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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 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.
Tutor Perini Corporation (NYSE: TPC), a prominent construction firm, will host a conference call on May 4, 2022, at 2:00 PM Pacific Time, to discuss its first quarter 2022 results. The earnings announcement will be released that same day after market close. Key speakers include Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive VP and CFO. Interested parties can join the call by dialing in or accessing the webcast on the company's official website.
Tutor Perini Corporation (NYSE: TPC) has secured a firm fixed-price contract worth approximately $106.8 million from NAVFAC for the construction of the Bachelor Officer Quarters-B project at Marine Corps Base Camp Blaz in Guam. This marks the second such contract awarded to the Black Construction-Tutor Perini joint venture. Funded by the Japanese government as part of a military relocation agreement, the project will include multi-story housing for officers with completion expected by December 2024. Engineering is underway and fieldwork is set to commence in July 2022.
Tutor Perini Corporation (NYSE: TPC) announced that its Guam subsidiary, Black Construction Corporation, has been named a 2022 Top 200 Performer by the Associated Builders and Contractors (ABC). Black was recognized for excellence in safety, quality, and project delivery, ranking #1 among Top Military Contractors and within the top 10 in several other categories, including Government and Airport Contractors. This recognition highlights Black's commitment to quality construction services and adherence to safety standards.
Tutor Perini Corporation (NYSE: TPC) announced a CAD$341 million contract awarded to its subsidiary Frontier-Kemper Constructors by FortisBC Energy, Inc. for the Eagle Mountain-Woodfibre Gas Pipeline project. This involves boring a nine-kilometer tunnel to install a 24-inch natural gas pipeline, ensuring the protection of sensitive ecosystems. Pre-construction starts in March 2022, with construction projected to begin in early 2023 and substantial completion expected in 2025. This contract will boost the company’s 2022 backlog.
Tutor Perini Corporation (NYSE: TPC) reported a diluted EPS of $1.79 for 2021, aligning with guidance, despite a 23% decline in Q4 revenue to $1.0 billion and a 13% decrease for the full year to $4.6 billion. The Civil segment achieved a record operating margin of 12.7%, bolstered by large projects. A total backlog of $8.2 billion remained stable year-over-year. Expected challenges include a rise in the effective tax rate and the impacts of COVID-19 on bidding activities. Initial EPS guidance for 2022 is set between $1.15 and $1.60.
Tutor Perini Corporation (NYSE: TPC) announced a conference call to discuss its fourth quarter and full year 2021 results on February 24, 2022, at 2:00 PM PT. The call will feature Chairman and CEO Ronald Tutor and CFO Gary Smalley, with the earnings announcement to be released after market close on the same day. Interested participants can join the call by dialing 877-407-8293 for domestic or +1-201-689-8349 for international calls. The live webcast will be available on the company's website.