Core Points - Tutor Perini Corporation's subsidiary, Rudolph and Sletten, has been awarded a contract worth approximately $960 million for the construction of the new UCSF Benioff Children's Hospital in Oakland, California [1] - This contract is part of several projects that Rudolph and Sletten has been engaged in, indicating ongoing preconstruction tasks [1]

This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. WASHINGTON — Shovels cannot break ground if no one’s there to hold them.  Industry leaders stressed that takeaway at the Elevate 2025 conference on Sept. 4 in Washington, D.C., where George Guszcza, president and CEO of the National Institute of Building Sciences, framed the construction workforce crisis as a national security threat. “When you look acros ...

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Economic Data Summary - The latest ADP report indicates an addition of +54K new private-sector jobs in August, missing expectations by 20K [1] - The four-month average for private-sector job growth is +55K, a significant decline from the previous average of +102K [2] - Large corporations added only +18K jobs, while medium-sized companies contributed +25K and small firms added +12K [3] Industry Performance - The Leisure/Hospitality sector saw the highest job growth with +50K new jobs, followed by Construction at +16K and Professional/Business Services at +15K [4] - The Trade/Transportation/Utilities sector experienced the largest decline with -17K jobs, along with Education/Healthcare losing -12K jobs [4][5] Labor Market Insights - Job Stayers experienced an average earnings gain of +4.4%, while Job Changers saw a +7.1% increase, indicating a stagnant labor market [6] - Initial Jobless Claims rose to +237K, the highest since June, while Continuing Jobless Claims decreased to 1.940 million [6][7] Productivity and Labor Costs - Q2 Productivity increased to a seasonally adjusted annualized rate of +3.3%, the strongest since Q3 2024, while Unit Labor Costs rose by only +1.0% [7] Trade Deficit - The U.S. Trade Deficit widened to -$78.3 billion in July, a significant increase from the previous month's -$59.1 billion [8]

Construction Industry Challenges - Construction projects face inherent conflicts due to constantly changing designs, locations, and teams, leading to problem-solving under high financial risk and tight timelines [2] - The industry uniquely combines intellectual and manual labor, requiring diverse expertise from finance to carpentry, which can lead to disagreements [3] - Conflict in construction is inevitable because projects must be physically built, forcing resolution of problems [4] Conflict as a Catalyst for Creativity - Disagreement is presented as a source of creativity, essential for balancing aesthetics, function, performance, and cost in design [5] - Integrating diverse experiences and priorities is crucial, requiring the ability to navigate conflict effectively [7] - Avoiding problems is not an option, highlighting the need for constructive conflict resolution [4] Strategies for Constructive Conflict Resolution - The industry emphasizes the importance of building relationships and understanding different perspectives to create a foundation for navigating disagreements [17] - It is important to avoid the temptation to always be right, recognizing that solutions require compromise and understanding of motivations, frustrations, and resources [18] - Building trust and understanding are key to transforming destructive conflicts into constructive ones [20] Cultural Shift and Problem Solving - The industry is positioned on the front line of cultural divides, requiring a culture that embraces conflict to solve problems [25] - The industry encourages leaning into disagreements as opportunities for creativity, improved listening, and better questioning [26] - The industry suggests that confidence in navigating conflict leads to richer solutions derived from rigorous testing and revision [28]

Summary of Bird Construction Conference Call Company and Industry - **Company**: Bird Construction - **Acquisition Target**: Fraser River Pile and Dredge (FRPD) - **Industry**: Infrastructure and Construction, specifically focusing on marine construction, land foundations, and dredging Key Points and Arguments 1. **Acquisition Details**: Bird Construction has entered into a definitive share purchase agreement to acquire FRPD for an estimated aggregate consideration of **$82.3 million** [4][12][15] 2. **Strategic Rationale**: The acquisition aims to enhance Bird's infrastructure presence across Canada and expand its self-perform capabilities, particularly in marine construction and dredging [4][6][20] 3. **FRPD Profile**: FRPD is Canada's oldest and largest privately owned marine construction and dredging company, founded in **1911**, with over **300 employees** and a strong reputation for safety and quality [5][6] 4. **Market Demand**: There is a growing demand for specialized infrastructure services, particularly in marine construction, which is expected to outpace industry capacity [9][20] 5. **Financial Impact**: The acquisition is expected to be accretive to Bird's EBITDA margin and adjusted earnings per share, moving closer to a strategic EBITDA margin target of **8%** by **2027** [8][13][23] 6. **Revenue Projections**: FRPD is projected to generate approximately **$160 million** in revenue and **$20 million** in adjusted EBITDA annually [13][18] 7. **Backlog and Pipeline**: FRPD has a healthy backlog and a multiyear recurring work program, including a significant contract for dredging the Fraser River, which has been in place for over **35 years** [12][14][21] 8. **Cultural Alignment**: There is a strong cultural alignment between Bird and FRPD, which is expected to facilitate seamless integration and collaboration [6][17] 9. **Cross-Selling Opportunities**: The acquisition opens up robust cross-selling opportunities with existing clients and projects, enhancing Bird's service offerings [8][20][80] 10. **Future Growth**: Bird anticipates that FRPD will act as a catalyst for growth in its other businesses, leveraging combined capabilities to access new clients and larger projects [16][17] Additional Important Information 1. **Regulatory Approval**: The transaction is subject to regulatory approvals, including the Competition Act, with expectations to close in early **2025** [14][41] 2. **Debt Management**: The acquisition will be funded through a new term debt facility, and Bird expects to maintain low leverage post-acquisition [12][21] 3. **Dividend Policy**: Bird continues to target a dividend payout ratio of **33%** of GAAP net income over its strategic plan period from **2025 to 2027** [22] 4. **Market Landscape**: The competitive landscape includes both private players and potential government involvement, but Bird does not anticipate significant margin pressure in the current market [9][92] 5. **Future M&A Activity**: Bird remains open to future M&A opportunities that fit its strategic profile, particularly those that can enhance its capabilities and market position [81][85] This summary encapsulates the key points discussed during the conference call regarding Bird Construction's acquisition of FRPD, highlighting the strategic importance, financial implications, and future growth potential within the infrastructure sector.

