Tutor Perini's (TPC) WDF to Build a New Boiler Plant in Manhattan

Group 1: Project Wins and Backlog Growth - Tutor Perini Corporation's subsidiary, WDF, Inc., secured a $35.5 million project from the New York City Housing Authority to construct a new boiler plant at George Washington Carver Houses [1] - The project is set to begin this month and is expected to be completed by January 2027, contributing to TPC's second-quarter backlog [2] - As of June 30, 2024, TPC's total backlog increased to $10.4 billion from $10 billion as of March 31, with new awards rising to $1.56 billion from $872.8 million in the previous quarter [4] Group 2: Growth Drivers and Market Outlook - Tutor Perini's consistent contract wins are attributed to efficient project execution and diversified delivery methods, which are key growth drivers for the company [3] - The company remains optimistic about its bidding pipeline, citing substantial government funding and limited competition for larger projects, expecting significant backlog growth in the latter half of 2024 and 2025 [6] - Shares of Tutor Perini surged 115% year-to-date, outperforming the Zacks Building Products - Heavy Construction industry's growth of 54.8% [6] Group 3: Notable Contracts - A significant contract contributing to the current quarter's performance is the Connecticut River Bridge Replacement Project, valued at nearly $1.3 billion, awarded to a joint venture with O&G Industries, Inc. [5]