Tutor Perini (TPC), Black Construction JV Wins $74M Contract

Zacks05-30

A joint venture (“JV”) between Tutor Perini Corporation TPC and its subsidiary, Black Construction Corporation, won a $74.4 million Child Development Center contract at Andersen Air Force Base, Guam. ...

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The contract was awarded by the U.S. Naval Facilities Engineering Systems Command, Pacific District.Per the terms of the contract, the JV will engage in the construction of a Child Development Center facility with privately owned vehicle parking. The facility will house a single-story, reinforced concrete building, consisting of child development spaces, core administration, staff support, facility support spaces, outdoor storage, activity spaces and incidental related work.The construction work for the facility is expected to begin this summer and end by 2026.Furthermore, this contract’s value will be considered under Tutor Perini’s backlog from the second quarter of 2024.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4585":"ETF&股票定投概念","TPC":"Tutor Perini","OC":"欧文斯科宁","BK4086":"建筑产品","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","BK4588":"碎股","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","BK4088":"住宅建筑","PHM":"普得集团","BK4129":"建筑与工程","DY":"戴康工业"},"translate_title":"Tutor Perini(TPC)与黑人建筑合资企业赢得价值7400万美元的合同","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DY":1,"OC":1,"PHM":1,"TPC":1},"content_text":"A joint venture (“JV”) between Tutor Perini Corporation TPC and its subsidiary, Black Construction Corporation, won a $74.4 million Child Development Center contract at Andersen Air Force Base, Guam. The contract was awarded by the U.S. Naval Facilities Engineering Systems Command, Pacific District.Per the terms of the contract, the JV will engage in the construction of a Child Development Center facility with privately owned vehicle parking. The facility will house a single-story, reinforced concrete building, consisting of child development spaces, core administration, staff support, facility support spaces, outdoor storage, activity spaces and incidental related work.The construction work for the facility is expected to begin this summer and end by 2026. Furthermore, this contract’s value will be considered under Tutor Perini’s backlog from the second quarter of 2024.\nConsistent Contract Wins Bode Well\nTutor Perini’s efficient project execution, diversified delivery methods and services have aided it in bagging new contracts and awards consistently. This is the primary growth driver of the company that adds to its backlog level, thereby determining the long-term growth prospects in this everchanging economy.As of Mar 31, 2024, consolidated new awards to TPC were $872.8 million, up 13.8% from $766.7 million reported a year ago. The uptrend was primarily driven by the increased new award activity in the Building and Civil segments. A few significant new awards and contract adjustments in the first quarter include a $243 million healthcare facility project in California; a $73 million airport hangar project in Florida; $66 million of additional funding for several other healthcare projects in California; $55 million for three U.S. Navy projects in Diego Garcia; and an additional $52 million funding for three mass-transit projects in California.\nTutor Perini remains optimistic about its bidding pipeline as it witnesses several active opportunities on large projects, thanks to substantial government funding and limited competition for many of the larger projects.\nImage Source: Zacks Investment Research\nOwing to the growing demand for its services, shares of this civil, building and specialty construction company rose 141.3% in the year-to-date period, outperforming the Zacks Building Products - Heavy Construction industry’s 61.2% growth.\nZacks Rank & Other Key Picks\nTutor Perini currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Here are a few other top-ranked stocks from the Construction sector.Owens Corning OC currently sports a Zacks Rank of 1. OC delivered a trailing four-quarter earnings surprise of 17.4%, on average. The stock has risen 63.8% in the past year.The Zacks Consensus Estimate for OC’s 2024 sales and earnings per share (EPS) indicates growth of 16% and 7.4%, respectively, from the prior-year reported levels.PulteGroup, Inc. PHM currently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 12.5%, on average. PHM's shares have surged 70.3% in the past year.The consensus estimate for PHM’s 2024 sales and EPS indicates an improvement of 7.9% and 10%, respectively, from the prior-year reported levels.Dycom Industries, Inc. DY presently sports a Zacks Rank of 1. DY delivered a trailing four-quarter earnings surprise of 30.2%, on average. The stock has risen 77.9% in the past year.The Zacks Consensus Estimate for DY’s fiscal 2024 sales and EPS indicates an improvement of 9.3% and 3.4%, respectively, from the year-ago levels.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nPulteGroup, Inc. (PHM) : Free Stock Analysis Report\nDycom Industries, Inc. (DY) : Free Stock Analysis Report\nOwens Corning Inc (OC) : Free Stock Analysis Report\nTutor Perini Corporation (TPC) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2439620054"}