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Tutor Perini

Tutor Perini Corp offers general contracting, construction management, and design-build services to private and public customers. The company constructs and repairs transportation infrastructure, water-treatment facilities, and a wide range of buildings. It plans and schedules the manpower, equipment, materials, and subcontractors required for a project. Tutor Perini has three operating segments: civil, building, and specialty contractors and generates majority revenue from civil segment. The company offers self-performed construction services, including site work, concrete forming, steel erection, electrical, mechanical, and heating, ventilation, and air conditioning, or HVAC. The majority of its total revenue is derived from the United States.

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News

Tutor Perini Announced That The Company Has Pre-paid An Additional $100M Of Its Term Loan B Debt

Tutor Perini-O&G Joint Venture Secures $1.18B Contract For AirTrain Newark Replacement Project, Including 2.5-Mile Automated Train System And Three New Stations At Newark Liberty Airport

B. Riley Securities analyst Alex Rygiel maintains Tutor Perini (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) with a Buy and raises the price target from $38 to $40.

Price Target

Analyst Ratings

B. Riley Securities Maintains Buy on Tutor Perini, Raises Price Target to $40

Tutor Perini (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) reported quarterly losses of $(1.92) per share which missed the analyst consensus estimate of $(1.89) by 1.59 percent. The company reported quarterly sales of $1.083 billion which missed the analyst consensus estimate of $1.170 billion by 7.42 percent. This is a 2.07 percent increase over sales of $1.061 billion the same period last year.

Earnings

Earnings Misses

Tutor Perini Q3 2024 GAAP EPS $(1.92) Misses $(1.89) Estimate, Sales $1.083B Miss $1.170B Estimate

Contracts

Tutor Perini, In A Joint Venture With O&G Industries, Has Been Identified As The Apparent Selected Proposer By The New York City Department Of Design And Construction For The New Manhattan Jail Facility

Tutor Perini (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-11-06. Here's what investors need to know before the announcement.
Analysts estimate that Tutor Perini will report an earnings per share (EPS) of $-1.89. 
The market awaits Tutor Perini's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Past Earnings Performance</h3>
In the previous earnings release, the company missed EPS by $0.00, leading to a 26.81% drop in the share price the following trading session.
Here's a look at Tutor Perini's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.19</td>
<td>-0.17</td>
<td>0.13</td>
<td>0.09</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.19</td>
<td>0.30</td>
<td>-0.91</td>
<td>-0.71</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-27.0%</td>
<td>28.000000000000004%</td>
<td>23.0%</td>
<td>-0.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730840530_0.png" alt="eps graph" />
<h3>Performance of Tutor Perini Shares</h3>
Shares of Tutor Perini were trading at $26.14 as of November 04. Over the last 52-week period, shares are up 261.88%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<a href="https://www.benzinga.com/quote/TPC/earnings">To track all earnings releases for Tutor Perini visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Tutor Perini Earnings Preview

The contract includes nine options for additional anticipated scopes of work that, if exercised, could increase the total contract value by up to an additional $230 million. Six of these options are to repair additional sections of the Glass Breakwater, while three options are associated with shoreline repairs to the inner harbor.

Tutor Perini-Nan JV Secures Contract With Base Value Of $330.6M From The Naval Facilities Engineering Systems Command, Marianas, For The Apra Harbor Waterfront Repairs Project

The contract value was added to the Company's backlog in the third quarter of 2024.

Tutor Perini Subsidiary Secures Contract Valued At More Than $1B For A Healthcare Campus Project In California

UBS analyst Steven Fisher maintains Tutor Perini (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) with a Buy and raises the price target from $27 to $39.

UBS Maintains Buy on Tutor Perini, Raises Price Target to $39

Work is expected to begin in the coming months with substantial completion expected in 2030. The contract value was added to the Company&#39;s backlog in the&nbsp;third quarter&nbsp;of 2024.

Tutor Perini Subsidiary Secures Contract Valued At $1.1B From New York City Department Of Environmental Protection For Kensico-Eastview Connection Tunnel Project

WIIM

Tutor Perini shares are trading higher after the company provided updates regarding recent developments and says it made 'considerable progress' in resolving seven of its largest disputed matters.

