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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 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.
Tutor Perini Corporation (NYSE: TPC) has been awarded the design and construction contract for Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan, a significant civil works project in the U.S. The company will collaborate with AM Partners, including its subsidiary Lunda Construction and Parsons Corporation, to deliver the project. The initiative is expected to generate $12.6 billion in economic activity and create 43,400 job-years. This multi-billion dollar construction project aims to optimize travel and enhance long-term economic value while minimizing community impact.
Tutor Perini Corporation (TPC) reported Q2 2022 results, revealing a revenue decline to $0.9 billion from $1.2 billion in Q2 2021, attributed to reduced project execution. Net loss was $63 million, or $1.23 per diluted share, compared to a profit of $31.2 million in the same period last year. Strong operating cash flow totaled $58 million for the quarter and record $178.7 million year-to-date. Backlog rose 14% to $8.5 billion, driven by substantial new contracts. However, the company withdrew its 2022 earnings guidance due to uncertainties in project settlements.
Tutor Perini Corporation (NYSE: TPC) will host a conference call on August 5, 2022, at 8:00 AM Pacific Time, to discuss its second quarter 2022 results. The call will feature CEO Ronald Tutor and CFO Gary Smalley. An earnings announcement will be released the same day before market open. Interested parties can join the call by dialing 877-407-8293 or 1-201-689-8349 for international callers. A live webcast will be accessible on Tutor Perini's website, with a replay available shortly after the call.
Tutor Perini Corporation (NYSE: TPC) has been identified as the low bidder for New Jersey Transit’s Raritan River Bridge Replacement Project, with a bid of approximately $519 million. This project aims to replace a 114-year-old bridge between South Amboy and Perth Amboy, which was damaged by Superstorm Sandy in 2012. The new bridge is designed to resist future storm surges and severe weather. The anticipated contract award is expected in Q4 2022, with work commencing shortly thereafter.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, has secured a task order valued at approximately $85 million from the United States Coast Guard for designing and constructing family housing at Kodiak, Alaska. The project involves building 50 family housing units in duplex configurations, including related site improvements. Work is set to begin immediately, with substantial completion expected by Q3 2025. This contract will enhance the Company's backlog for Q2 2022.
Tutor Perini Corporation (NYSE: TPC) has secured an $83,733,445 contract from the Naval Facilities Engineering Systems Command to improve wharf infrastructure at Naval Base Guam. The project will modernize Berth 2 for optimal support of two loaded T-AKE vessels. Work is starting immediately and is projected for completion by September 2024. This contract will contribute to the Company's backlog for the second quarter of 2022.
Tutor Perini Corporation (NYSE: TPC) announced that the Black Construction-Tutor Perini joint venture received awards totaling approximately $122 million from the Naval Facilities Engineering Systems Command, Pacific Division. The new projects include a $73 million task order for constructing support facilities for the Marine Corps at Naval Support Activity, Guam, and a $48 million task order for a permanent aviation building at Andersen Air Force Base, Guam. Both projects are expected to be completed by August 2024.
Tutor Perini Corporation (NYSE: TPC) reported a net loss of $21.6 million, or $0.42 per diluted share, in Q1 2022, compared to a profit of $16.0 million, or $0.31 per diluted share, in Q1 2021. Revenue declined to $1.0 billion from $1.2 billion, attributed to reduced project activity and an adverse legal ruling. However, operating cash flow reached a record $120.7 million, driven by improved cash collection. The backlog increased to $8.3 billion, showcasing continued demand, while the EPS guidance remains between $1.15 and $1.60 for the year.