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Stock Market & Financial Investment News

News Breaks
February 12, 2014
08:34 EDTTPCTutor Perini announces two contracts worth collectively $844M
Tutor Perini announced two contracts recently approved for award by the New York Metropolitan Transportation Authority for portions of the East Side Access project, collectively valued at approximately $844M. The company’s subsidiary, Frontier-Kemper Constructors, was selected by the MTA as the best overall technical proposer and best value for the CM006 contract, valued at approximately $294M. MTA Capital Construction recommended the award to Frontier-Kemper and the MTA’s Board has approved the recommendation. The company anticipates receiving the contract award and notice to proceed in the coming weeks. Construction is expected to begin in 2Q14 and be substantially completed in 2017. Tutor Perini was also selected by the MTA as the technical proposer for the CS179 contract, valued at approximately $550M. MTA Capital Construction recommended the award to Tutor Perini and the MTA’s Board has approved the recommendation. The company anticipates receiving the contract award and notice to proceed in the coming weeks. Five Star Electric, the company’s specialty contracting subsidiary, will perform significant work under this contract. Construction is expected to begin in the second quarter of 2Q14 and be substantially completed in 2020. The company expects to book the value of these contracts into backlog in 1Q14.
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May 13, 2015
08:35 EDTTPCTutor Perini unit awarded two contracts valued at approx. $123M
Tutor Perini Corporation announced that its specialty contracting subsidiary, Five Star Electric, has recently been awarded two contracts collectively valued at approximately $123M. Five Star Electric was awarded a $90M subcontract by GCT Constructors JV, the contractor responsible for the construction and fit-out of the new LIRR concourse and related facilities at Grand Central Terminal as part of the East Side Access Project. The scope of work to be performed by Five Star Electric will include lighting, electrical service work, general power, and installation of thousands of feet of raceway for various systems. Five Star Electric’s scope of work began in April 2015 with substantial completion anticipated by October 2019. Five Star Electric was awarded a $33M subcontract by Judlau Contracting Inc., to perform all the electrical work as part of the Cortlandt Street Station restoration. The station is located in the central area of the World Trade Center and had been destroyed in the 9/11 attacks. The electrical scope of work will include all power, lighting, fire alarm, communications, security, and signaling. Construction is set to start this month with substantial completion anticipated by the first quarter of 2018.

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