Tutor Perini Corporation
) recently announced that its unit, WDF, Inc., has secured
construction work contracts worth $145 million. The deal covers
four new projects in New York City.
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The first project includes Haaren Hall Renovation worth around
$17.5 million. The contract involves remodeling of approximately
55,000 square feet of interior space and replacement of 10
mechanical rooms. The work also involves extension of two chilled
water main lines into Haaren Hall, along with extensive
mechanical, electrical, plumbing, structural and architectural
work. The construction work has started in the fourth quarter
2013 and the company intends to book the value of the contract
into the backlog in fourth-quarter 2013.
The second project is worth around $74.3 million and entails
construction work in carbon addition facilities at various
wastewater treatment plants. The project will undertake the
erection of new steel and concrete carbon facilities. It also
involves transformation of two existing buildings into new carbon
facilities. The construction is slated to begin in second-quarter
2014. The company expects to book the value contract into the
backlog for the first quarter of 2014.
The scope of work under the third project includes renovation of
three existing buildings in the Prospect Heights section of
Brooklyn to create a training academy for the New York State
Court Officers. The contract is awaiting approval by the New York
State Comptroller's Office. The project that is worth around
$31.2 million is scheduled to begin in the first quarter of 2014.
Tutor Perini intends to book the value of the contract into the
backlog in the first quarter of 2014.
Finally, a $22.6 million contract was awarded for installation of
new heating, cooling and fuel oil systems in NYU Langone Medical
Center. The construction work is scheduled to start in the first
quarter of 2014. The company expects to book the value of the
contract into the backlog for the first quarter of 2014.
Total backlog as of Sep 30, 2013, was $6.9 billion, up 24% year
over year and 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 first half of this year.
Sylmar, California-based Tutor Perini Corp. 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 #3 (Hold). Some
better-ranked stocks in the same industry include
CaesarStone Sdot-Yam Ltd.
Orion Marine Group, Inc
). While CaesarStone sports a Zacks Rank #1 (Strong Buy), Orion
Marine and USG have a Zacks Rank #2 (Buy).