Tutor Perini … The construction company posted revenue of $1.28 billion in the period. Tutor Perini (TPC) delivered earnings and revenue surprises of -9.76% and 6.14%, respectively, for the quarter ended June 2020. The company, in some cases, has seen bidding pushed out 60 to 90 days, with postponements to mediations and other settlement proceedings that could result in the generation of additional cash, he said.Get construction news like this in your inbox daily. The stock went up more than 3 percent. In the second quarter of 2020, new awards totaled $0.7 billion and included more than $300 million of additional funding for certain Civil segment projects and over $235 million for various Building segment projects in California.
The significant growth in adjusted income from construction operations and adjusted diluted EPS for the second quarter of 2020 was principally due to contributions from the above-mentioned infrastructure projects, partially offset by a $13.2 million (approximately $0.19 per diluted share) charge related to an unfavorable arbitration ruling pertaining to an electrical project in New York and the aforementioned COVID-19 impacts, which reduced income from construction operations and diluted EPS by approximately $9 million and $0.13, respectively.The Company continues to evaluate options to address the spring-forward provision of its revolving credit facility and the refinancing or retirement of its outstanding Convertible Notes.
Tutor Perini Los Angeles-based Tutor Perini reported strong results for the first quarter of 2020. Tutor Perini annual revenue decreased from $4.5 billion in 2018 to $4.5 billion in 2019, a 0.1% decrease. The vast majority of the Company’s projects, especially in the Civil segment, have been designated as essential business, which allows the Company to continue its work on those projects. Finally, we have made good progress toward settlements of disputes with project owners and anticipate additional settlements and associated cash collections later this year and next year.”Tax effect of goodwill impairment chargeTutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. These non-GAAP financial measures are not intended to replace the presentation of our financial results in accordance with GAAP, and they may not be comparable to other similarly titled non-GAAP financial measures presented by other companies. Adjusted income from construction operations, adjusted net income attributable to the Company and adjusted diluted EPS are non-GAAP financial measures and exclude the impact of the goodwill impairment charge. During the earnings call Wednesday, Ron Tutor, chairman and CEO, said the company is also one of three firms selected to submit proposals for the $1.2 billion Metro-North Penn Station Access project, which is scheduled to bid late this year or early next year.Since much of its work has been deemed essential, Tutor said, the company has seen little impact to its operations as a result of the coronavirus pandemic. Through the first half of 2020, we estimate that the COVID-19 impacts were $190 million, $12 million and $0.17, respectively. Earnings per … The Company experienced revenue growth across all segments despite impacts from the COVID-19 pandemic, which reduced the Company’s revenue for the second quarter by an estimated $130 million due to temporary project suspensions and reduced productivity that primarily impacted the Building and Specialty Contractors segments.