Tutor Perini Stock Price, News & Analysis

Tutor Perini Corporation (NYSE: TPC) will host a conference call on May 4, 2023, at 2:00 PM Pacific Time to discuss its Q1 2023 results. The call will feature Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive VP and CFO. An earnings announcement will be issued on the same day after market close. Participants can join by calling 877-407-8293 (international: 1-201-689-8349) five to ten minutes prior to the call. The conference will be webcast live on Tutor Perini's website, available for replay afterward. Tutor Perini, established in 1894, is recognized for delivering large construction projects on time and within budget, making it a prominent figure in the civil, building, and specialty construction sectors.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Black Micro Corp., secured a firm-fixed-price contract worth $221,690,757 from the Naval Facilities Engineering Systems Command Pacific. This contract involves construction work at Tinian International Airport in the Northern Mariana Islands, including a cargo pad, fuel tanks, and a maintenance support facility. There are three unexercised options that could raise the total contract value to $225,667,367. Construction is slated to begin immediately, with substantial completion expected by October 2026. This contract will be reflected in the company’s second-quarter 2023 backlog.

Tutor Perini Corporation (NYSE: TPC) announced its subsidiary, Lunda Construction Company, has secured a $62 million contract from the Minnesota Department of Transportation. The contract involves repairs to the I-494 Bridge over the Minnesota River in Bloomington, MN. Key tasks include pavement repair, reconstruction of the regional trail, bridge joint replacement, and drainage system repairs. Work is set to commence immediately, with substantial completion expected in summer 2026. This contract will be reflected in the company's first-quarter 2023 backlog, enhancing future revenue prospects.

Tutor Perini Corporation (NYSE: TPC) reported a net loss of $210 million for 2022, reflecting an 18% revenue decrease to $3.8 billion due to a lack of new project awards, primarily impacted by the COVID-19 pandemic. Despite financial challenges, the company achieved a record operating cash flow of $207 million, the highest since 2008. Backlog stood at $7.9 billion, with potential new awards exceeding $3 billion anticipated in 2023. Strategic changes were implemented to improve cash collection and project operations, particularly in the Specialty Contractors segment in New York. EPS guidance for 2023 is set between $0.45 and $0.65, with expectations for solid revenue growth driven by infrastructure funding.

Tutor Perini Corporation (NYSE: TPC) has announced that the City of New York will hold a public hearing on March 23, 2023, at 10:00 a.m. ET, regarding a proposed contract with the NYC Department of Design and Construction. The contract, valued at $2,958,933,292, is for the Design-Build Program for the Brooklyn Facility of the NYC Borough Based Jails System. The contract duration is set for 2,317 consecutive calendar days from the notice to proceed.

Tutor Perini has been a key player in civil, building, and specialty construction since 1894, recognized for its capability to execute complex projects efficiently.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., secured a $74,991,089 contract from the U.S. Army Corps of Engineers for renovations at the Cadet Field House at the U.S. Air Force Academy in Colorado Springs, CO. Work begins immediately with substantial completion expected by October 2025. This contract will enhance the company's backlog for Q1 2023. The project involves mechanical equipment replacement, installation of a new hydraulic track system, scoreboard installation, asbestos abatement, and various upgrades.