Excluding the impact of net charges, the Company believes that the&nbsp;third-quarter 2024 results would have been profitable, and it would have been in a position to achieve its previously provided EPS&nbsp;guidance&nbsp;range.
During the&nbsp;third quarter&nbsp;of 2024 and through the date of this release, several matters in various stages of litigation or dispute resolution proceedings with project owners, subcontractors and/or insurance companies were adjudicated or otherwise settled.&nbsp;
For one matter, the Company expects to record a non-cash, pre-tax charge to income (loss) from construction operations of approximately&nbsp;$102 million&nbsp;in the&nbsp;third quarter&nbsp;of 2024 as a result of an unexpected adverse arbitration decision issued in October 2024 involving a Civil segment bridge project in California.&nbsp;
For the resolution of other matters, including the other six large disputed balances, the Company expects to record a net pre-tax charge to income (loss) from construction operations of approximately&nbsp;$43 million&nbsp;in the&nbsp;third quarter&nbsp;of 2024, with an associated expected net cash inflow to the Company resulting from these resolutions of approximately&nbsp;$180 million, which is expected to be received in the&nbsp;fourth quarter&nbsp;of 2024.

Guidance

Tutor Perini Says Made Considerable Progress In Resolving Seven Of Its Largest Disputed Matters; Expects To Return To Profitability In 2025

As a result of the net charges, the Company expects that it will report a loss from construction operations and negative earnings per share for the&nbsp;third quarter&nbsp;of 2024.
The Company does not expect these net charges to affect compliance with its debt covenants. Excluding the impact of these net charges, the Company believes that the&nbsp;third-quarter&nbsp;results would have been profitable, and it would have been in a position to achieve its previously provided EPS&nbsp;guidance&nbsp;range.
Because of anticipated cash collections resulting from settlements and from other unrelated project activities, some of which are driven by new awards, the Company expects that its operating cash flow for 2024 will be in the range of&nbsp;$425 million&nbsp;to&nbsp;$575 million, meaningfully surpassing the Company&#39;s previous record for full-year operating cash generation in 2023 and significantly greater than previous estimates.
The Company expects to use this anticipated cash, in part, to prepay its Term Loan B debt by&nbsp;$100 million&nbsp;to&nbsp;$150 million&nbsp;by the end of 2024, with further prepayments of&nbsp;$50 million&nbsp;to&nbsp;$75 million&nbsp;in the&nbsp;first quarter&nbsp;of 2025.

Tutor Perini Withdraws EPS Guidance For 2024; Expects To Report Loss From Construction Operations And Negative EPS For Q3

Scope Includes Design And Construction Of Six Rail Stations And Three Miles Of Elevated Rail Guideway; Project Design Begins Immediately With Construction Starting In Second Half Of 2025 And Substantial Completion Expected By 2030

Tutor Perini Announces $1.66B Contract And Notice To Proceed For City Center Guideway And Stations Project In Honolulu

Tutor Perini Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) (the "Company"), a leading civil, building and specialty construction company, announced today that its subsidiary, Fisk Electric Company ("Fisk Electric"), has been awarded the first phase (valued at approximately $29 million) of a guaranteed maximum price contract currently valued at approximately $147 million by McCarthy Building Companies, Inc. for electrical services for the new Harris Health hospital on the Lyndon B. Johnson Hospital campus in Houston, Texas. The project owner is Harris Health. Fisk Electric's scope of work includes the core and shell and tenant finish-out electrical and fire alarm components for the ground-up construction of the new hospital tower and podium. Work is expected to begin in the fourth quarter of 2024 with substantial completion of the entire electrical contract anticipated in the fourth quarter of 2028.

Tutor Perini's Fisk Electric Awarded First Phase Of The $147M Electrical Contract For A New Harris Health Hospital In Northeast Harris County, Texas

Tutor Perini Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) (the "Company"), a leading civil, building and specialty construction company, announced today that the Company, in a joint venture with its subsidiary, Black Construction Corporation, has been awarded a contract valued at approximately $113.3 million by the Naval Facilities Engineering Systems Command, Pacific, for the P-541 Missile Integration Test Facility at Naval Base Guam. The scope of work for this project, under the Pacific Deterrence Initiative, includes construction of the test facility, comprised of a single-story concrete 57,664 square-foot structure on a deep pile foundation. The test facility will support missile processing spaces, a missile test cell with test control room, an administration area and storage and utility rooms. The scope of work also includes demolition of an existing building, associated site improvements and all other necessary supporting facilities. The new facility will include complete plumbing, air conditioning and ventilation, lighting and electrical power, telecommunications, life safety and fire protection systems, emergency power generator and associated fuel tank.
Work is expected to begin shortly with substantial completion anticipated in December 2028. The contract value was added to the Company's backlog in the third quarter of 2024.

