Tutor Perini's (TPC) Fisk Electric Wins $40M Miami-Dade Contract
Tutor Perini Corporation's TPC subsidiary, Fisk Electric Company, has secured a $40 million contract from the Miami-Dade County Water and Sewer Department for its Ocean Outfall Legislation Program.
Poole & Kent secured the overall project as the General Contractor, while Fisk Electric was tasked with the complete electrical work of the project. This contract pertains to Construction Package CT-3C-A, which focuses on Electrical Distribution Building 2, identified as Contract No. S-949A.
Per the contract, Fisk Electric is responsible for the new 45,000 square-foot electrical distribution building, eight 13.2kV Tier 4 diesel engine generators, piping control systems, service air, fuel oil and emission fluid storage, and the electrical ductbank system connecting the building with substations. The project is situated at the Central District Wastewater Treatment Plant in Key Biscayne, Florida. Fisk Electric has completed four prior electrical projects at this site, totaling more than $32 million in contract value.
The company has started working on the new project, which it expects to complete in the first quarter of 2027. The contract value will be added to the company's backlog beginning in third-quarter 2023.
Strong Backlog Growth
Shares of the company have gained 32.2% over the past six months compared with the Zacks Building Products - Heavy Construction industry’s 5% rise. The company has been benefiting from robust backlog growth and civil segment mass transit projects in California.
Image Source: Zacks Investment Research
In second-quarter 2023, the company's backlog increased 27% year over year to $10.9 billion. The upside was fueled by the significant $3 billion Brooklyn Jail design-build project, encompassing more than $600 million in electrical and mechanical work under the Specialty Contractors segment.
Additionally, the company secured nearly $1 billion in new awards and contract adjustments, including the $222 million Tinian International Airport project in the Northern Mariana Islands by Black Construction, and an additional $102 million funding at a Rudolph and Sletten healthcare project in California.
Going forward, the company remains optimistic and anticipates to capture significant projects and continue to grow its backlog substantially to drive revenue growth and improve profitability.
Zacks Rank & Key Picks
Tutor Perini currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Construction sector are:
Construction Partners, Inc. ROAD sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. ROAD has a trailing four-quarter earnings surprise of 10.6%, on average. Shares of ROAD have gained 45.6% in the past year.
The Zacks Consensus Estimate for ROAD’s 2023 sales and earnings per share (EPS) indicates gains of 19.3% and 112.2%, respectively, from the year-ago period’s levels.
TopBuild Corp. BLD sports a Zacks Rank of #2 (Buy). It has a trailing four-quarter earnings surprise of 14.1%, on average. Shares of BLD have surged 39% in the past year.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates gains of 3.3% and 8.4%, respectively, from the year-ago period’s levels.
EMCOR Group, Inc. EME carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 17.2%, on average. Shares of EME have risen 69.2% in the past year.
The Zacks Consensus Estimate for EME’s 2023 sales and EPS suggests growth of 11.3% and 35.4%, respectively, from the year-ago period’s levels.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
EMCOR Group, Inc. (EME) : Free Stock Analysis Report
Tutor Perini Corporation (TPC) : Free Stock Analysis Report
TopBuild Corp. (BLD) : Free Stock Analysis Report
Construction Partners, Inc. (ROAD) : Free Stock Analysis Report
