Tutor Perini Corp TPC:NYSE

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Tutor Perini Surges After Reporting $101 Mln Collection to-Date in Connection With Resolution of Five Contracts

3:36PM ET 9/10/2019 MT Newswires
Tutor Perini (TPC) said in a regulatory filing it has collected a total to date of $101 million of cash in connection with the resolution of five contracts -- totaling $125 million -- it discussed in the second-quarter earnings call Aug. 8.

The company still expects to receive additional cash collections "in the near term."

It, however, does not expect that amounts collected will have an impact on third-quarter earnings, in light of the amount of estimated collections have previously been recorded in its contract assets.

"The company also confirms that it is continuing to make progress in resolving disputed amounts relating to other contract assets that are subject to negotiation, arbitration or litigation," according to the filing.

Price: 12.13, Change: +1.21, Percent Change: +11.08