Latest news with #Bechtel
Yahoo
4 days ago
- Business
- Yahoo
The top commercial contractors of 2025
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. New York City-based Turner Construction has once again retained its top spot as the No. 1 contractor in the country by revenue, according to Engineering News-Record's 2025 Top 400 Commercial Contractors list released last week. Reston, Virginia-based Bechtel reclaimed second place after Omaha, Nebraska-based Kiewit, which placed No. 3 this year, pushed it out of the runner-up slot last year. All three of the top contractors experienced some measure of revenue growth. Turner's 2024 revenue grew to $20.2 billion from $17.1 billion last year, while Bechtel grew to $15.9 billion from $12.9 billion. Kiewit generated $14 billion in 2024 compared to the prior year's $13.8 billion. In a large swing, Falls Church, Virginia-based HITT Contracting leapt up the rankings, jumping from the No. 26 slot last year into the No. 10 position on the back of a revenue increase of approximately $3 billion, according to the report. HITT credited the company's revenue jump with listening to, and evolving alongside, its clients, according to Kim Roy, the company's CEO. 'Over the past five years, we've expanded in key sectors with strong demand and long-term opportunities, such as mission critical, hospitality, healthcare, manufacturing and industrial,' Roy told Construction Dive via email. 'We also continue to grow alongside our long-time corporate and multifamily clients, who have been pivotal to HITT's success.' In addition to HITT, Atlanta-based Holder Construction also made a big leap, to the No. 15 slot from last year's position at No. 30. The company reported $7.7 billion in 2024 revenue, compared to $5 billion in 2023. The list comes as public builders have, for the most part, downplayed the effects that President Donald Trump's tariffs have had on their first quarter earnings performance. Since the rankings depend on 2024 revenue, it can be seen as a lagging indicator of performance, unaffected by tariffs, or even the Trump presidency. Other firms that jumped five spots or more in the top 50 include: Minneapolis-based Mortenson, up to No. 22 from No. 27. Concord, California-based Swinerton, up to No. 30 from No. 35. Tempe, Arizona-based Sundt Construction, up to No. 46 from No. 51. Baton Rouge, Louisiana-based Performance Contractors Inc., which landed at No. 47 despite being unranked last year. Columbus, Kansas-based Crossland Construction Co., up to No. 50 from No. 55. Builders that fell five or more spots in the top 50 include: Providence, Rhode Island-based Gilbane Building Co., which dropped from 11 to 17. St. Louis-based Arco Construction Cos., down to No. 29 from No. 17. Southfield, Michigan-based Barton Malow, down to No. 35 from No. 19. While the leapfrogging activity shows that there's always room at the top, there are red flags building in the construction industry as well. In April, project stress rose, and the private sector neared a multi-year high in abandonments, according to Cincinnati-based ConstructConnect. In addition, the Dodge Momentum Index grew 0.9% in April, a lower rate of growth compared to past months, mostly powered by work in data center projects. Without data centers, the DMI would've dropped 3%. At the same time, optimism remains. Construction backlog rose in April to its highest level since September 2023, particularly for builders with over $100 million in revenue. However, it's down year over year for contractors that made $30 million to $100 million in annual revenue. See the chart below for the top 10 commercial contractors on the list: Ranking Contractor 2024 Revenue 1 Turner Construction $20.2 billion 2 Bechtel $15.9 billion 3 Kiewit Corp. $14 billion 4 The Whiting-Turner Contracting Corp. $13.3 billion 5 MasTec $12.3 billion 6 STO Building Group $12 billion 7 Fluor $11.1 billion 8 DPR Construction $10.8 billion 9 McDermott International $8.9 billion 10 HITT Contracting $8.7 billion Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
5 days ago
- Business
- CNBC
These stocks could be winners if Trump devalues the U.S. dollar, according to Jefferies
Stocks with large amounts of overseas revenue and strong pricing power could outperform if the U.S. engineers an effective dollar devaluation as part of White House trade talks, according to Jefferies. The greenback has already slipped around 7% on the year, and although there doesn't appear to be a blatant catalyst to drive it further lower — Jefferies Global head of FX Brad Bechtel predicts a major regime change ahead. Specifically, Bechtel believes that a tacit agreement worked into trade negotiations with China could drag the USD down 15%. "An agreement — particularly with China — to weaken the USD could result in its first prolonged devaluation in 20Y+," he wrote in a recent note. "This would increase the competitiveness of U.S. exports, bolster U.S. manufacturing and potentially lift the Chinese consumer by aiding domestic consumption." "In short, this is more of a win-win solution than a diligent and protracted trade deal process," Bechtel added. To that end, in the same note Jefferies analysts shared some stocks that could win big if the U.S. dollar does end up devaluing. These stocks all have the following characteristics: Revenue with significant overseas exposure, especially to China Considerable direct competition that is foreign