News

Tutor Perini Corporation’s TPC subsidiary — Lunda Construction Company — has won a $53.6 million Kellogg/3rd Street Bridge Replacement Project contract from the City of St. Paul, MN.

Lunda Construction will construct a new bridge with 13 spans, totaling more than 2,100 feet in length. The bridge will have four lanes of traffic (two in each direction) and a barrier-separated 12-feet-wide trail on both sides of the roadway.

Work on the project is expected to begin in the third quarter and is anticipated to be completed in the fall of 2027. The contract value will be added to TPC’s second-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.

On May 29, TPC’s joint venture with its subsidiary, Black Construction Corporation, won a $74.4 million Child Development Center contract at Andersen Air Force Base, Guam. The contract was awarded by the U.S. Naval Facilities Engineering Systems Command, Pacific District.

Again, on May 22, TPC's subsidiary, Tutor Perini Building Corp., received a $228.6 million contract from the Broward County Board of County Commissioners for the Terminal Connectors Project at Fort Lauderdale-Hollywood International Airport.

As of Mar 31, 2024, consolidated new awards of TPC were $872.8 million, up 13.8% from $766.7 million reported a year ago. The uptrend was primarily driven by the increased new award activity in the Building and Civil segments. A few significant new awards and contract adjustments in the first quarter include a $243 million healthcare facility project in California, a $73 million airport hangar project in Florida, $66 million of additional funding for several other healthcare projects in California, $55 million for three U.S. Navy projects in Diego Garcia; and an additional $52 million funding for three mass-transit projects in California.

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.

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Shares of this civil, building and specialty construction company surged 142.4% in the year-to-date period, outperforming the Zacks Building Products - Heavy Construction industry’s 58.8% growth.

Zacks Rank and Other Key Picks

Currently, Tutor Perini has a Zacks Rank #2 (Buy).

Some other top-ranked stocks from the same space are:

EMCOR Group, Inc. EME presently flaunts a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 32%, 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 20.7% from the prior-year levels. The estimated figure moved up to $16.10 from $14.50 over the past 60 days.

Granite Construction, Inc. GVA currently sports a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 24.7%, on average.

The consensus estimate for GVA’s 2024 EPS is expected to climb 51.6% year over year. The estimated figure moved up to $4.76 from $4.29 over the past 60 days.

Primoris Services Corporation PRIM currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 152.4%, on average.

The consensus estimate for PRIM’s 2024 EPS is expected to decline 6.3% year over year. Nonetheless, the estimated figure moved up to $2.67 from $2.61 over the past 60 days.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.