Welcome to our dedicated page for Tutor Perini news (Ticker: TPC), a resource for investors and traders seeking the latest updates and insights on Tutor Perini stock.
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, Rudolph and Sletten, has secured a $269 million design-build contract for a skilled nursing and memory care facility for the California Department of General Services. The facility will be located at the historic Yountville Veterans Home and will replace three existing structures, providing 240 beds for aged or disabled veterans. The project design will meet LEED Gold standards and is set to commence this spring, with anticipated completion by the end of 2023.
Tutor Perini Corporation (NYSE: TPC) announced a conference call scheduled for May 5, 2021, at 2:00 PM Pacific Time to discuss its first quarter 2021 results. The call will feature Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. The earnings announcement will be released the same day after market close. Participants can join by dialing 877-407-8293 or +1-201-689-8349 for international callers. The conference call will also be webcast live on Tutor Perini's website.
Tutor Perini Corporation (NYSE: TPC) has been selected by the Los Angeles County Metropolitan Transportation Authority as the low bidder for the LAX Airport Metro Connector Project, valued at approximately $478 million. This project entails creating a new major transit station hub that connects the Metro Crenshaw/LAX and Green rail lines, along with various bus routes to the LAX Automated People Mover. Construction is expected to start in Q3 2021 and be substantially completed by Q1 2025. The contract value will be booked into backlog in Q1 2021.
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.