Tutor Perini Unit Bags Federal Construction Contracts Worth $164M

• Tutor Perini Corp (NYSE: TPC) subsidiary, Perini Management Services Inc (PMSI), has secured three fixed-price federal contracts collectively valued at approximately $164 million.

• PMSI was awarded two task orders worth a combined $132.5 million by the U.S. Coast Guard (USCG) in Puerto Rico.

• The combined project scope includes demolishing existing buildings and infrastructure, construction of new buildings, site work and paving, utilities, water distribution, waterfront work, and resiliency for the base.

• The largest building will be the new two-story Multi-Mission Building (MMB), which will be approximately 44,000 square feet.

• The work will be phased to allow continued and uninterrupted base operation by USCG personnel. The company expects the work to be completed in May 2027.

• The National Park Service has awarded PMSI a $31.6 million firm-fixed-price construction contract for the repair and upgrades to the Ahwahnee Hotel in Yosemite National Park, California.

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

• Price Action: TPC shares are trading lower by 2.12% at $5.99 on the last check Wednesday.

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