Corporate News
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Executive Moves: AECOM, Skanska, other changes for post-pandemic growth
Infrastructure is featured heavily in these latest executive promotions and hires that also include personnel at Burns & McDonnell, Shimmick and STV.
By Kim Slowey • May 28, 2020 -
Salini Impregilo officially changes name to Webuild
Shareholders approved the move made in effort to help the Italian multinational contractor unlock more infrastructure projects at home and compete more internationally.
By Kim Slowey • May 07, 2020 -
Tutor Perini's strong Q1 sees little coronavirus impact, Jacobs's Q2 revenue up as well
Tutor Perini CEO Ron Tutor said the company anticipates bidding on several $1 billion-plus projects in the next few years, while Jacobs Engineering reported an 11% increase in revenue from last year's Q2.
By Kim Slowey and Jenn Goodman • May 07, 2020 -
Procore reportedly delays IPO pursuit
The construction software startup's move to delay an initial public offering is likely due to the coronavirus pandemic’s impact to the economy.
By Zachary Phillips • May 06, 2020 -
AECOM posts record $42B backlog amid COVID-19 crisis
The Los Angeles-based multinational contractor also saw revenue increase 5% compared to last year's Q2 as most of its 50,000 projects have continued despite the pandemic.
By Jenn Goodman • May 06, 2020 -
Lendlease seeks to raise AUD 1.1B in equity
The company also said last week senior staff and non-executive board members will take salary and fee cuts of up to 20% and that a decision on a final dividend for FY 2020 would be postponed.
By Jenn Goodman • May 05, 2020 -
370 Skanska projects impacted by COVID-19 so far
The coronavirus fallout is beginning to affect the multinational contractor in every region and sector where it operates worldwide, said CEO Anders Danielsson on an earnings call today.
By Jenn Goodman • April 28, 2020 -
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 beleaguered 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 -
Photo by Mike C. Valdivia on Unsplash. (N/A). "Mike C. Valdivia New York skyline photo" [Photograph]. Retrieved from https://unsplash.com/photos/kZokA2VTKn4.
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 calls off potential acquisition
Citing volatile market conditions, the Los Angeles-based contractor said that acquisition talks have been terminated.
By Jenn Goodman • UPDATED: May 14, 2020 at 9:30 a.m. -
Raysonho @ Open Grid Scheduler / Grid Engine. (2015). "The image" [Photograph]. Retrieved from https://en.wikipedia.org/wiki/WSP_Global#/media/File:WSPMarkham.jpg.
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
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 -
McDermott
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. -
Swinerton
Q&ANew 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
