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Tutor Perini Corporation (TPC - Free Report) won an approximately $1.66 billion contract from the Honolulu Authority for Rapid Transportation for the City Center Guideway and Stations Project in Honolulu, Hawaii.
TPC’s experts will design and construct six rail stations and approximately three miles of elevated rail guideway, beginning just east of the existing Middle Street Transit Center Station and ending at the Civic Center Station, which will be located just east of downtown Honolulu.
Work on the project is expected to be executed in mid-September. Project design will begin immediately after contract execution, while construction is estimated to start in the second half of 2025. The work is likely to be completed by 2030.
The contract value will be added to TPC’s third-quarter backlog.
Consistent Contract Wins Bode Well
Tutor Perini’s efficient project execution and diversified delivery methods and services have aided it in securing 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 Jun 30, 2024, the total backlog grew to $10.4 billion from $10 billion as of Mar 31. Consolidated new awards of TPC were $1.56 billion, up from $872.8 million reported at the first-quarter end. The uptrend was primarily driven by the increased new award activity in the Building and Civil segments.
One of the biggest wins contributing this quarter was the Connecticut River Bridge Replacement Project, which was received by its joint venture company with O&G Industries, Inc. and valued at nearly $1.3 billion.
Tutor 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. The company expects the backlog to grow significantly in the second half of 2024 and 2025.
Image Source: Zacks Investment Research
Shares of this civil, building and specialty construction company surged 125.2% in the year-to-date period, outperforming the Zacks Building Products - Heavy Construction industry’s 55.4% growth.
Zacks Rank & Key Picks
Currently, Tutor Perini has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the same space are:
The consensus estimate for EME’s 2024 earnings per share (EPS) indicates an improvement of 34.9% from the prior-year levels.
Granite Construction, Inc. (GVA - Free Report) , a Zacks Rank #2 (Buy) company, is the largest diversified infrastructure firm in the United States. It has a trailing four-quarter earnings surprise of 26.4%, on average.
The consensus estimate for GVA’s 2024 EPS is expected to climb 66.9% year over year. The estimated figure moved up to $5.24 from $4.76 over the past 30 days.
Dycom Industries Inc. (DY - Free Report) currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 30.2%, on average.
The consensus estimate for DY’s fiscal 2025 EPS is expected to rise 8.8% year over year. The estimated figure moved up to $8.02 from $7.97 over the past 30 days.
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Tutor Perini (TPC) Wins $1.66B Contract, Fortifies Q3 Backlog
Tutor Perini Corporation (TPC - Free Report) won an approximately $1.66 billion contract from the Honolulu Authority for Rapid Transportation for the City Center Guideway and Stations Project in Honolulu, Hawaii.
TPC’s experts will design and construct six rail stations and approximately three miles of elevated rail guideway, beginning just east of the existing Middle Street Transit Center Station and ending at the Civic Center Station, which will be located just east of downtown Honolulu.
Work on the project is expected to be executed in mid-September. Project design will begin immediately after contract execution, while construction is estimated to start in the second half of 2025. The work is likely to be completed by 2030.
The contract value will be added to TPC’s third-quarter backlog.
Consistent Contract Wins Bode Well
Tutor Perini’s efficient project execution and diversified delivery methods and services have aided it in securing 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 Jun 30, 2024, the total backlog grew to $10.4 billion from $10 billion as of Mar 31. Consolidated new awards of TPC were $1.56 billion, up from $872.8 million reported at the first-quarter end. The uptrend was primarily driven by the increased new award activity in the Building and Civil segments.
One of the biggest wins contributing this quarter was the Connecticut River Bridge Replacement Project, which was received by its joint venture company with O&G Industries, Inc. and valued at nearly $1.3 billion.
Tutor 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. The company expects the backlog to grow significantly in the second half of 2024 and 2025.
Image Source: Zacks Investment Research
Shares of this civil, building and specialty construction company surged 125.2% in the year-to-date period, outperforming the Zacks Building Products - Heavy Construction industry’s 55.4% growth.
Zacks Rank & Key Picks
Currently, Tutor Perini has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the same space are:
EMCOR Group, Inc. (EME - Free Report) presently flaunts a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 36.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for EME’s 2024 earnings per share (EPS) indicates an improvement of 34.9% from the prior-year levels.
Granite Construction, Inc. (GVA - Free Report) , a Zacks Rank #2 (Buy) company, is the largest diversified infrastructure firm in the United States. It has a trailing four-quarter earnings surprise of 26.4%, on average.
The consensus estimate for GVA’s 2024 EPS is expected to climb 66.9% year over year. The estimated figure moved up to $5.24 from $4.76 over the past 30 days.
Dycom Industries Inc. (DY - Free Report) currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 30.2%, on average.
The consensus estimate for DY’s fiscal 2025 EPS is expected to rise 8.8% year over year. The estimated figure moved up to $8.02 from $7.97 over the past 30 days.