Tutor Perini CorporationTPC has been awarded a design-build contract by the U.S. Air Force to design and construct facilities in support of the Royal Saudi Air Force through a Foreign Military Sales program. The project is being funded by the Kingdom of Saudi Arabia.
This project includes the design and construction of multiple facilities, and site improvements comprising Range Operations Facility, Laborers Quarters, Access Control Facility, Security Facility, Maintenance Workshop Facility, Storage Facilities, Crew Facilities, Mosque, Towers, Range Targets, C-130 Assault Strip and other supporting range infrastructure. It also includes all utilities, parking lots and access roads within the complex.
Construction work of the project is likely to begin in spring 2017 and conclude by early 2019. The contract value will be included in the company's first-quarter 2017 backlog.
Tutor Perini Corporation Price
The work will be managed by Tutor Perini's subsidiary - Perini Management Services, Inc. - which specializes in worldwide federal construction. Architect-Engineering services will be provided by Tetra Tech, Inc. of Pasadena, CA.
Tutor Perini foresees gaining incremental awards and revenue contributions from the new highway bill in 2017, continuing through 2020. Moreover, the solid backlog, large volume of work and robust pipeline continue to support a favorable long-term outlook for growth and profitability.
Investors should note that Tutor Perini's shares gained a whopping 123.7% over the past one year, significantly outpacing the 46.4% rise of the Zacks classified Building-Heavy Construction industry.
Zacks Rank & Key Picks
Tutor Perini currently carries a Zacks Rank #3 (Hold).
Louisiana-Pacific Corporation has delivered an average positive earnings surprise of 66.28% in the last four quarters. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
LSI Industries also boasts a Zacks Rank #1 and has delivered an average positive earnings surprise of 27.28% in the trailing four quarters. Boise Cascade, another Zacks Rank #1 stock, has an impressive average positive earnings surprise of 436.26% for the past four quarters.
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