Tutor Perini Corp (NYSE: TPC)

Tutor Perini Corporation (TPC), a prominent player in the construction industry, is a publicly traded company listed on the New York Stock Exchange under the symbol TPC. Headquartered in Los Angeles, California, the company offers diversified general contracting, construction management, and design-build services to private customers and public agencies across the globe.

TPC's primary business activities encompass providing construction services to a variety of sectors, including civil, building, and specialty contractors. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure in several major geographic regions of the United States. The Building segment offers services to specialized building markets such as hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial, and technology. The Specialty Contractors segment provides electrical, mechanical, plumbing, HVAC, and fire protection systems for a comprehensive range of civil and building construction projects.

The company generates revenue through its various segments, including Civil, Building, and Specialty Contractors. Its primary products and services include general contracting, pre-construction planning, and comprehensive project management services, along with self-performed construction services such as site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, HVAC, and fire protection.

TPC has established a strong position within the industry, recognized as one of the leading civil contractors in the United States. The company boasts a solid reputation for successfully executing large, complex projects within set timelines and budgets. In the hospitality and gaming market, TPC is a recognized leader, specializing in the construction of high-end resorts and casinos. The company's competitive advantages include its vertical integration capabilities, enabling it to self-perform a higher volume of work than its competitors, thereby increasing its competitiveness in bidding and improving efficiency in managing and executing large, complex projects.

TPC's customer base is diverse, with a significant portion of revenue sourced from government agencies, including federal, state, and local entities. The company also engages with private customers, such as developers, architects, and engineers.

The company's backlog, which represents the total value of work remaining to be performed on projects that have been awarded, stood at approximately $10.2 billion as of December 31, 2023, providing a significant source of revenue for the company in the coming years.

In terms of competition, TPC faces both domestic and foreign contractors, such as Dragados USA, Ferrovial S.E., Fluor Corporation, Granite Construction, Kiewit Corporation, OHL USA, Skanska USA, and The Walsh Group. Additionally, the company competes with national and regional contractors, including AECOM, Balfour Beatty Construction, Clark Construction Group, DPR Construction, Gilbane, Inc., Hensel Phelps Construction Co., Lendlease Corporation, McCarthy Building Companies, Inc., M. A. Mortenson Company, PCL Constructors, Inc., Skanska USA, Suffolk Construction, Swinerton, Inc., Turner Construction Company, and The Whiting-Turner Contracting Co.