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TPC Stock Gains on JFK Terminal 6 Lighting Subcontract Win
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Tutor Perini Corporation's (TPC - Free Report) subsidiary, Five Star Electric, secured a lighting subcontract from AECOM-Hunt for the new JFK International Airport Terminal 6 (T6).
Per the subcontract, the company will provide lighting, lighting controls, and electrical branch wiring for the two-phased undertaking, T6, which is set to open in 2026. The first phase is expected to be completed in first-quarter 2026, while the second phase is scheduled for first-quarter 2028. The contract value will be added to TPC’s third-quarter backlog.
Following the news, TPC’s shares rose 1.5% during the trading session and 0.6% in the after-hours trading session on Sep. 5, 2024.
Contract Wins Strengthen TPC's Prospects
Tutor Perini’s efficient project execution and diversified delivery methods and services have helped it secure new contracts and awards consistently. This is a primary growth driver of the company that adds to its backlog level and determines long-term growth prospects in this everchanging economy.
As of June 30, 2024, the total backlog grew to $10.4 billion from $10 billion as of March 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 higher 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 have surged 147.3% in the year-to-date period compared with the Zacks Building Products - Heavy Construction industry’s 50% 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 46.2% 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 60 days.
MasTec, Inc. (MTZ - Free Report) currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 19.4%, on average.
The consensus estimate for MTZ’s 2024 EPS is expected to rise 53.3% year over year. The estimated figure moved up to $3.00 from $3.02 over the past 30 days.
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TPC Stock Gains on JFK Terminal 6 Lighting Subcontract Win
Tutor Perini Corporation's (TPC - Free Report) subsidiary, Five Star Electric, secured a lighting subcontract from AECOM-Hunt for the new JFK International Airport Terminal 6 (T6).
Per the subcontract, the company will provide lighting, lighting controls, and electrical branch wiring for the two-phased undertaking, T6, which is set to open in 2026. The first phase is expected to be completed in first-quarter 2026, while the second phase is scheduled for first-quarter 2028. The contract value will be added to TPC’s third-quarter backlog.
Following the news, TPC’s shares rose 1.5% during the trading session and 0.6% in the after-hours trading session on Sep. 5, 2024.
Contract Wins Strengthen TPC's Prospects
Tutor Perini’s efficient project execution and diversified delivery methods and services have helped it secure new contracts and awards consistently. This is a primary growth driver of the company that adds to its backlog level and determines long-term growth prospects in this everchanging economy.
As of June 30, 2024, the total backlog grew to $10.4 billion from $10 billion as of March 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 higher 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 have surged 147.3% in the year-to-date period compared with the Zacks Building Products - Heavy Construction industry’s 50% 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 46.2% 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 60 days.
MasTec, Inc. (MTZ - Free Report) currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 19.4%, on average.
The consensus estimate for MTZ’s 2024 EPS is expected to rise 53.3% year over year. The estimated figure moved up to $3.00 from $3.02 over the past 30 days.