Tutor Perini Announces Favorable Legal Ruling and Confirms Award of $323 Million I-74 Bridge Replacement Contract
May 10 2017 - 9:44PM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading
civil and building construction company, today announced that the
Company has prevailed in defending on appeal the judgment obtained
by its subsidiary, Tutor-Saliba Corporation, in the previously
disclosed Westgate Planet Hollywood Matter. With only minor
adjustments, the Supreme Court of Nevada affirmed the lower court’s
judgment and, following further proceedings in the lower court, the
anticipated final award to the Company is estimated to exceed $20
million, including interest and recovery of certain attorneys’ fees
and costs. The Company anticipates the final award will have no
material impact on its consolidated financial statements, and will
reflect the impact of this judgment, upon collection, as a
reduction of accounts receivable.
Separately, the Company also today announced that its
subsidiary, Lunda Construction (“Lunda”), has been awarded a
contract for the $322.7 million I-74 Steel Twin Arch Bridge
Replacement Project in Iowa. The Company had previously announced
that Lunda was the apparent low bidder for this project. The
Company will reflect the contract value in its second quarter 2017
backlog.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building
construction company offering diversified general contracting and
design-build services to private clients and public agencies
throughout the world. We have provided construction services since
1894 and have established a strong reputation within our markets by
executing large complex projects on time and within budget while
adhering to strict quality control measures.
Note Regarding Forward-Looking Statements
The statements contained in this release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, including without limitation, statements
regarding the Company’s intentions, expectations or beliefs
regarding the Westgate Planet Hollywood Matter and the I-74 Steel
Twin Arch Bridge Replacement Project. The Company’s current
expectations and beliefs are expressed in good faith and the
Company believes there is a reasonable basis for them. There can be
no assurance, however, that future developments affecting the
Company will be those that the Company has anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the Company’s control) or other
assumptions that may cause actual results to be materially
different from those expressed or implied by such forward-looking
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required under applicable law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170510006769/en/
Tutor Perini CorporationJorge Casado, 818-362-8391Vice
President, Investor Relations and Corporate
Communicationswww.tutorperini.com
Tutor Perini (NYSE:TPC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tutor Perini (NYSE:TPC)
Historical Stock Chart
From Sep 2023 to Sep 2024