Tutor Perini Corporation (TPC) recently announced that its unit, WDF, Inc., has secured construction work contracts worth $145 million. The deal covers four new projects in New York City.
The first project includes Haaren Hall Renovation worth around $17.5 million. The contract involves remodeling of approximately 55,000 square feet of interior space and replacement of 10 mechanical rooms. The work also involves extension of two chilled water main lines into Haaren Hall, along with extensive mechanical, electrical, plumbing, structural and architectural work. The construction work has started in the fourth quarter 2013 and the company intends to book the value of the contract into the backlog in fourth-quarter 2013.
The second project is worth around $74.3 million and entails construction work in carbon addition facilities at various wastewater treatment plants. The project will undertake the erection of new steel and concrete carbon facilities. It also involves transformation of two existing buildings into new carbon facilities. The construction is slated to begin in second-quarter 2014. The company expects to book the value contract into the backlog for the first quarter of 2014.
The scope of work under the third project includes renovation of three existing buildings in the Prospect Heights section of Brooklyn to create a training academy for the New York State Court Officers. The contract is awaiting approval by the New York State Comptroller’s Office. The project that is worth around $31.2 million is scheduled to begin in the first quarter of 2014. Tutor Perini intends to book the value of the contract into the backlog in the first quarter of 2014.
Finally, a $22.6 million contract was awarded for installation of new heating, cooling and fuel oil systems in NYU Langone Medical Center. The construction work is scheduled to start in the first quarter of 2014. The company expects to book the value of the contract into the backlog for the first quarter of 2014.
Total backlog as of Sep 30, 2013, was $6.9 billion, up 24% year over year and the highest since the third quarter of 2008. Tutor Perini expects a number of attractive civil infrastructure and building projects to be awarded in the first half of this year.
Sylmar, California-based Tutor Perini Corp. is a leading civil and building construction company that offers diversified general contracting and design-build services to private clients and public agencies globally.
Tutor Perini currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include CaesarStone Sdot-Yam Ltd. (CSTE), Orion Marine Group, Inc (ORN) and USG Corp. (USG). While CaesarStone sports a Zacks Rank #1 (Strong Buy), Orion Marine and USG have a Zacks Rank #2 (Buy).
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