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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, 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.