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Tutor Perini (TPC) Secures National Park Contract Worth $47M
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Tutor Perini Corporation (TPC - Free Report) , a renowned player in civil, building, and specialty construction, is poised for growth with its latest contract win. The company's subsidiary, Perini Management Services, Inc., has secured a fixed-price project worth $47 million from the National Park Service. This contract is earmarked for the construction of the Marjory Stoneman Douglas Visitor Center, located within the picturesque Everglades National Park in Florida.
The scope of the contract encompasses diverse construction activities, including the creation of a new two-story visitor center, a one-story remote concessions and storage building, as well as the installation of underground utilities and extensive site enhancements.
Additionally, the project involves the demolition of sections of the existing bulkhead and the installation of a new bulkhead along the marina and waterfront. The endeavor also incorporates dredging of the Chokoloskee Bay and the replacement of existing floating docks with a state-of-the-art floating dock system, complete with accessible ramps.
Preconstruction activities are already underway, and site mobilization is scheduled for early October. The project is anticipated to reach substantial completion by August 2025. Importantly, the contract's value will be reflected in Tutor Perini's third-quarter 2023 backlog.
Tutor Perini's successful bid for this project underscores its continued commitment to delivering excellence in construction and highlights the company's prominent role in shaping critical infrastructure nationwide. With a proven track record and this significant contract win, TPC is poised for sustained growth and success in the construction industry.
Zacks Rank
Tutor Perini currently carries a Zacks Rank #3 (Hold).
Shares of EME have risen 46.1% year to date (YTD). The Zacks Consensus Estimate for EME’s 2023 sales and earnings per share (EPS) indicates growth of 11.7% and 36.2%, respectively, from the previous year’s reported levels.
TopBuild currently sports a Zacks Rank of 1. BLD delivered a trailing four-quarter earnings surprise of 14.1%, on average. Shares of the company have risen 68% YTD.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates growth of 3.3% and 8.4%, respectively, from the previous year’s reported levels.
Fluor currently sports a Zacks Rank of 1. FLR delivered a trailing four-quarter negative earnings surprise of 5.3%, on average. Shares of the company have gained 10.2% YTD.
The Zacks Consensus Estimate for FLR’s 2023 sales and EPS indicates growth of 11.3% and 141.5%, respectively, from the previous year’s reported levels.
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Tutor Perini (TPC) Secures National Park Contract Worth $47M
Tutor Perini Corporation (TPC - Free Report) , a renowned player in civil, building, and specialty construction, is poised for growth with its latest contract win. The company's subsidiary, Perini Management Services, Inc., has secured a fixed-price project worth $47 million from the National Park Service. This contract is earmarked for the construction of the Marjory Stoneman Douglas Visitor Center, located within the picturesque Everglades National Park in Florida.
The scope of the contract encompasses diverse construction activities, including the creation of a new two-story visitor center, a one-story remote concessions and storage building, as well as the installation of underground utilities and extensive site enhancements.
Additionally, the project involves the demolition of sections of the existing bulkhead and the installation of a new bulkhead along the marina and waterfront. The endeavor also incorporates dredging of the Chokoloskee Bay and the replacement of existing floating docks with a state-of-the-art floating dock system, complete with accessible ramps.
Preconstruction activities are already underway, and site mobilization is scheduled for early October. The project is anticipated to reach substantial completion by August 2025. Importantly, the contract's value will be reflected in Tutor Perini's third-quarter 2023 backlog.
Share Price Performance
Shares of the company have gained 21.8% over the past three months against the Zacks Building Products - Heavy Construction industry’s 2.5% decline.
Image Source: Zacks Investment Research
Tutor Perini's successful bid for this project underscores its continued commitment to delivering excellence in construction and highlights the company's prominent role in shaping critical infrastructure nationwide. With a proven track record and this significant contract win, TPC is poised for sustained growth and success in the construction industry.
Zacks Rank
Tutor Perini currently carries a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks from the Construction sector are EMCOR Group, Inc. (EME - Free Report) , TopBuild Corp. (BLD - Free Report) and Fluor Corporation (FLR - Free Report) .
EMCOR currently sports a Zacks Rank of 1 (Strong Buy). EME delivered a trailing four-quarter earnings surprise of 17.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of EME have risen 46.1% year to date (YTD). The Zacks Consensus Estimate for EME’s 2023 sales and earnings per share (EPS) indicates growth of 11.7% and 36.2%, respectively, from the previous year’s reported levels.
TopBuild currently sports a Zacks Rank of 1. BLD delivered a trailing four-quarter earnings surprise of 14.1%, on average. Shares of the company have risen 68% YTD.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates growth of 3.3% and 8.4%, respectively, from the previous year’s reported levels.
Fluor currently sports a Zacks Rank of 1. FLR delivered a trailing four-quarter negative earnings surprise of 5.3%, on average. Shares of the company have gained 10.2% YTD.
The Zacks Consensus Estimate for FLR’s 2023 sales and EPS indicates growth of 11.3% and 141.5%, respectively, from the previous year’s reported levels.