Tutor Perini Corporation
) has announced that its unit, Tutor Perini Building Corp., has
secured a contract worth $255 million from Florida East Coast
Realty, LLC. The project includes the construction of Panorama
Tower at 1101 Brickell Avenue in Miami, FL.
According to the deal, Tutor Perini will build an 82-story
mixed-use tower comprising approximately 2.6 million square feet
and featuring 821 luxury rental apartments, a 250-room hotel,
80,000 square feet of retail space, 40,000 square feet of office
space, and a 13-story 1,500-space parking garage. The tower will
also include a recreation deck with several pools, a fully equipped
fitness area, a pool deck restaurant, and two social rooms.
Tutor Perini has started pre-construction work in Jan 2014.
Construction is scheduled to begin in June and is expected to be
complete by late 2017. Tutor Perini intends to book the value of
the contract into its second-quarter backlog.
Tutor Perini's first quarter total backlog improved 38% year over
year to $7.7 billion as of Mar 31, 2014, which is currently at the
highest level since 2008. A special mention for the 2 MTA East Side
Access projects worth $844 million.
Tutor Perini maintained its earnings per share guidance range of
$2.20 to $2.40 for 2014 and revenues guidance range of $4.5-$5
billion. Tutor Perini is expected to benefit from its strong
The company continues to win contracts and projects possibility of
winning future awards, given its significant volume of pending
awards. 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 offering diversified general
contracting and design-build services to private clients and public
Tutor Perini currently has a Zacks Rank #2 (Buy).
Other stocks worth considering in the same industry include
EMCOR Group Inc.
Sterling Construction Co. Inc.
TRI Pointe Homes, Inc.
). All these stocks carry a Zacks Rank #2.
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