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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) announced it has been awarded a $178 million contract by the U.S. Department of the Interior for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in California. This joint venture, with Brosamer & Wall, Inc., aims to restore water conveyance capacity significantly. Currently, the canal delivers water to 1 million acres of farmland and thousands of residents in San Joaquin Valley. Construction starts in November 2021, with anticipated completion in June 2024. This project supports the company's backlog.
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Black Construction Corp., secured a fixed-price contract worth approximately $122 million from the Naval Facilities Engineering Systems Command, Pacific Division. The project involves constructing a machine gun range at Andersen Air Force Base in Guam, including facilities such as a control tower and utility work. The project is set to start immediately and is expected to be completed by October 2024. This contract will contribute to the Company’s backlog in the third quarter of 2021.
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.