domiciled Potential for pricing power as a commodity-driven business or service In the health care sector, Jefferies singled out life sciences stock Danaher as a winner should the greenback continue to weaken. Shares of Danaher have tumbled 18% this year, but the price target of $230 is approximately 22% above the stock closed on Monday afternoon. Jefferies currently has a buy rating on the company. The bank also singled out Repligen as a potential winner, although Jefferies sees the stock currently as a hold. "We view DHR and RGEN as particularly well positioned and note that both companies also have considerable ex-U.S. revenue exposure (~55% each)," Jefferies wrote. Meanwhile, in the consumer sector buy-rated Nike has a leg up over its peers, Jefferies said. "We think NKE is poised to benefit from improving trade balances both with China and Globally," the bank wrote. "We forecast 52% of NKE's revenues will come from International for FY'25, with 15% coming from Mainland China specifically. The value of these revenues will increase as the USD devalues." Jefferies added: "Additionally, if the Euro and the CHF continue to appreciate, this can further increase NKE's competitiveness considering its key peers — Adidas, Puma and On — are European companies." Shares of Nike have stumbled 17% in 2025. Jefferies' $115 price target is 83% above where the stock closed on Tuesday. Netflix, another name Jefferies has a buy rating on, has surged 36% this year. The stock closed at $1,211.51 could rally another TK% to Jefferies' $1,200 per share price target. "A weakened USD should support NFLX on reaching the high-end of its FY25 rev guide of $43.5-44.5B," the bank wrote. "It would also benefit its industry leading operating margins, giving it further earnings/FCF available for content investment vs. peers."
Yahoo
18-05-2025
- Business
- Yahoo
US' 1.3GW solar farm to power 200,000 homes, boost clean energy capacity by 20%
A 1.3 gigawatt (GW) solar farm in northern Indiana is all set to become one of USA's largest solar power projects following an agreement between Philadelphia-based renewable energy operator Doral Renewables and Virginia-headquartered engineering firm Bechtel. Construction on Indiana's Mammoth Solar project ramped up this month after Doral Renewables issued a Full Notice to Proceed (FNTP) to Bechtel in a bid to boost total solar capacity in Indiana by more than 20%. Bechtel will design, engineer, and build Mammoth South, Mammoth Central I, and Mammoth Central II—three segments that together will deliver 900 megawatts AC of clean energy capacity, enough to power 200,000 homes. Bechtel is set to install approximately two million solar panels over the next two years—around half of which will be manufactured in the US. The company is overseeing all engineering, procurement, and construction activities. According to a media statement released by the firm, it will use its award-winning digital delivery methods and autonomous technologies to speed up construction and improve project outcomes. "A project of this scale depends on strong collaboration with local building trades to ensure access to the skilled workforce needed. We're working closely with craft professionals, creating high-quality jobs, and being a reliable partner to the community as we help deliver Mammoth Solar and increase the supply of clean, reliable solar power," said Scott Austin, Bechtel's general manager of renewables & clean power. More than 1,200 jobs are expected to be created at the height of the Mammoth Solar project, with at least 15% dedicated to apprenticeships. When completed in 2027, Doral Renewables plans to implement agrivoltaics initiatives across the entire site, integrating livestock grazing and crop cultivation alongside the solar panels. This dual-use approach allows local farmers and landowners to continue their agricultural activities while benefiting from renewable energy production. "We remain deeply committed to the highest standards of safety, quality, and environmental stewardship throughout this phase. We are equally focused on fostering strong community relationships, ensuring meaningful local participation from the workforce and vendors, and supporting the county through direct, indirect, and induced economic benefits," noted Amit Nadkarni, senior vice president of project & asset management at Doral Renewables. One of Bechtel's massive past projects was the Ivanpah solar power plant, a concentrated solar power facility located in California's Mojave Desert. The plant uses rows of parabolic mirrors called heliostats to focus sunlight onto receivers atop three towers. Comprising three CSP plants side by side, Ivanpah was the largest facility of its kind in the world at the time. It features 173,500 heliostats, each equipped with two parabolic mirrors that reflect sunlight onto the solar towers. Developed by BrightSource Energy in partnership with Bechtel, the project cost $2.2 billion to complete. This year, power plant operator and co-owner NRG Energy Inc. announced plans to shut down part of the Ivanpah plant, just over 11 years after it began operations. Originally, the utility was contracted to purchase power from two units through 2039. However, following a 2021 directive from the California Public Utilities Commission to review energy sources, the utility identified the Ivanpah agreements as a chance to reduce costs, leading plant owners to offer early termination.
