​​​​​​​Tutor Perini Bags Two Contracts Collectively Worth $90M

Shivani Kumaresan
1 min read
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In this article:

  • Tutor Perini Corp (NYSE: TPC) subsidiary Five Star Electric has secured two new contracts collectively valued at approximately $90 million.

  • Five Star has secured a design-build contract with the Port Authority of New York and New Jersey for a new two-story substation building at JFK International Airport.

  • The project scope of work for Five Star includes furnishing and installing 27kV switchgear, 15kV switchgear, medium-voltage cables, low-voltage power distribution equipment, security, lighting, fire alarm, and other electrical systems.

  • The work is expected to be completed in the spring of 2024.

  • The company will include the contract value in its third-quarter 2022 backlog.

  • Five Star, working as a subcontractor to Yonkers Contracting, has also received the electrical component of a project to construct a new two-story substation building in Jersey City, New Jersey.

  • The proposed work will commence in the fourth quarter of 2022, and completion is anticipated in the summer of 2026.

  • The contract value will be included in the company's fourth-quarter 2022 backlog.

  • Price Action: TPC shares closed higher by 4.99% at $7.36 on Friday.

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