Tutor Perini Stock Price, News & Analysis

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.

Tutor Perini Corporation (NYSE: TPC) announced that Accelerate Maryland Partners LLC will not proceed with the Maryland Express Lanes Project, initially awarded to Tutor Perini as the design and construction contractor in September 2022. This multi-billion-dollar project was part of the New American Legion Bridge I-270 Traffic Relief Plan. While the Company acknowledges the setback, it remains optimistic about potentially pursuing the project again in the future.

Tutor Perini Corporation (NYSE: TPC) announced a conference call scheduled for March 15, 2023, at 2:00 PM PT to discuss its Q4 and full year 2022 results. The call will feature insights from Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. An earnings announcement will be issued the same day after market close. Participants can join by dialing 877-407-8293 domestically or 1-201-689-8349 internationally. The call will also be webcast live on the company’s website, with a replay available shortly after.

Tutor Perini Corporation (NYSE: TPC) reported a net loss of $32.5 million for Q3 2022, compared to net income of $15.4 million in Q3 2021. Revenue decreased to $1.1 billion due to reduced project execution across segments. However, the company achieved a record operating cash flow of $72.6 million, up from a cash usage of $21.3 million in Q3 2021. The backlog remains strong at $8.4 billion, with potential new projects valued at over $4.5 billion. Despite ongoing disputes affecting guidance, the company expects solid cash generation into 2023.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Five Star Electric, has secured two new contracts worth approximately $90 million. One contract involves building a new substation at JFK International Airport to power the upcoming Terminal 1, expected to be completed by spring 2024. The second contract entails the electrical work for a PATH substation in Jersey City, NJ, with completion projected for summer 2026. These contracts will enhance the Company’s backlog in Q3 and Q4 of 2022.

Tutor Perini Corporation (NYSE: TPC) will hold a conference call on November 2, 2022, at 2:00 PM Pacific Time to discuss its third quarter 2022 results. The earnings announcement will be released on the same day after market close. Key speakers include Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. Interested participants can join via phone or listen to a live webcast on Tutor Perini's website. A replay of the call will be available shortly after the event.

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., has secured three federal contracts totaling approximately $164 million. The contracts include two task orders for hurricane recovery work at USCG Sector San Juan, valued at $132.5 million, and a $31.6 million contract for seismic upgrades at the historic Ahwahnee Hotel in Yosemite National Park. Work on these projects is set to commence immediately, with completion expected by May 2027. The contract values will enhance Tutor Perini's project backlog.

Tutor Perini Corporation (NYSE: TPC) has been awarded the design and construction contract for Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan, a significant civil works project in the U.S. The company will collaborate with AM Partners, including its subsidiary Lunda Construction and Parsons Corporation, to deliver the project. The initiative is expected to generate $12.6 billion in economic activity and create 43,400 job-years. This multi-billion dollar construction project aims to optimize travel and enhance long-term economic value while minimizing community impact.

Tutor Perini Corporation (TPC) reported Q2 2022 results, revealing a revenue decline to $0.9 billion from $1.2 billion in Q2 2021, attributed to reduced project execution. Net loss was $63 million, or $1.23 per diluted share, compared to a profit of $31.2 million in the same period last year. Strong operating cash flow totaled $58 million for the quarter and record $178.7 million year-to-date. Backlog rose 14% to $8.5 billion, driven by substantial new contracts. However, the company withdrew its 2022 earnings guidance due to uncertainties in project settlements.