Articles from Tutor Perini Corporation

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.

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.

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 by Amtrak for the Connecticut River Bridge Replacement Project. The project will involve building a two-track, electrified and resilient bascule (movable) bridge structure equipped with new track, signal, catenary, power, communication, controls and security features along the Northeast Corridor. The project aims not only to address the bridge's current structural deficiencies, but also to modernize it, enhancing vertical clearance and increasing speed capabilities.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Lunda Construction Company, has been awarded a project by the City of St. Paul, Minnesota, valued at approximately $53.6 million for the Kellogg/3rd Street Bridge Replacement Project. The scope of work includes construction of a new bridge with 13 spans totaling over 2,100 feet in length that will have four lanes of traffic (two in each direction) and a barrier-separated trail on both sides of the roadway. The trails will each be 12 feet wide, shared by bicycles and pedestrians, and separated from vehicle traffic by a concrete barrier.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Black Construction Corporation, in a joint venture with the Company, has been awarded a contract valued at approximately $74.4 million by the U.S. Naval Facilities Engineering Systems Command, Pacific District for a Child Development Center at Andersen Air Force Base, Guam.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Tutor Perini Building Corp., has been awarded a contract valued at approximately $228.6 million by the Broward County Board of County Commissioners for the Terminal Connectors Project at Fort Lauderdale-Hollywood International Airport (FLL). The scope of work includes construction of enclosed post-security walkways between Terminals 1 and 2 and Terminals 2 and 3. The project also includes modifications to existing terminals, such as enhanced security checkpoints, an upgraded bag hall, an expanded passenger gate-area hold room, and more retail concessions.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has completed the redemption of $500 million aggregate principal amount of the Company’s 6.875% Senior Notes due May 1, 2025 (the “2025 Notes”).

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the first quarter of 2024. The Company generated $98.3 million of cash from operating activities in the first quarter of 2024, up 361% compared to $21.3 million for the same period of 2023. The operating cash flow for the first quarter of 2024 was the Company's second-highest result of any first quarter since the 2008 merger between Tutor-Saliba Corporation and Perini Corporation. The strong operating cash flow was driven by solid collection activities, including approximately $50 million of collections that were associated with certain recently concluded settlement negotiations or dispute resolutions. 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 its subsidiary, Black Construction Corporation, in a joint venture with Mace International, has been awarded the following projects, collectively valued at approximately $54.5 million, by the U.S. Naval Facilities Engineering Systems Command, Pacific District.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Roy Anderson Corp, has been awarded a contract valued at approximately $72.7 million by the City of Pensacola, Florida, for Hangar 3 of Project Titan at Pensacola International Airport. The scope of work includes the design and construction of a new pre-engineered metal building hangar with a central shop and perimeter office and support areas, as well as construction of a new 300 space asphalt parking lot.

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, April 25, 2024, to discuss the Company's first quarter 2024 results.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has priced an offering of $400 million in aggregate principal amount of 11.875% Senior Notes due 2029 (the “Notes”) in a private offering. The sale of the Notes is expected to be completed on or about April 22, 2024. The Notes will be senior unsecured obligations of the Company and will be guaranteed by certain of its subsidiaries.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it is offering $400 million in aggregate principal amount of senior notes (the “notes”) in a private offering. The notes will be senior unsecured obligations of the Company and will be guaranteed by certain of its subsidiaries.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Lunda Construction Company, has been recently identified by the Illinois Department of Transportation as the apparent low bidder for a bridge replacement and highway improvement project valued at approximately $136 million. The project is located on I-64, east of US‑1 near Grayville, Illinois. The project crosses the Wabash River, which divides the roadway jurisdiction between White County, Illinois, west of the river, and Posey County, Indiana, east of the river. The improvement is a total of 8,339 feet (1.58 miles) along I-64. The project scope of work includes replacement of the existing dual bridges over the Wabash River, as well as roadway improvements to connect the existing I-64 roadway to the new bridge structures.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the fourth quarter and year ended December 31, 2023 (see attached tables). Revenue for 2023 was $3.9 billion, up slightly compared to 2022, primarily due to a lower amount of net unfavorable impacts from settlements, litigation results and other project charges in 2023 as compared to 2022. Revenue for the Civil and Building segments grew 9% and 5% in 2023, respectively, driven in part by increased project execution activities on certain projects in California, New York, and the Asia-Pacific region, including Guam. The growth in these segments was mostly offset by a 15% revenue decline for the Specialty Contractors segment in 2023 due to reduced project execution activities on the electrical and mechanical components of a completed transportation project in the Northeast.

