Tutor Perini Unit Wins $61M Contract
Tutor Perini Corporation (TPC) has announced that its unit, Lunda Construction Company, has secured a $61 million contract from Wisconsin Department of Transportation (WisDOT), to build five new bridges and four retaining walls. The scope of the project also includes related grading and storm sewer work.
The work under this contract includes the construction of DePere-Suamico, Memorial Drive to CTH M, IH 43 Early Structures, and USH 41 project near Green Bay. The construction work is scheduled to start in Sep 2013 and is estimated to be concluded in May 2015. The company expects to book the value of the contract into the backlog for the third quarter of 2013.
Tutor Perini reported total backlog of $6.6 billion at the end of the second quarter, up 12% year over year. The growth was mainly driven by $1.3 billion of new awards in the Civil segment.
Tutor Perini retained its earnings guidance for 2013 in the band of $1.65–$1.90 per share. The company expects the third quarter to be benefited by new awards, bookings and a strong backlog. The company continues to win complex, civil and building projects. Its civil market is also likely to remain strong. The Civil segment will deliver strong results as the tunneling work on the Alaskan Viaduct has commenced full-scale.
One of Tutor Perini’s peers, Chicago Bridge & Iron Company N.V. (CBI), reported second-quarter adjusted earnings of $112.3 million or $1.04 per share, in line with the Zacks Consensus Estimate. However, adjusted net income was up 38.6% year over year, on the back of strong project activities and robust backlog during the quarter.
Sylmar, Calif.-based Tutor Perini Corporation is a leading civil and building construction company, offering diversified general contracting and design-build services to private clients and public agencies globally.
Tutor Perini currently retains a Zacks Rank #3 (Hold). Among other stocks in the same industry, Hopewell Highway Infrastructure Limited (HHILY) and MasTec, Inc. (MTZ) with a Zacks Rank #2 (Buy) are worth considering.
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