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Corporate News Blog - Tutor Perini Identified as Lowest Bidder for Canton Viaduct Replacement Project with Bid of $189 Million

Research Desk Line-up: MasTec Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 9, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Tutor Perini Corp. (NYSE: TPC), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TPC. The Company announced on November 07, 2017, that the Maryland Transportation Authority (MDTA) has identified it as the lowest bidder for the Canton Viaduct Replacement Project. The MDTA had invited bids for the Replacement of the Canton Viaduct I-895 Over I-95 Ramps under the Railroads and City Streets and Rehabilitation of the Baltimore Harbor Tunnel and Tunnel Approaches. Tutor Perini has made the lowest bid of $189.4 million for the project. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Heavy Construction industry. Pro-TD has currently selected MasTec, Inc. (NYSE: MTZ) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q3 2017 and increased 2017 guidance. Tune in to our site to register for a free membership, and be among the early birds that get our report on MasTec when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TPC; also brushing on MTZ. Go directly to your stock of interest and access today's free coverage at:

http://protraderdaily.com/optin/?symbol=TPC

http://protraderdaily.com/optin/?symbol=MTZ

Scope of the project

Tutor Perini expects MDTA to award the contract in the later portion of Q4 2017. The scope of work under the project involves the removal and replacement of an approximately 3,200-foot-long bridge structure on the north side of the Baltimore Harbor Tunnel, as well as work related to the tunnel rehabilitation. The project is expected to start in March 2018 and is expected to be completed by June 2021.

History

The Baltimore Harbor Tunnel (I-895) is a 1.4-mile, four-lane tunnel crosses under the Patapsco River and connects major north/south highways and many arterial routes in Baltimore City's industrial sections. Along with the Fort McHenry Tunnel (Interstate 95) and the Francis Scott Key Bridge (Interstate 695), the Harbor Tunnel is part of a network of Baltimore Harbor crossings. It was opened on November 29, 1957. The tunnel handles over 24.9 million vehicles annually.

The project is to replace a large elevated section of Interstate 895 north of the Harbor Tunnel. The viaduct had deteriorated to quite an extent and was causing safety problems especially the pull-off areas. The tunnel also required frequent maintenance and needed constant upgrades to keep up with the new highway safety standards, causing financial losses to the exchequer. The project was identified for replacement quite some time back, but issues like limited budgets, toll pricing, and finalization of design for reconstruction, etc. pushed the project on the back burner.

MDTA had finally launched the project with public awareness meeting in May 2017 and conducted the pre-bid meetings for the project in June 2017 followed by site visits. The bid was opened in October 2017.

About Tutor Perini Corporation

Tutor Perini is headquartered in Los Angeles, California and is a leading civil, building and specialty construction Company. It offers a wide range of general contracting and design-build services to private clients and public agencies across the globe. The Company has been providing construction services since 1894 and has established a strong reputation by executing large, complex projects on time and within budget while adhering to strict quality control measures. The Company has three main business units - the Civil Group, the Building Group, and Specialty Contractors Group.

The Civil Group includes the operations of Tutor Perini Corporation, Lunda Construction Company, Frontier-Kemper Constructors, Black Construction, and Becho. The Group is engaged in public works construction throughout US and in Guam and the Western Pacific, The Group works on projects related to repair, replacement and reconstruction of public infrastructure such as highways, bridges, tunnels, mass-transit systems and military infrastructure.

The Building Group includes the operations of Tutor Perini Building Corp., Rudolph and Sletten, Perini Management Services, and Roy Anderson Corp. The Group is engaged in large, complex projects in the hospitality and gaming, sports and entertainment, educational, transportation, and health care markets as well as diversified construction and design-build services to the US military and government agencies, surety Companies and multi-national corporations.

The Specialty Contractors Group includes the operations of Five Star Electric, Fisk Electric, WDF, Desert Mechanical, Nagelbush Mechanical and Superior Gunite. The Group provides comprehensive electrical and mechanical services to the Company's Civil and Building groups, other general contractors, developers and state and local government agencies. The Group has a sizable presence in New York, Texas, Florida, and California.

Last Close Stock Review

At the closing bell, on Wednesday, November 08, 2017, Tutor Perini's stock dropped 3.55%, ending the trading session at $25.80. A total volume of 590.79 thousand shares have exchanged hands, which was higher than the 3-month average volume of 287.24 thousand shares. The Company's stock price soared 29.65% in the previous twelve months. The stock is trading at a PE ratio of 12.67 and currently has a market cap of $1.29 billion.

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