on September 28, 2020. The arbitrator determined Mr. Segal breached his employment agreement and fiduciary duties. As the prevailing party, Tutor Perini will seek recovery of attorneys’ fees and interest. This matter will now advance to the final phase of arbitration.