Corporate News

Katerra CEO's salary cut to $0 amid layoffs, operation shutdowns

Coronavirus-related stay-at-home orders have forced a business slowdown that necessitates furloughs and layoffs impacting 3% of its staff and significant pay cuts for "higher-paid employees" at the firm, CEO Michael Marks announced.

By Joe Beeton • April 03, 2020

Skanska, Balfour Beatty, Jacobs Engineering freeze or cut executive pay

In response to coronavirus-related economic turmoil, public construction firms are also delaying dividends and Fluor is preparing to ward off any hostile takeover bids.

By Jenn Goodman • April 01, 2020

Swinerton, Katerra, WSP and others make executive moves for future growth

With the uncertainty surrounding the coronavirus outbreak, leading construction companies need the right people in top positions now more than ever.

By Kim Slowey • March 25, 2020

Bechtel reports 14.5% dip in total revenue in 2019

The multinational energy contracting giant, considered the largest U.S. construction firm in terms of revenue, also reported decreases in backlog and new projects, while it's also experienced coronavirus-related setbacks in 2020.

By Jenn Goodman • March 20, 2020

Balfour Beatty profit up 8% amid US civil project delays and coronavirus monitoring

Despite an overall increase in U.S. revenue, CEO Leo Quinn said that around 18 civil projects there have fallen behind schedule, leading to reduced profitability in that sector.

By Kim Slowey • March 13, 2020

Judge approves McDermott reorganization, $2.7B sale of Lummus Technology

The confirmation by a U.S. Bankruptcy Court eliminates more than $4.6 billion of debt for the beleaguer​ed energy contractor.

By Jenn Goodman • UPDATED: March 13, 2020 at 11:32 a.m.

Questions about accounting practices drive SEC investigation into Fluor, internal probe for Granite

Fluor took large charge-offs in the second quarter of 2019, and Granite said it is reviewing prior financial reporting from its heavy civil division.

By Kim Slowey • March 10, 2020

Founders of modular builder Guerdon buy company assets, form new business

The owners, who bought the Idaho company in a foreclosure sale, say the new firm will capitalize on labor shortages and rising construction costs in West Coast markets.

By Kim Slowey • March 10, 2020

AECOM NYC office nabs MTA, Port Authority veterans

The hiring of former New York MTA CEO Tom Prendergast and former Port Authority COO Denise Berger will no doubt help AECOM tap into large public projects in a time when demand and competition are heating up.

By Jenn Goodman • March 05, 2020

SEC, some shareholders oppose McDermott Chapter 11 plan

The opposition stems from the plan's overly broad liability releases and the fact that management gets new equity while stockholders are shut out.

By Jenn Goodman • March 05, 2020

Procore files IPO paperwork with SEC

The Carpinteria, California-based construction tech firm says it has a potential $9.4 billion annual market opportunity for its software in the coming years.

By Kim Slowey • March 04, 2020

Tutor Perini in acquisition talks for rumored $1B

While not providing specific details, the Los Angeles-based contractor confirmed that it is thinking about its future after a potential transaction.

By Jenn Goodman • March 03, 2020

WSP CEO talks acquisition strategy in FY earnings call

Alexandre L'Heureux indicated the company is acquisitive but declined to comment on "market speculations," likely referencing the AECOM rumors, and noted that it's "very, very hard to time large-size acquisitions."

By Jenn Goodman • Feb. 27, 2020

Tutor Perini closes out 2019 with stable revenue, net loss

The company had two major charge-offs in 2019, one related to losing a court case related to the Alaskan Way Viaduct Replacement Project in Seattle and the other associated with a decrease in the price of its stock.

By Kim Slowey • Feb. 27, 2020

Lendlease reports 9% decline in construction profits

The Australia-based global contractor, which is finalizing one sale and looking for a buyer for another, also appointed an American to its board of directors.

By Jenn Goodman • Feb. 21, 2020

Fluor decides to keep government business, faces SEC investigation

Due to the Securities and Exchange Commission probe, the Texas-based contractor released limited FY 2019 financial information today, and noted that 2020 "is going to be a transition year" for the firm.

By Jenn Goodman • Feb. 18, 2020

Bankruptcy judge OKs McDermott's $106M bonus plan

The energy contractor, which filed Chapter 11 in January, has received permission to provide up to $26.8 million in total incentives for 13 management team members and the rest of the amount to 1,112 other key employees.

By Jenn Goodman • UPDATED: Feb. 25, 2020 at 9:38 a.m.

Q&A

New Swinerton CEO talks about growth in conversation with Construction Dive

Eric Foster discusses labor retention, construction technology and the importance of diversification as he takes the reins of the 132-year-old employee-owned company.

By Jenn Goodman • Feb. 14, 2020

AECOM, Skanska, Katerra, more switch up execs in new year

Suffolk, Granite and Swinerton have all made big personnel changes as well so far this year, and Thornton Tomasetti leadership changes are six-fold. Women and people of color are predictably underepresented.

By Kim Slowey • Feb. 12, 2020

Bechtel opens NYC office to capitalize on infrastructure opportunities

The top contractor by revenue has opened a Manhattan office to improve work on transit and other projects in the area.

By Jenn Goodman • Feb. 11, 2020

Skanska's construction division records 245% increase in earnings in 2019

The Swedish multinational recorded an operating margin of 2.4% and operating income of $3.8 billion Swedish krona (U.S. $394 million).

By Jenn Goodman • Feb. 07, 2020

Suffolk rebrands, expands beyond construction

Suffolk's new strategy will see its increased involvement through the entire lifecycle of a construction project.

By Kim Slowey • Feb. 05, 2020

AECOM records Q1 earnings decline, finalizes division sale, stays mum on potential WSP merger

During the company's Q1 earnings call, CEO Michael S. Burke mentioned the search for his successor and announced the sale of the firm's Management Services division.

By Jenn Goodman • Feb. 04, 2020

Lendlease names Mike Fratianni new managing director of its Americas construction division

Fratianni started his construction career in the trades and spent more than 30 years with the company that was to become AECOM Hunt.

By Kim Slowey • Feb. 04, 2020

John Laing CEO Olivier Brousse resigns

John Laing operations, including its billion-dollar-plus U.S. projects, should remain unchanged, a source close to the international infrastructure development firm told Construction Dive.

By Kim Slowey • Jan. 24, 2020