Tutor Perini Corporation Common Stock (TPC)

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that a joint venture between the Company and its subsidiary, Frontier-Kemper Constructors, has been awarded a design-build contract valued at approximately $1.18 billion by the Gateway Development Commission for the Manhattan Tunnel Project, a component of the Hudson Tunnel Project (“HTP”). The HTP is a resiliency and reliability project to build two new passenger rail tracks between New York and New Jersey and rehabilitate the century-old North River Tunnel, which was badly damaged during Superstorm Sandy. The Manhattan Tunnel Project scope of work entails the design and construction of twin 30-foot diameter tunnels approximately 700 feet in length beneath the eastern shore of the Hudson River to existing cut-and-cover tunnels beneath Hudson Yards, along with an access shaft at 12th Avenue and the Manhattan West Side Highway, which will later become a ventilation facility for the tunnels.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Company has prepaid an additional $75 million of its Term Loan B debt. With this latest paydown, Tutor Perini has now successfully deleveraged its balance sheet by a total of $430 million over the past twelve months, with $320 million of the debt reduction due to the early paydown of the Term Loan B.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that Gary Smalley has become the Company’s Chief Executive Officer and a member of its Board of Directors. Mr. Smalley, formerly President, succeeds Ronald N. Tutor who has transitioned to the role of Executive Chairman of Tutor Perini’s Board of Directors after serving as Chairman and CEO since 2008.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Company has pre-paid an additional $100 million of its Term Loan B debt. Building on the paydown of $50 million of the Term Loan B debt that was disclosed in the Company’s November 6, 2024 earnings release, Tutor Perini has now successfully deleveraged its balance sheet by $150 million in the last month, representing the upper end of its targeted debt reduction plan for the fourth quarter of 2024.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Company, in a joint venture with O&G Industries, Inc. (“O&G”), has been awarded a contract valued at $1.18 billion by the Port Authority of New York and New Jersey for the AirTrain Newark Replacement Program - Guideway and Stations Project at Newark Liberty International Airport in New Jersey. The scope of work includes design and construction of a 2.5-mile elevated, automated people mover train system with three stations that will replace the existing AirTrain, which has been in operation since 1996.

Tutor Perini Corporation (the "Company") (NYSETPC), a leading civil, building and specialty construction company, reported results today for the third quarter of 2024. The Company generated $174.0 million of cash from operating activities in the first nine months of 2024. As previously announced, the Company expects to generate new record operating cash flow for the full year of 2024 in the range of $425 million to $575 million from collections related to project execution activities for new and existing projects, as well as from the resolution of various disputed matters. This would represent the third consecutive year that the Company has generated record operating cash flow. The Company also anticipates continued strong operating cash flow in 2025.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Company, in a joint venture with O&G Industries, Inc. (“O&G”), has been identified as the Apparent Selected Proposer by the New York City Department of Design and Construction (“DDC”) for the new Manhattan Jail Facility. This is one of four new jails that are being built in the boroughs of New York City to replace the Rikers Island Jail Complex, which will eventually be closed and decommissioned. The Company anticipates that it will be negotiating contractual terms and pricing for this multi-billion-dollar project with the owner and, if those negotiations are successful, expects to be awarded a design-build contract.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Company, in a joint venture with Nan, Inc., has been awarded a contract with a base value of approximately $330.6 million by the Naval Facilities Engineering Systems Command, Marianas, for the Apra Harbor Waterfront Repairs Project. This is a design-build construction project to repair Guam Harbor’s Glass Breakwater and restore and modernize waterfront areas that have been physically eroded and damaged from storms, including the recent Typhoon Mawar in May 2023 at Apra Harbor, Naval Base Guam. The scope of work for the base contract includes repairs to the three most critically failed portions of the Glass Breakwater to minimize future breaching potential of the breakwater. 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 is the managing partner in the joint venture, with Nan, Inc. serving as a 30% partner. The Company’s Guam-based subsidiary, Black Construction Corporation, will be managing the execution of the work on this project.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it will host a conference call at 2:00 PM Pacific Time on Wednesday, November 6, 2024, to discuss the Company's third quarter 2024 results.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Rudolph and Sletten, has been awarded a contract valued at more than $1 billion for a healthcare campus project in California. The project scope of work includes the construction of a new hospital, an energy center and a parking garage. Work is expected to begin in late 2024 with substantial completion anticipated in 2029.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Frontier-Kemper Constructors has been awarded a contract valued at approximately $1.1 billion by the New York City Department of Environmental Protection for the Kensico-Eastview Connection Tunnel Project. The scope of work entails the construction of a new deep rock tunnel between the Kensico Reservoir and the Catskill/Delaware Ultraviolet (CDUV) Light Disinfection Facility, both in Westchester County, New York. The new tunnel will provide an additional means of conveying water between the Kensico Reservoir and the CDUV Facility, enhancing operational resiliency and redundancy for New York City’s water supply system.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, provided an update today regarding several recent developments, including the settlement of various project-related disputes, which had both favorable and adverse implications for the Company. Because of anticipated cash collections resulting from these 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 $425 million to $575 million, meaningfully surpassing the Company’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 $100 million to $150 million by the end of 2024, with further prepayments of $50 million to $75 million in the first quarter of 2025.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has executed the contract with the Honolulu Authority for Rapid Transportation and received a Notice to Proceed with design and construction of the previously announced City Center Guideway and Stations Project in Honolulu, Hawaii.

