HOUSTON - Tutor Perini Corporation (NYSE: NYSE:TPC), a major construction company, has announced through its subsidiary, Fisk Electric Company, the acquisition of a $29 million phase as part of a larger $147 million contract. This contract, awarded by McCarthy Building Companies, Inc., covers electrical services for the construction of the new Harris Health hospital on the Lyndon B. Johnson Hospital campus in Houston, Texas.
The project, owned by Harris Health, will see Fisk Electric handling the core and shell electrical work, as well as tenant finish-out and fire alarm components for the new hospital tower and podium. The work is scheduled to commence in the fourth quarter of 2024, with the goal of substantial completion of the entire electrical contract by the fourth quarter of 2028.
The upcoming 12-story hospital is set to become the third Level I trauma center in Harris County and is expected to open its doors in late 2028. Designed to accommodate a broad spectrum of medical services, the facility will include about 1.3 million square feet of space, 390 private rooms with the option to expand by an additional 60 rooms, a rooftop helipad, and 15 dedicated operating rooms, including a state-of-the-art hybrid operating room.
This initial phase of the contract has been added to Tutor Perini's backlog in the third quarter of 2024, with subsequent phases to be recognized in the backlog as they are awarded.
Tutor Perini Corporation has a longstanding presence in the construction industry, providing a variety of services since 1894. Known for executing large and complex projects, the company offers general contracting and design-build services globally.
Harris Health, established in 1966, serves as the public healthcare safety-net for Harris County, Texas, focusing on the needs of low-income uninsured and underinsured patients. The network includes two trauma centers and extends to 37 clinics and health centers.
The information for this article is based on a press release statement from Tutor Perini Corporation.
In other recent news, Tutor Perini Corporation reported a 10% increase in consolidated revenue for the second quarter of 2024. The company's Civil segment demonstrated robust profitability with a significant operating margin, contributing to a substantial backlog growth compared to the first quarter of 2024. Despite some challenges, Tutor Perini reaffirmed its earnings per share guidance for the year and projected considerable growth in the coming periods.
In other news, Robert Westbrook, a British national, is facing extradition to the U.S. on charges of hacking into the computer systems of five companies, including Tutor Perini, to gain insider information on their expected earnings. Westbrook allegedly used this confidential information to trade stocks before the results were made public, amassing illegal profits of approximately $3.75 million.
These are recent developments that investors should be aware of. The U.S. Department of Justice is pursuing Westbrook's extradition from London to face these charges. In the case of Tutor Perini, the company maintains a $10.4 billion backlog and anticipates substantial growth in the latter half of 2024 and into 2025. The company's executives expressed their satisfaction with the progress and appreciation for the patience of all stakeholders involved.
InvestingPro Insights
Tutor Perini Corporation's recent $29 million contract acquisition aligns with the company's strong performance in the market. According to InvestingPro data, TPC has shown impressive growth, with a staggering 258.61% price total return over the past year. This significant project win could further bolster the company's financial outlook.
InvestingPro Tips highlight that TPC's net income is expected to grow this year, and analysts predict the company will be profitable. This positive forecast dovetails with the newly secured contract, potentially contributing to improved financial performance in the coming quarters.
The company's revenue growth of 12.79% over the last twelve months, coupled with a 10.35% quarterly revenue growth, indicates a robust business trajectory. This growth trend aligns well with TPC's ability to secure large-scale projects like the Harris Health hospital contract.
It's worth noting that TPC is currently trading near its 52-week high, with the stock price at 98.29% of its 52-week peak. This could suggest investor confidence in the company's recent performance and future prospects.
For investors seeking more comprehensive analysis, InvestingPro offers 15 additional tips for TPC, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.