Black Construction-Tutor Perini Joint Venture Awarded $113.3M Contract For P-541 Missile Integration Test Facility In Guam

Black Construction-Tutor Perini Joint Venture Awarded $38.3M Contract For P-324 9th Engineering Support Battalion Headquarters Project In Guam

Tutor Perini Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) (the "Company"), a leading civil, building and specialty construction company, announced today that its subsidiary, Five Star Electric, has been awarded a subcontract by AECOM-Hunt for a two-phased undertaking to provide lighting, lighting controls and associated electrical branch wiring for the new JFK Terminal 6 (T6) currently under construction at John F. Kennedy International Airport and set to open in 2026. Work is expected to begin immediately with substantial completion anticipated in the first quarter of 2026 for the first phase and the first quarter of 2028 for the second phase. AECOM-Hunt is the design-build partner of JFK Millennium Partners, the company selected by the Port Authority of New York and New Jersey (PANYNJ) to build and operate the new world-class, $4.2 billion T6.
The undisclosed contract value will be added to the Company's backlog in the third quarter of 2024.

Tutor Perini Corp's Five Star Electric Awarded Lighting Subcontract For JFK International Airport Terminal 6; The Undisclosed Contract Value Will Be Added To The Company's Backlog In Q3 Of 2024

Tutor Perini Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPC#NYSE">TPC</a>) shares are trading higher after the company secured a $1.66 billion contract from the Honolulu Authority for <a href="https://www.benzinga.com/pressreleases/24/08/b40408311/tutor-perini-awarded-1-66-billion-city-center-guideway-and-stations-project-in-honolulu" target="_blank" rel="noreferrer noopener">Rapid Transportation (HART) on Thursday</a>.
The contract is for the City Center Guideway and Stations Project in Honolulu, Hawaii, which is expected to be executed in mid-September.
The project involves designing and constructing six rail stations and about three miles of elevated rail guideway, extending from the Middle Street Transit Center Station to the Civic Center Station near downtown Honolulu.
The design work will commence right after the contract is executed, with construction slated to begin in the latter half of 2025 and substantial completion expected by 2030.
The contract value will be added to Tutor Perini&#8217;s backlog in the third quarter of 2024. 
Ronald Tutor, Chairman and Chief Executive Officer said, &#8220;Tutor Perini has a long and successful history of building large, complex light rail projects in various cities in the United States, and we look forward to partnering with HART to see this project successfully delivered.&#8221;
This week, Tutor Perini disclosed that its subsidiary, WDF, won a $35.5 million contract from the New York City Housing Authority to construct a new boiler plant at <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40331997/wdf-awarded-35-5-million-boiler-plant-project-at-george-washington-carver-houses" rel="noreferrer noopener">George Washington Carver Houses in Manhattan</a>.
As of June 30, 2024, Tutor Perini Corporation&#8217;s backlog stood at $10.4 billion. The company expects FY24 EPS of $0.85-<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$1.10 vs. est. of $0.89</a>.
Price Action: TPC shares were up 1.9% at $20.88 at the last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence via Midjourney.

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Why Tutor Perini Shares Are Surging Premarket Friday?

Project design will begin immediately after contract execution, while construction is estimated to start in the second half of 2025 with substantial completion expected in 2030. Parsons Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSN#NYSE">PSN</a>) will serve as Tutor Perini&#39;s design subcontractor

Reported Earlier, Tutor Perini Secures $1.66B Contract To Build Six Rail Stations And Elevated Guideway In Honolulu

Reports Q3 revenue $1.1B, consensus $1.17B. Ronald Tutor, Chairman and Chief Executive Officer, commented, "We have tremendous momentum with severa...

Tutor Perini reports Q3 EPS ($1.92), consensus ($1.89)

As previously announced on October 21, 2024, the Company withdrew its 2024 guidance due to the adverse earnings impact of the net charges recorded ...

Tutor Perini sees return to profitability in 2025

Tutor Perini reports Q3 results

Tutor Perini Corporation (TPC) Q3 2024 Earnings Call Transcript

Tutor Perini ( ($TPC) ) has released its Q3 earnings. Here is a breakdown of the information Tutor Perini presented to its investors. Tutor Perini ...

Tutor Perini: Record Backlog Amidst Q3 Challenges

B. Riley raised the firm's price target on Tutor Perini (TPC) to $40 from $38 and keeps a Buy rating on the shares post the Q3 report. The firm bel...

Tutor Perini price target raised to $40 from $38 at B. Riley

Tutor Perini (TPC) announced that the company, in a joint venture with O&G Industries, has been awarded a contract valued at $1.18B by the Port Aut...

Tutor Perini – O&G joint venture awarded $1.18B AirTrain Newark contract

Tutor Perini surges after securing $1.18B contract to replace Newark's Airtrain

Tutor Perini (TPC) announced that the company has pre-paid an additional $100M of its Term Loan B debt. Building on the paydown of $50M of the Term...

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