Tutor Perini Corporation (NYSETPC) (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 Corporation (NYSETPC) (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.

Tutor Perini Corporation (NYSETPC) (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 by the Naval Facilities Engineering Systems Command, Pacific District, for the P-324 9th Engineering Support Battalion Headquarters Project at Marine Corps Base Guam. The scope of work includes constructing low-rise facilities to support the 3rd Marine Expeditionary Force, 9th Engineering Support Battalion. Buildings will feature reinforced concrete structural frame walls, floor, roof and a concrete shallow foundation system. The administration building will include the battalion/squadron headquarters and company/battery headquarters, and will provide private and open offices, meeting rooms and miscellaneous support spaces. Work is expected to begin in the first quarter of 2025 with substantial completion anticipated in November 2026.

Tutor Perini Corporation (NYSETPC) (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.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Rudolph and Sletten, has begun construction of the Stanford Hospital Pod E Renovation project in Palo Alto, California. The scope of work consists of renovations to a four-story 62,000 square-foot (sf) portion of the existing acute care hospital for upgraded inpatient nursing units for cancer patient recovery. The project also includes converting dual-bed patient rooms into single-patient rooms and the upgrade and/or replacement of mechanical, electrical, plumbing, information technology and medical equipment systems. Additionally, two four-story extensions to the building (40,000 sf each) will be added to increase the number of patient beds.

Company will serve as subcontractor to Tutor Perini

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been awarded a contract valued at approximately $1.66 billion by the Honolulu Authority for Rapid Transportation (HART) for the City Center Guideway and Stations Project in Honolulu, Hawaii. The contract is expected to be executed in mid-September. The project scope of work includes the design and construction of six rail stations and approximately three miles of elevated rail guideway beginning just east of the existing Middle Street Transit Center Station and ending at the Civic Center Station, which will be located just east of downtown Honolulu. 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: PSNNYSEPSN)

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, WDF, Inc., has been awarded a project valued at approximately $35.5 million by the New York City Housing Authority to construct a new boiler plant at George Washington Carver Houses, a 13-building public housing development in Manhattan. The scope of work includes replacement of the existing boiler plant with new boilers, domestic hot water heaters and sump pumps serving the facility. Work is expected to begin this month with substantial completion anticipated in January 2027.

Tutor Perini Corporation (the "Company") (NYSETPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2024. The Company generated $53.1 million of cash from operating activities in the second quarter of 2024 compared to $56.3 million for the same period of 2023. For the first six months of 2024, the Company generated $151.4 million of cash from operating activities, an increase compared to $77.7 million for the first six months of 2023. The operating cash flow for the first six months of 2024 was the Company's second-highest result for the first six months of any year since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008. The Company continues to anticipate strong operating cash generation over the remainder of 2024 and in 2025.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it will host a conference call at 2:00 PM Pacific Time on Thursday, August 1, 2024, to discuss the Company's second quarter 2024 results.

Tutor Perini Corporation (NYSETPC), a leading civil, building and specialty construction company, announced today that Elevate Inglewood Partners (“EIP”), a public-private partnership consortium comprised of Plenary Americas US Holdings, Inc. (equity member), Tutor Perini Corporation (lead contractor), Parsons Corporation NYSE: PSNNYSEPSN)

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc., has been awarded a contract valued at approximately $48.6 million by the National Park Service for the Alcatraz Island Historic Structures Stabilization and Rehabilitation Project. Located in the San Francisco Bay, the project will address deterioration and structural deficiencies associated with the Alcatraz Main Prison Building, which includes both interior and exterior work. The scope of work includes abatement of hazardous materials in the exterior walls and interior construction areas, repair of concrete spalls, replacement of deteriorated steel reinforcement, strengthening of unreinforced concrete foundation walls, repair and stabilization of exterior windows, and installation of storm windows. The project will provide a safe facility for the 1.4 million annual visitors and staff by increasing the building's ability to resist seismic forces and resolving aging and weather-related impacts to the exterior walls.