Tutor Perini Corporation (TPC - Free Report) 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 backlog.
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 agencies globally.
Tutor Perini currently has a Zacks Rank #2 (Buy).
Other stocks worth considering in the same industry include EMCOR Group Inc. (EME - Free Report) , Sterling Construction Co. Inc. (STRL - Free Report) and TRI Pointe Homes, Inc. (TPH - Free Report) . All these stocks carry a Zacks Rank #2.