Saudi Gazette
15-05-2025
- Business
- Saudi Gazette
King Salman Airport Company signs deal with Bechtel to build three new terminals
Saudi Gazette report RIYADH — King Salman International Airport Development Company, a subsidiary of the Public Investment Fund (PIF), announced the signing of an executive partnership agreement with Bechtel, the global construction and engineering company based in the United States, to develop three new terminals for the new Riyadh airport. This was on the sidelines of the Saudi-US Investment Forum held in Riyadh. Bechtel will undertake to manage the implementation of a new terminal dedicated to commercial airlines, and an additional new terminal numbered 6, in addition to a third terminal dedicated to private aviation, which includes aircraft maintenance facilities. 'The company is proceeding according to the set schedule to complete the various executive works related to the buildings and infrastructure, so that the airport will be ready to receive passengers as soon as possible,' said Marco Mehia, Acting CEO of King Salman International Airport Development Company. He stressed that our selection of Bechtel as an executive partner to develop (3) new lounges is a commitment to the project to raise the standards of innovation in aviation infrastructure, through partnership with a company with global experience spanning more than 120 years.' He explained that the development plan for the three terminals confirms the airport's commitment to the highest global sustainability standards, as they will be designed in accordance with the requirements of the LEED Platinum rating system, underscoring the airport's commitment to adopting the latest green solutions and sustainable President of Infrastructure, Darren Mort, described the King Salman International Airport project as one of the most prominent aviation projects in the world expressed his pleasure at the company's participation in this inspiring project, contributing to the realization of the airport's vision and providing an exceptional travel experience that is unprecedented worldwide.
Zawya
14-05-2025
- Business
- Zawya
Bechtel to lead expansion of Saudi Arabia's King Salman International Airport
RIYADH, Saudi Arabia /PRNewswire/ -- Bechtel today signed an agreement with the King Salman International Airport Development Company to serve as the delivery partner for three new terminals at King Salman International Airport (KSIA) in Riyadh. Signed during President Trump's visit to Saudi Arabia, the agreement highlights growing U.S.-Saudi infrastructure ties and builds on Bechtel's experience delivering more than 300 projects in Saudi Arabia, including the recently opened Riyadh Metro. The airport, expected to be the world's largest when it opens in the coming decade, is a pillar of Saudi Arabia's Vision 2030 that will serve as an economic engine for Riyadh and the surrounding region. "The King Salman International Airport is a landmark project that will reshape Riyadh and enhance the lives and communities it serves," said Darren Mort, President of Bechtel's Infrastructure Business. "Bechtel's award-winning aviation team has delivered some of the world's largest and most complex airports, incorporating innovative and sustainable solutions. We look forward to partnering with the King Salman International Airport Development Company to bring their vision of a world-class passenger experience to life." When completed, the KSIA will operate six parallel runways and handle an anticipated capacity of 185 million passengers and 3.5 million tons of cargo annually by 2050. The new terminals will support economic growth in Riyadh and the surrounding region, while enhancing global connectivity and delivering a world-class passenger experience. Bechtel will work with the King Salman International Airport Development Company to manage delivery of a terminal for commercial carriers, Terminal 6 for low-cost carriers, and a new private aviation terminal with hangars. The project team will prioritize achieving LEED Platinum certification by integrating innovative sustainable practices into the design and construction of all three terminals. The terminals will absorb or replace all existing facilities of the King Khalid International Airport. Bechtel is an industry-leading engineering, project management and construction management services firm that has delivered airport projects around the world, including Hamad International Airport in Qatar, Dubai International Airport in the United Arab Emirates, London City Airport in the U.K., and Western Sydney International (Nancy-Bird Walton) Airport in Australia. About Bechtel Bechtel is a trusted engineering, construction, and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers' objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs; grown economies; improved the resiliency of the world's infrastructure; increased access to energy, resources, and vital services; and made the world a safer, cleaner place. Bechtel serves the Energy; Infrastructure; Manufacturing & Technology; Mining & Metals; and Nuclear, Security & Environmental markets.