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, February 28, 2024, to discuss the Company's fourth quarter and full year 2023 results.

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 systems installation and integration project by the New York Metropolitan Transportation Authority (“MTA”) Construction and Development valued at approximately $67 million for the Connection-Oriented Ethernet, Phase 3C project. The project scope of work includes the replacement of approximately 150,000 feet of fiber optic cable; interconnecting and integrating more than 360 branch sites into MTA’s network; connecting, testing and integrating existing service delivery switches at more than 150 branch sites; and integrating existing closed circuit television cameras at 125 stations to existing video management and physical security information management systems.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Roy Anderson Corp, has been awarded a project valued at approximately $80.7 million for the New Residence Hall at Mississippi State University in Starkville, MS. The project scope of work entails construction of a 155,000 square-foot, five-story residence hall on the Mississippi State University campus, which will include 400 beds, a dining hall, day spaces, offices and a storm shelter.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today the amendment of its Credit Agreement, dated August 18, 2020, to modify the spring-forward maturity provision and provide the Company with additional financial flexibility.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, today announced that its Board of Directors (the “Board”) has appointed Gary Smalley, the Company’s current Executive Vice President and Chief Financial Officer, to the position of President, effective November 15, 2023. The Company plans for Mr. Smalley to succeed Ronald Tutor as Chief Executive Officer of the Company effective January 1, 2025, with Mr. Tutor transitioning to the role of Executive Chairman of the Company’s Board at that time, consistent with the timing of the leadership succession plan previously disclosed by the Company.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the third quarter of 2023. Revenue was $1.1 billion, level compared to the same quarter last year. Higher revenue in the Civil and Building segments was offset by lower revenue in the Specialty Contractors segment associated with certain projects in the Northeast that are complete or nearing completion. In addition, customer budgetary constraints induced by the COVID-19 pandemic, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects over the last few years totaling more than $10.0 billion despite having been the low or preferred bidder. Not being awarded these projects also impacted revenue for the first nine months of both 2023 and 2022. Most of these projects are currently expected to be re-bid in 2024.

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, November 9, 2023, to discuss the Company's third quarter 2023 results.

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 a contract valued at more than $40 million for the Miami-Dade County Water and Sewer Department’s Ocean Outfall Legislation Program, Construction Package CT-3C-A, Electrical Distribution Building 2 (EDB-2), Contract No. S-949A. The overall project was awarded to Poole & Kent as the General Contractor with Fisk Electric providing a complete electrical scope for the project. The project scope includes a new 45,000 square-foot electrical distribution building, eight 13.2kV Tier 4 diesel engine generators, associated piping control systems, service air, a fuel oil and emission fluid bulk storage area, and the electrical ductbank system connecting the building with new corresponding substations. The project is located at the Central District Wastewater Treatment Plant in Key Biscayne, Florida. Fisk Electric has previously performed four other electrical projects at this site collectively totaling more than $32 million in contract value.

Tutor Perini Corporation (NYSETPC), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc., has been awarded a fixed-price project valued at approximately $47 million by the National Park Service for the construction of the Marjory Stoneman Douglas Visitor Center in Everglades National Park, Florida. This design-bid-build contract includes construction of the new two-story visitor center, a one-story remote concessions and storage building, underground utilities and major site improvements. The project also includes demolishing portions of the existing bulkhead and providing a new bulkhead at the marina and along the waterfront. Dredging of the Chokoloskee Bay and replacing existing floating docks with a new floating dock system with accessible ramps is also part of the scope of the project. The substantial sitework associated with the new visitor center will ensure that the roads and parking areas are elevated above the king tide levels.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2023. Revenue was $1.02 billion, up 19% compared to $861.0 million for the second quarter of last year. The increase was largely due to contributions from certain Civil segment mass-transit projects in California that have significant work remaining, as well as the absence of certain prior-year unfavorable adjustments. In addition, customer budgetary constraints induced by the COVID-19 pandemic, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects over the last few years totaling more than $10.0 billion despite having been the low or preferred bidder. Not being awarded these projects also impacted revenue for the first two quarters of both 2023 and 2022.

