Tutor Perini Corporation
) 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.
China Railway Construction Corporation Limited
), 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.
) also belongs to the same industry and holds a Zacks Rank #2
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