Tutor Perini Corporation
) recently announced that a joint venture (JV) between its
subsidiary, Frontier-Kemper Constructors, and ASL has secured a
contract from Aecon/SNC-Lavalin Constructors JV for the
underground excavation work in British Columbia.
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Shares of Tutor Perini reached a new 52-week high of $30.04 on
March 21, up from its previous high of $29.86 on March 20. The
leading civil and building construction company has delivered a
robust 1-year return of about 58.4% and year-to-date return of
about 13.5%, outperforming the S&P 500.
This John Hart Generating Station replacement project includes
excavation of the powerhouse, gate chamber, intake shaft, power
tunnel, tailrace, and various access tunnels. In this
Frontier-Kemper/ASL partnership, Frontier-Kemper's share of the
contract value is around $64.6 million (CAD$71.5 million).
The contract will be the fourth major project of Tutor Perini in
British Columbia in the past eight years. Construction work is
scheduled to begin this year and will expectedly conclude by the
end of 2017. Tutor Perini intends to book the value of the
contract into the backlog in first-quarter 2014.
Tutor Perini reported adjusted earnings per share of 68 cents in
the fourth quarter, a 3% year-over-year increase. Fiscal 2013
earnings per share improved 23% year over year to $1.80.
Total backlog as of 2013-end, was $7 billion, up 25% year over
year. In the quarter, additions to backlog worth mentioning were
a $510 million platform project at Hudson Yards in New York City,
the company's approximately $200 million share of the St. Croix
Crossing bridge project connecting Oak Park Heights, MN and St.
Joseph, WI, a $61 million mixed-use building development project
in New Orleans, LA, and a $41 million landfill closure and sewer
improvement project in Guam.
Tutor Perini expects earnings per share to range between $2.20
and $2.40 in 2014. Revenues are expected in the range of $4.5-$5
The company continues to win contracts and has prospects of
receiving future contracts, given the significant volume of
pending deals in the market. Building segments and margins are
also expected to grow over the next year, driven primarily by the
additional phases of the Hudson Yards projects.
Sylmar, CA-based Tutor Perini Corporation is a leading civil and
building construction company that offers diversified general
contracting and design-build services to private clients and
public agencies globally.
Tutor Perini currently carries a Zacks Rank #4 (Sell). Some
better-ranked stocks in the same industry include
India Globalization Capital, Inc.
). All of these have a Zacks Rank #2 (Buy).