Tutor Perini Unit Bags Federal Construction Contracts Worth $164M

Tutor Perini Corp TPC subsidiary, Perini Management Services Inc (PMSI), has secured three fixed-price federal contracts collectively valued at approximately $164 million.
PMSI was awarded two task orders worth a combined $132.5 million by the U.S. Coast Guard (USCG) in Puerto Rico.
The combined project scope includes demolishing existing buildings and infrastructure, construction of new buildings, site work and paving, utilities, water distribution, waterfront work, and resiliency for the base.
The largest building will be the new two-story Multi-Mission Building (MMB), which will be approximately 44,000 square feet.
The work will be phased to allow continued and uninterrupted base operation by USCG personnel. The company expects the work to be completed in May 2027.
The National Park Service has awarded PMSI a $31.6 million firm-fixed-price construction contract for the repair and upgrades to the Ahwahnee Hotel in Yosemite National Park, California.
The company will include the combined contract values in its third-quarter 2022 backlog.
Price Action: TPC shares are trading lower by 2.12% at $5.99 on the last check Wednesday.