Tutor Perini Bags Two Contracts Collectively Worth $90M

Tutor Perini Corp TPC subsidiary Five Star Electric has secured two new contracts collectively valued at approximately $90 million.
Five Star has secured a design-build contract with the Port Authority of New York and New Jersey for a new two-story substation building at JFK International Airport.
The project scope of work for Five Star includes furnishing and installing 27kV switchgear, 15kV switchgear, medium-voltage cables, low-voltage power distribution equipment, security, lighting, fire alarm, and other electrical systems.
The work is expected to be completed in the spring of 2024.
The company will include the contract value in its third-quarter 2022 backlog.
Five Star, working as a subcontractor to Yonkers Contracting, has also received the electrical component of a project to construct a new two-story substation building in Jersey City, New Jersey.
The proposed work will commence in the fourth quarter of 2022, and completion is anticipated in the summer of 2026.
The contract value will be included in the company's fourth-quarter 2022 backlog.
Price Action: TPC shares closed higher by 4.99% at $7.36 on Friday.

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​​​​​​​Tutor Perini Bags Two Contracts Collectively Worth $90M