Tutor Perini Corporation (TPC) announced that its unit, Roy Anderson Corp., has secured a $61.3 million contract from HRI Properties, to build the 225 Baronne Mixed-Use Development Project. The project includes the construction of luxury apartments and a hotel in New Orleans, La.
The contract involves the conversion of an existing 31-story office building into a mixed-use development. This new development will consist of 192 apartment units of mixed-income housing, a 188-room hotel and a 356-space public parking garage.
The project will undertake construction of an on-site property management office, a multi-purpose room, an exercise room, roof-top swimming pools and covered bicycle parking. Furthermore, the 919 Gravier Building will be demolished to build an enclosed structural steel parking garage ramp. This will provide access to the parking garage levels in the 225 Baronne Street Building.
Construction work is scheduled to begin this month, and expected to complete in Dec 2014. Tutor Perini intends to book the value of the contract into the backlog in fourth-quarter 2013.
Tutor Perini, which belongs to the building and construction industry together with Chicago Bridge & Iron Company N.V. (CBI) and China Railway Construction Corporation Limited (CWYCY), reported a 9% year-on-year decline in third-quarter 2013 adjusted earnings to 49 cents per share. Earnings dropped due to reduced activity in certain large healthcare and office facility projects in the Building segment in California. The results missed the Zacks Consensus Estimate of 55 cents.
The company recorded total backlog of $6.9 billion as of Sep 30, 2013, up 24% year over year, the highest since the third quarter of 2008. Tutor Perini expects a number of attractive civil infrastructure and building projects to be awarded in the remainder of this year, or the first half of next year.
Sylmar, Calif.-based Tutor Perini Corporation is a foremost 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 #3 (Hold). Jiangsu Expressway Co. Ltd. (JEXYY) also belongs to the same industry and holds a Zacks Rank #2 (Buy)
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