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 3, 2023, to discuss the Company's second quarter 2023 results.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the first quarter of 2023. Revenue was $776.3 million compared to $952.2 million for the first quarter of last year. The decrease was largely due to reduced project execution activities on a transportation project in the Northeast that is nearing completion, which impacted all three segments, and a previously reported unfavorable adjustment related to an adverse legal ruling on a completed mixed-use project in New York, which impacted the Building and Specialty Contractors segments, as discussed further below. In addition, the COVID-19 pandemic-induced customer budgetary constraints, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects over the last few years totaling more than $10.0 billion despite having been the low or preferred bidder. Not being awarded these projects impacted revenue for the first quarters of both 2023 and 2022, and most of these projects are expected to be re-bid later in 2023 or in 2024.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Fisk Electric Company, has been awarded a subcontract valued at approximately $41 million by Robins & Morton, the project’s general contractor, for the electrical component of the new Gloria Drummond Patient Tower at the Boca Raton Regional Hospital in South Florida.

Tutor Perini Corporation (NYSETPC), a leading civil, building and specialty construction company, announced today that it has been awarded a contract by the New York City Department of Design and Construction (“DDC”) valued at approximately $2.95 billion for the Design-Build Program for the NYC Borough-Based Jails System, Brooklyn Facility. Upon receipt of a Notice to Proceed, which is expected in June 2023, design work will commence.

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, May 4, 2023, to discuss the Company's first quarter 2023 results.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its Guam-based subsidiary, Black Micro Corp. (a unit of Black Construction Corporation), has been awarded a firm-fixed-price contract valued at $221,690,757 by the Naval Facilities Engineering Systems Command Pacific for construction at Tinian International Airport, Tinian, Commonwealth of Northern Mariana Islands (CNMI). The work to be performed provides for the construction of a cargo pad with taxiway extension, fuel tanks with receipt pipeline and hydrant system, airfield development Phase I roads, and a maintenance support facility, under the Asia Pacific Stability Initiative. The contract contains three unexercised options, which if exercised, would increase the cumulative contract value to $225,667,367.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Lunda Construction Company, has been awarded a contract valued at approximately $62 million by the Minnesota Department of Transportation for Repairs to the I-494 Bridge over the Minnesota River in Bloomington, MN. The project scope of work includes pavement repair on I-494; reconstruction of the regional trail; replacement of bridge joints; repair of the bridge deck, beam ends and railings; reconstruction of bearings; replacement of highway lighting; and repair/replacement of drainage systems.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the fourth quarter and year ended December 31, 2022. The fourth quarter and year ended December 31, 2022 results are included in the tables attached to this release. Revenue for 2022 was $3.8 billion, down 18% compared to 2021. The lower revenue in 2022 was largely attributable to a lack of major new awards over the last three years, which prevented the Company from replacing revenue associated with certain projects that were completed or are nearing completion. The primary contributing factor for the lack of new awards was the COVID-19 pandemic, which significantly delayed project bidding and award activity for most of 2020 and 2021 and induced customer budgetary constraints. The impact of the pandemic, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects totaling more than $10.0 billion despite having been the low or preferred bidder. Most of these projects impacted revenue in 2022 and are expected to be re-bid in 2023 or 2024. In addition to causing a significant negative revenue impact, the lack of major new awards also adversely impacted backlog and relatedly constrained the Company’s profit and cash generation over the last two years. The revenue decrease was also due to delays on certain mass-transit projects in California and the net unfavorable impact of various project adjustments discussed further below. The decrease was partially offset by increased activities on certain newer Civil and Building segment projects in California and the Midwest.

