Tutor Perini Stock Price, News & Analysis

Tutor Perini (NYSE: TPC) has scheduled a conference call for Thursday, February 27, 2025, at 2:00 PM Pacific Time to discuss its fourth quarter and full year 2024 financial results. CEO and President Gary Smalley, Executive Vice President and CFO Ryan Soroka, and Executive Chairman Ronald Tutor will lead the discussion.

The company will release its earnings announcement after market close on the same day. Participants can join via phone (877-407-8293 for domestic, +1-201-689-8349 for international callers) or through a live webcast on the company's website. The webcast recording will be available for replay after the call.

Tutor Perini (NYSE: TPC) and its subsidiary Frontier-Kemper Constructors have been awarded a $1.18 billion design-build contract for the Manhattan Tunnel Project, part of the larger Hudson Tunnel Project (HTP). The project involves constructing twin 30-foot diameter tunnels spanning approximately 700 feet beneath the Hudson River's eastern shore.

The scope includes building an access shaft at 12th Avenue and Manhattan West Side Highway, which will later serve as a ventilation facility. This initiative is part of a broader resiliency project to establish new passenger rail tracks between New York and New Jersey while rehabilitating the North River Tunnel, which suffered damage during Superstorm Sandy.

Construction is scheduled to begin in spring 2025 with completion expected in 2029. The contract value will be added to the company's backlog in Q1 2025.

Tutor Perini (NYSE: TPC) has announced an additional $75 million prepayment of its Term Loan B debt. This latest debt reduction brings the company's total deleveraging to $430 million over the past twelve months, with $320 million specifically allocated to early Term Loan B paydowns. Following these recent payments, the remaining principal balance of the Term Loan B stands at approximately $47 million as of January 21, 2025.

Tutor Perini (NYSE: TPC) announced that Gary Smalley has assumed the position of Chief Executive Officer and joined the Board of Directors, succeeding Ronald N. Tutor who transitions to Executive Chairman. Smalley, who previously served as President since November 2023, was part of a formal succession plan announced earlier.

Smalley's experience includes serving as Executive Vice President and CFO at Tutor Perini since September 2015, following nearly 24 years in financial management roles at Fluor The company currently maintains a record backlog with strong visibility into future cash flow generation and profitability.

Ronald Tutor, who served as Chairman and CEO since 2008, will continue as Executive Chairman through 2026, concluding over 61 years of career achievements in the construction industry.

Tutor Perini (NYSE: TPC) has pre-paid an additional $100 million of its Term Loan B debt, following a previous $50 million paydown announced in November. This total $150 million debt reduction represents the upper end of the company's Q4 2024 target. The remaining Term Loan B principal balance stands at approximately $123 million as of November 20, 2024. The company plans to exceed its previously announced target of $50-75 million additional debt reduction in Q1 2025. All debt repayments were voluntary, early paydowns.

Tutor Perini (NYSE: TPC) and O&G Industries have been awarded a $1.18 billion contract by the Port Authority of New York and New Jersey for the AirTrain Newark Replacement Program. The project involves designing and constructing a 2.5-mile elevated, automated people mover train system with three stations at Newark Liberty International Airport, replacing the existing AirTrain that has operated since 1996. Tutor Perini is the managing partner with O&G holding a 25% stake, while Parsons will serve as the lead design subcontractor.

Tutor Perini (NYSE: TPC) reported Q3 2024 results with revenue of $1.1 billion, slightly up from Q3 2023. The company posted a net loss of $100.9 million ($1.92 per share) due to $152 million in net charges from dispute resolutions. Notable highlights include record backlog of $14.0 billion, up 35% from Q2 2024, and strong year-to-date operating cash flow of $174.0 million. The company expects record full-year 2024 operating cash flow of $425-575 million and plans to prepay $100-150 million of Term Loan B debt by year-end, with additional $50-75 million prepayment in Q1 2025. Management anticipates return to profitability in 2025.

Tutor Perini (NYSE: TPC), in a joint venture with O&G Industries, has been named the Apparent Selected Proposer for the new Manhattan Jail Facility project by the New York City Department of Design and Construction. The multi-billion-dollar design-build project is part of a four-jail initiative replacing the Rikers Island Jail Complex. The new facility will feature 886 beds, 125 below-grade parking spaces, and 20,000 square feet of community and commercial space. The project includes dedicated areas for on-site services, recreation, food services, and staff facilities. Tutor Perini leads the joint venture with 75% ownership, while O&G holds 25%, with HOK as the design partner.

Tutor Perini (NYSE: TPC) and Nan, Inc. have been awarded a $330.6 million base contract by Naval Facilities Engineering Systems Command for the Apra Harbor Waterfront Repairs Project in Guam. The design-build project aims to repair Glass Breakwater and restore waterfront areas damaged by storms, including Typhoon Mawar in May 2023. The contract includes nine additional options worth up to $230 million. Tutor Perini is the managing partner with 70% stake, while Nan, Inc. holds 30%. Design work begins immediately, with construction starting August 2025 and completion expected July 2029.