Company Overview - Construction Partners, Inc. (CPI) is a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways in local markets throughout the Sunbelt [4] - The company operates in several states including Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas [4] - CPI's business primarily consists of publicly funded projects, which include local and state roadways, interstate highways, airport runways, and bridges [4] Upcoming Analyst Day - CPI will host an in-person 2025 Analyst Day and hot-mix asphalt facility tour on October 22, 2025, in Raleigh, North Carolina [1] - The event will feature discussions led by the President and CEO, Fred J. (Jule) Smith, III, along with other senior leadership team members, focusing on strategic initiatives, growth priorities, organizational achievements, and business outlook [2] - The Analyst Day presentation will begin at approximately 10:00 a.m. Eastern Time, following the facility tour, and will include a question-and-answer session [2] Event Participation - Analysts and institutional investors interested in attending the event in person are encouraged to contact the company's Investor Relations representatives [3] - The event will also be webcast live on the company's website, with additional details regarding registration and webcast information to be provided later [3]

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Financial Data and Key Metrics Changes - Fiscal 2025 was a record year for the company, with net income from continuing operations reaching $15.7 million in the fourth quarter, a significant improvement from a net loss of $0.6 million in the prior year period [20][4] - Book value per share increased by approximately 24% year over year to $2.65 as of June 30, with a pro forma book value of $2.58 after recent capital raises [7][21] - Revenue for the fourth quarter was $5.6 million, compared to $8.9 million in the prior year, but excluding a one-time property sale, revenue grew over 140% year over year [19][7] Business Line Data and Key Metrics Changes - The credit business, GECC, generated record investment income and incentive fees, with net investment income exceeding quarterly distributions, supporting a 6% increase in dividends to $0.37 per share [10][4] - Monomoy Construction Services (MCS) launched in February and contributed nearly $1 million in revenue in its initial months, with expectations to more than double its revenue in fiscal 2026 [12][5] - The Great Elm Credit Income Fund posted net returns of 21% for the six months ended June 30, driven by unrealized appreciation in CoreWeave-related investments [11][20] Market Data and Key Metrics Changes - Assets under management in fee-paying AUM totaled approximately $759 million, up 4% from the prior year [19] - The company closed the year with $31 million in cash, which is expected to exceed $40 million on a pro forma basis after recent capital raises [8][21] Company Strategy and Development Direction - The company entered a strategic partnership with Kennedy Lewis Investment Management, which includes a $100 million term loan to Monomoy REIT and a commitment of up to $150 million to accelerate real estate platform growth [15][16] - The launch of MCS is part of a broader strategy to create a fully integrated real estate platform, enhancing development timelines and tenant relationships [12][5] - The company aims to scale its real estate revenues significantly, targeting $1 billion in assets and a potential future IPO for Monomoy REIT [16] Management's Comments on Operating Environment and Future Outlook - Management views fiscal 2025 as an inflection point, with record results and new capital and partnerships positioning the company for continued growth [5][18] - The company expressed confidence in its ability to deliver sustained long-term value to shareholders, supported by a strong balance sheet and strategic initiatives [18][24] Other Important Information - The board expanded the stock purchase program by $5 million, bringing the total program size to $25 million, with $15.7 million remaining in capacity [8] - The company repurchased 5.1 million shares for $9.3 million at an average of $1.85 per share, contributing to the increase in book value [8][21] Q&A Session Summary Question: Are there any questions from participants? - There were no questions from participants during the Q&A session [23]