Tutor Perini Corporation (NYSETPC), a leading civil, building and specialty construction company, announced today that the City of New York has posted a notice for a public hearing to be held at 10:00 a.m. Eastern Time on March 23, 2023, regarding a proposed contract between the New York City Department of Design and Construction and Tutor Perini Corporation for the Design-Build Program for the NYC Borough Based Jails System, Brooklyn Facility. The proposed contract amount is $2,958,933,292. The contract term is 2,317 consecutive calendar days from the date of notice to proceed.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc. (PMSI), has been awarded a $74,991,089 firm-fixed-price contract by the U.S. Army Corps of Engineers, Omaha District, for Phase 3 building renovations of the Cadet Field House at the U.S. Air Force Academy in Colorado Springs, CO. The scope of work includes replacement of mechanical equipment, installation of a new hydraulic track system, installation of a new scoreboard, asbestos abatement, renovation of staff lockers and team/storage rooms, installation of fire suppression system, fire stair, freight elevator, and catwalk upgrades, and installation of a new roofing system.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been advised that Accelerate Maryland Partners LLC (“AM Partners”) will no longer be proceeding with the Maryland Express Lanes Project (previously referred to as Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan). The Company announced in September 2022 that it had been selected by AM Partners as the design and construction contractor for this multi-billion-dollar project. The Company believes that it may have an opportunity to pursue this project again at a future date.

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, March 15, 2023, to discuss the Company's fourth quarter and full year 2022 results.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the third quarter of 2022. Revenue was $1.1 billion compared to $1.2 billion for the third quarter of last year. The decrease was primarily due to reduced project execution activities on various projects in all three segments. Loss from construction operations for the third quarter of 2022 was $6.9 million, compared to income from construction operations of $52.1 million for the same period in 2021. The decrease was largely due to reduced project execution activities on a transportation project in the Northeast that is nearing completion, which impacted all three segments, as well as unfavorable adjustments that resulted from two adverse legal rulings, one of which reversed a previously favorable lower-court ruling. As a result, net loss attributable to the Company for the third quarter of 2022 was $32.5 million, or a $0.63 loss per diluted share, compared to net income attributable to the Company of $15.4 million, or $0.30 of earnings per diluted share, for the third quarter of 2021.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Five Star Electric (“Five Star”), has been awarded two new contracts collectively valued at approximately $90 million.

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 2, 2022, to discuss the Company's third quarter 2022 results.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc. (PMSI), has been awarded three fixed-price federal contracts collectively valued at approximately $164 million.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been selected by Accelerate Maryland Partners LLC (“AM Partners”) as the design and construction contractor for Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan, one of the largest civil works projects ever undertaken in the United States. Tutor Perini was selected by AM Partners to design and construct both the Phase 1 South A and Phase 1 South B components of the project. Tutor Perini’s team includes O&G Industries (for Phase 1 South A), the Company’s subsidiary - Lunda Construction (for Phase 1 South B), as well as Parsons Corporation NYSE: PSNNYSEPSN)

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2022. Revenue was $0.9 billion compared to $1.2 billion for the second quarter of last year. The decrease was primarily due to reduced project execution activities on various projects in all three segments, most of which are completed or nearing completion, partially offset by increased activities on certain newer Civil and Building segment projects. The revenue decline was also the result of the lingering impact of the COVID-19 pandemic, which delayed bidding activities and awards of certain new projects during 2020 and much of 2021. Several factors, including certain unfavorable project adjustments, certain settlements of claims and change orders, an unexpected partial reversal of previously awarded legal damages, and the reduced profits associated with the lower revenue volume in the quarter had a significant negative impact on the Company’s earnings for the second quarter of 2022. As a result, net loss attributable to the Company for the second quarter of 2022 was $63.0 million, or a $1.23 loss per diluted share, compared to net income attributable to the Company of $31.2 million, or $0.61 of earnings per diluted share, for the second quarter of 2021.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it will host a conference call at 8:00 AM Pacific Time on Friday, August 5, 2022, to discuss the Company's second quarter 2022 results.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been identified as the apparent low bidder for New Jersey Transit’s Raritan River Bridge Replacement Project, with a submitted bid valued at approximately $519 million. The Raritan River Bridge Replacement Project will replace the 114-year-old bridge, connecting South Amboy, NJ and Perth Amboy, NJ, which was damaged by Superstorm Sandy in 2012. The new bridge will integrate resilient structural designs and materials to withstand future storm surges and be significantly less vulnerable to severe weather events. The project scope of work includes construction of the lift bridge and flanking spans superstructure, communications and signal systems, and overhead catenary work, as well as miscellaneous civil and structural work, wetland mitigation work and the demolition of the existing bridge as necessary to construct the bridge fender system as well as to provide a fully functioning navigational channel beneath the newly constructed bridge.

