Tutor Perini Corporation TPC has announced that its unit, Cherry Hill Construction has secured a $58.3 million contract from the Pennsylvania Department of Transportation (PennDOT). The scope of the project includes the Interstate-83 (I-83) Exit 18 (Mt. Rose Avenue) Interchange Improvements in York County, PA.
I-83 is a major highway in south central Pennsylvania. The work under this contract includes the reconstruction and widening of I-83 to include six new and reconfigured interchange ramps, rebuild and widen PA Route 124 (Mt. Rose Avenue). The project work also consists of the reconstruction and widening of SR 2005 (Camp Betty Washington Road & Haines Road) as well as other side-road improvements.
In addition, Tutor Perini will construct several new and replacement bridges, culverts, sound walls, sign structures, traffic signals and utility relocations as per the contract. The project also comprises highway lighting, stream relocation and mitigation and closed-circuit traffic camera installation.
The notice to proceed will be issued in Apr 2015 and substantial completion is scheduled to be achieved in Jun 2018. The contract will be included in Tutor Perini’s first-quarter backlog.
Tutor Perini’s total backlog at end of 2014 was $7.8 billion, up 13% year over year. Significant increase in backlog was primarily driven by two new large mass transit projects in New York. The company has backlog of 45% from Civil, 28% from Building and 27% from Specialty Contractors in the year.
Tutor Perini guided earnings per share in the range of $2.20 to $2.50 for 2015. The company expects revenues in the range of $5.0–$5.5 billion for the full year.
Tutor Perini is expected to benefit from continued strength and improvement across end markets and a large pipeline of project opportunities across all segments. The company continues to win contracts and shows prospects of winning future contracts, given its significant volume of pending awards.
Sylmar, CA-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 carries a Zacks Rank #5 (Strong Sell). However, some better-ranked stocks in the sector include Dycom Industries Inc. DY, Comfort Systems USA Inc. FIX and Quanex Building Products Corp. NX. All these stocks sport a Zacks Rank #1 (Strong Buy).
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
Be the first to comment