Black Construction Corporation (BCC), a subsidiary of Tutor Perini Corporation (TPC - Free Report) , recently announced that it has been awarded a contract worth nearly $78 million by the U.S. Naval Facilities Engineering Command.
BCC is the largest general contracting company in Guam and offers comprehensive construction services across the Western Pacific region. Per the contract, BCC will design and build four live-fire training range complex, and supporting structures at Northwest Field, Naval Support Activity Andersen.
Under the supporting structures, the company will construct range maintenance building, known as distance rifle/pistol range administration building, area distribution node with radio frequency communication tower, and two surface radar/camera sites.
Work on the project is expected to commence in October 2017, with substantial completion anticipated by November 2020. The contract value will be included in Tutor Perini’s third-quarter 2017 backlog. The contract will help boost the company’s top-line growth in the near term.
The company anticipates to gain from increased backlog and continuous success in winning new projects, combined with the benefits expected from the FAST Act, California’s SB1 transportation bill, and several large voter-approved transportation funding measures.
Tutor Perini expects a significant volume of prospective opportunities and bidding activities for civil projects over the next several years. The strength of the underlying demand will likely support its long-term outlook for growth and profitability.
Tutor Perini has outperformed its industry with respect to price performance in a year’s time. The stock has gained around 8.6%, while the industry recorded growth of 1% over the same time frame.
Zacks Rank & Stocks to Consider
Currently, Tutor Perini carries a Zacks Rank #4 (Sell).
A few better-ranked stocks in the sector include Sterling Construction Company, Inc. (STRL - Free Report) , MasTec, Inc. (MTZ - Free Report) and Owens Corning (OC - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sterling Construction has expected long-term growth rate of 11.00%.
MasTec has expected long-term growth rate of 14.00%.
Owens Corning has expected long-term growth rate of 14.80%.
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