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 task order valued at approximately $85 million by the United States Coast Guard (USCG), for the design and construction of family housing at Nemetz Park Site, USCG Base Kodiak, in Kodiak, Alaska. The project scope of work includes construction of 50 family housing units (38 three-bedroom and 12 four-bedroom units) in 25 duplex configurations. The project also includes demolition, utilities, roads, sidewalks, and other site improvements. The work will be phased to provide incremental turnover of units for beneficial occupancy.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its Guam-based subsidiary, Black Construction, has been awarded an $83,733,445 firm-fixed-price contract by the Naval Facilities Engineering Systems Command, Pacific District, for design and construction of wharf improvements at Naval Base Guam. The work to be performed includes the renovation and modernization of Berth 2 to provide full capability to support two loaded T‑AKE vessels with the proper depth of water, sufficient wharf length, and power and utilities.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Black Construction-Tutor Perini joint venture has been awarded the following two new projects collectively valued at approximately $122 million by the Naval Facilities Engineering Systems Command, Pacific Division:

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the first quarter of 2022. Revenue was $1.0 billion compared to $1.2 billion for the first quarter of last year. The decrease was primarily due to reduced project execution activities on a completed technology project and a mass-transit project that is nearing completion, both in California, as well as the impact of an adverse legal ruling on a dispute related to a completed Civil segment bridge project in New York. The decrease was also due to lower project execution activities in the Northeast, partially offset by certain projects in California and the Midwest. For 2020 and most of 2021, the COVID-19 pandemic reduced the volume and delayed the timing of new awards, and this has continued to negatively impact the Company’s backlog and operating results.

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, May 4, 2022, to discuss the Company's first quarter 2022 results.

Tutor Perini Corporation (NYSETPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Black Construction-Tutor Perini joint venture has been awarded a firm fixed-price contract valued at approximately $106.8 million by the Naval Facilities Engineering Systems Command, Pacific Division (“NAVFAC”), for the construction of the Bachelor Officer Quarters-B project at Marine Corps Base Camp Blaz on Guam. This is the second Bachelor Officer Quarters to be awarded by NAVFAC following a similar project previously awarded to the Black Construction-Tutor Perini joint venture in 2021. Black Construction is a subsidiary of the Company, one of Guam’s largest employers and a major general contractor working in Guam and throughout the Western Pacific. The contract is funded by the government of Japan as part of the international agreement between the United States and Japan for the relocation of military personnel from Okinawa to Guam. The project scope of work includes construction of a multi-story housing tower with an attached one-story common area wing. The structure will consist of single-occupancy housing units for officers with living, bedroom, closet, private bath, kitchen and laundry.

Tutor Perini Corporation (NYSETPC), a leading civil, building and specialty construction company, announced today that its Guam subsidiary, Black Construction Corporation (“Black”), has been recognized as a 2022 Top 200 Performer by the Associated Builders and Contractors (“ABC”). For over 60 years, Black has been a founding member of the Guam Contractors Association (“GCA”), an affiliate of ABC. The awards recognize the achievements of member contractors throughout the United States and its territories in safety, quality, inclusion, diversity and equity, and project excellence. Among the firms included in the Top 200 Performers, Black was ranked #1 in the category of Top Military Contractors, #4 in Infrastructure Contractors, #6 in Government Contractors, and #10 in Airport Contractors. In addition, Black was ranked #16 among ABC’s Top 125 General Contractors.

Tutor Perini Corporation (the “Company”) (NYSETPC), a leading civil, building and specialty construction company, reported results today for the fourth quarter and year ended December 31, 2021. Revenue for the fourth quarter and full year of 2021 was $1.0 billion and $4.6 billion, down 23% and 13%, respectively, compared to the same periods last year. The lower revenue in both the fourth quarter and full year of 2021 was primarily driven by reduced project execution activities in the Building segment, as various projects have completed or are nearing completion, while newer projects that have been recently awarded are yet to contribute meaningfully to revenue.

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, February 24, 2022, to discuss the Company's fourth quarter and full year 2021 results.