Tutor Perini unit announces three task orders valued up to $76M Tutor Perini announced that its subsidiary, Perini Management Services received three task orders for federal projects. PMSI received a $34.9M task order under a National Park Service contract for repairs to several buildings on Ellis Island in New York Harbor. PMSI will be replacing the mechanical and electrical systems that were destroyed by Hurricane Sandy, as well as providing temporary cooling and heating to enhance park visitors’ comfort while the restoration work is underway. PMSI’s team for this project includes F&G Mechanical of Secaucus, New Jersey; Turnpike Electric of Pine Brook, New Jersey; and C&S Building Services of Farmingdale, New York. PMSI received a $13M design-build task order from the U.S. Department of State under a competitive award program to purchase and install Hardened Alternative Trailer System units at the U.S. Embassy in Beirut, Lebanon. There is potential for award of several options under this contract for an additional $9M as funds become available. PMSI received a new task order under a U.S. Coast Guard National Multiple Award Construction Contract. The $19.5M project is for the design and construction of 10 duplex housing units at the Coast Guard base on Kodiak Island in the Gulf of Alaska. The combined value of these task orders will be included in the company’s reported first-quarter backlog
Tutor Perini added to Top Picks list at FBR Capital FBR Capital added Tutor Perini to its Top Picks list citing the recent weakness in the stock and reiterates an Outperform rating on the name. FBR thinks cash flow from the MGM/CityCenter settlements significantly improves Tutor's balance sheet. It has a $38 price target for the name.