Tutor Perini Boosts Backlog With New Contract Win in Arizona

Tutor Perini Corporation TPC has boosted its backlog growth with a new contract win worth about $41.9 million. The company’s subsidiary, Perini Management Services, Inc., was selected by the National Park Service to provide comprehensive design and construction services for the repair of critical utility systems at the Glen Canyon National Recreation Area in Arizona.Shares of Tutor Perini inched up 0.1% during after-hours trading yesterday.Comprehensive Understanding of Tutor Perini’s New ProjectThe project is underway and is expected to be finished by fall 2027. The work is focused on repairing and replacing wastewater systems at the Wahweap and Lone Rock areas in the Glen Canyon National Recreation Area. The main goal is to replace old systems with modern and advanced ones, ensuring long-term reliability and sustainability. The upgrades made by Tutor Perini are expected to follow or exceed the standards set by the Arizona and Utah Departments of Environmental Quality.The project's scope includes replacing the Glen Canyon Bridge force main, upgrading and replacing septic systems, manholes and lift stations, as well as repairing and lining existing sanitary sewage infrastructure with cured-in-place pipe. The monitoring and control system will be updated at both local locations and the larger park communication network, and backup generators will be added to increase system dependability.This project is expected to strengthen Tutor Perini’s government contracting credentials, diversify its infrastructure portfolio and potentially support positive momentum in its stock performance. Moreover, the award highlights the company’s consistent ability to secure large-scale federal projects, which bodes well for its prospects in the civil and infrastructure industries going forward.Tutor Perini’s Backlog Strength Supports Growth TrendAt the end of the six months of fiscal 2025, Tutor Perini secured major projects — such as the Midtown Bus Terminal Replacement Phase 1 project in New York, valued at $1.87 billion; a healthcare project in California, at $538 million; and two civil works projects in the Midwest, totaling $127 million. In California, it received additional funding of $90 million and $54 million for two separate projects: a mass-transit project and another healthcare project, respectively.At the end of the second quarter of fiscal 2025, overall backlog reached a new high of $21.1 billion, a 102% year-over-year increase anchored by mega-projects in transit, healthcare and defense infrastructure. Rising public spending in the United States is helping Tutor Perini win more infrastructure projects, especially in its Civil and Building segments, which is a favorable indicator of the company's standing for the near and long term.Tutor Perini’s stock has skyrocketed 164% year to date, outperforming the Zacks Building Products - Heavy Construction industry’s 33.6% growth. For the long term, TPC remains optimistic about its strong backlog position and expects to execute strategic bidding for various project opportunities in fiscal 2025 and beyond, which is anticipated to drive shareholder value.Image Source: Zacks Investment ResearchTPC’s Zacks Rank & Other Key PicksCurrently, Tutor Perini sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Other top-ranked stocks from the Construction sector are Everus Construction Group Inc. ECG, EMCOR Group, Inc. EME and Great Lakes Dredge & Dock Corporation GLDD, each flaunting a Zacks Rank #1 at present.Everus Construction delivered a trailing four-quarter earnings surprise of 42.7%, on average. The Zacks Consensus Estimate for 2025 sales and EPS indicates growth of 18% and 3.9%, respectively, from the year-ago period’s levels. ECG stock has gained 20.1% year to date.EMCOR Group delivered a trailing four-quarter earnings surprise of 16.8%, on average. The Zacks Consensus Estimate for 2025 sales and EPS indicates growth of 15% and 16.7%, respectively, from the prior-year levels. EME stock has jumped 36.4% year to date.Great Lakes Dredge & Dock delivered a trailing four-quarter earnings surprise of 45.3%, on average. The Zacks Consensus Estimate for 2025 sales and EPS indicates growth of 9% and 21.4%, respectively, from the prior-year levels. 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Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EMCOR Group, Inc. (EME): Free Stock Analysis Report Great Lakes Dredge & Dock Corporation (GLDD): Free Stock Analysis Report Tutor Perini Corporation (TPC): Free Stock Analysis Report Everus Construction Group, Inc. (ECG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks