Tutor Perini Stock Price, News & Analysis

Tutor Perini (NYSE: TPC) announced that its subsidiary, Rudolph and Sletten, has secured a contract worth over $1 billion for a healthcare campus project in California. The project encompasses the construction of a new hospital, energy center, and parking garage. Construction is scheduled to commence in late 2024, with substantial completion expected by 2029. The contract value has been incorporated into the company's third-quarter 2024 backlog.

Tutor Perini (NYSE: TPC) announced that its subsidiary, Frontier-Kemper Constructors, has secured a $1.1 billion contract from the New York City Department of Environmental Protection for the Kensico-Eastview Connection Tunnel Project. The project involves constructing a deep rock tunnel between the Kensico Reservoir and the Catskill/Delaware Ultraviolet Light Disinfection Facility in Westchester County, New York. The tunnel will enhance operational resiliency and redundancy for New York City's water supply system. Construction is set to begin in the coming months with completion expected in 2030.

Tutor Perini (NYSE: TPC) provided an update on recent developments, including settlement of project-related disputes. The company expects record operating cash flow of $425-$575 million for 2024, surpassing previous estimates. TPC plans to use this cash to prepay $100-$150 million of Term Loan B debt by end of 2024, with additional $50-$75 million in Q1 2025.

The company anticipates a new record backlog of approximately $14 billion as of September 30, 2024, up 35% from June 30, 2024. However, due to net charges from dispute resolutions, TPC expects to report a loss for Q3 2024 and is withdrawing its 2024 EPS guidance. The company expects to return to profitability in 2025.

TPC resolved seven of its largest disputed matters, with four having favorable outcomes. The company will record a $102 million non-cash charge for an adverse arbitration decision and a net $43 million charge for other resolutions. Despite these charges, TPC expects a net cash inflow of approximately $180 million in Q4 2024 from these resolutions.

Tutor Perini (NYSE: TPC) has announced the execution of a contract and receipt of Notice to Proceed for the $1.66 billion City Center Guideway and Stations Project in Honolulu, Hawaii. The project, awarded by the Honolulu Authority for Rapid Transportation, involves:

- Design and construction of six rail stations
- Approximately three miles of elevated rail guideway
- Scope extends from east of Middle Street Transit Center Station to Civic Center Station

Project timeline:
- Design to begin immediately
- Construction expected to start in second half of 2025
- Substantial completion anticipated by 2030

Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value has been added to the Company's backlog in the third quarter of 2024.

Tutor Perini (NYSE: TPC) announced that its subsidiary, Fisk Electric Company, has been awarded the first phase of a $147 million electrical contract for a new Harris Health hospital in Houston, Texas. The initial phase, valued at approximately $29 million, covers electrical and fire alarm components for the new hospital tower and podium.

The project, contracted by McCarthy Building Companies, Inc., is set to begin in Q4 2024 with substantial completion expected in Q4 2028. The new 12-story hospital will be Harris County's third Level I trauma center, featuring 390 private rooms, 15 operating rooms, and a rooftop helipad. The facility will span approximately 1.3 million square feet and is designed to handle a wide range of medical procedures.

Tutor Perini (NYSE: TPC) has announced that its joint venture with subsidiary Black Construction has been awarded a $113.3 million contract by the Naval Facilities Engineering Systems Command, Pacific. The project involves constructing the P-541 Missile Integration Test Facility at Naval Base Guam, part of the Pacific Deterrence Initiative.

The scope includes building a 57,664 square-foot concrete structure with missile processing spaces, a test cell, administration area, and storage rooms. The project also entails demolishing an existing building and implementing site improvements. The facility will be equipped with modern systems including air conditioning, telecommunications, and fire protection.

Work is set to begin soon, with completion expected in December 2028. The contract value has been added to Tutor Perini's backlog in the third quarter of 2024.

Tutor Perini (NYSE: TPC) and its subsidiary, Black Construction , have been awarded a $38.3 million contract for the P-324 9th Engineering Support Battalion Headquarters Project at Marine Corps Base Guam. The project, awarded by the Naval Facilities Engineering Systems Command, Pacific District, involves constructing low-rise facilities to support the 3rd Marine Expeditionary Force.

The scope includes building reinforced concrete structures with shallow foundations, featuring an administration building with offices, meeting rooms, and support spaces. Work is scheduled to begin in Q1 2025, with substantial completion expected by November 2026. The contract value will be added to Tutor Perini's backlog in Q3 2024.

Tutor Perini (NYSE: TPC) announced that its subsidiary, Five Star Electric, has been awarded a subcontract by AECOM-Hunt for the JFK International Airport Terminal 6 project. The scope includes providing lighting, lighting controls, and associated electrical branch wiring for the new terminal. The project is divided into two phases, with work beginning immediately and substantial completion expected in Q1 2026 for the first phase and Q1 2028 for the second phase. The contract value, which will be added to Tutor Perini's backlog in Q3 2024, was not disclosed. The new Terminal 6 is part of a larger $4.2 billion project led by JFK Millennium Partners in partnership with the Port Authority of New York and New Jersey.

Tutor Perini (NYSE: TPC) has announced that its subsidiary, Rudolph and Sletten, has commenced construction on the Stanford Hospital Pod E Renovation project in Palo Alto, California. The project involves renovating a 62,000 square-foot portion of the existing acute care hospital to upgrade inpatient nursing units for cancer patient recovery. The scope includes converting dual-bed patient rooms into single-patient rooms and upgrading various systems. Additionally, two 40,000 square-foot extensions will be added to increase patient bed capacity. Rudolph and Sletten has been involved in preconstruction tasks since late 2022, with substantial completion expected in spring 2027. The contract value, while undisclosed, has been included in the Company's backlog earlier this year.