Tutor Perini Boosts Backlog With New Contract Win in Arizona

Core Insights - Tutor Perini Corporation (TPC) has secured a new contract worth approximately $41.9 million, enhancing its backlog growth [1][8] - The project involves comprehensive design and construction services for critical utility systems at the Glen Canyon National Recreation Area, expected to be completed by fall 2027 [2][4] - TPC's backlog reached a record high of $21.1 billion at the end of Q2 FY25, marking a 102% year-over-year increase [6][8] Project Details - The project focuses on modernizing wastewater systems at Wahweap and Lone Rock, replacing outdated systems with advanced technology to ensure long-term reliability [2][3] - Key components of the project include replacing the Glen Canyon Bridge force main, upgrading septic systems, and enhancing the monitoring and control systems [3] - The upgrades are expected to meet or exceed standards set by the Arizona and Utah Departments of Environmental Quality [2] Financial Performance - Tutor Perini's backlog growth is supported by major projects, including a $1.87 billion Midtown Bus Terminal Replacement in New York and a $538 million healthcare project in California [5][6] - Rising public spending in the U.S. is contributing to the company's ability to secure more infrastructure projects, particularly in the Civil and Building segments [6] - TPC's stock has increased by 164% year to date, significantly outperforming the Zacks Building Products - Heavy Construction industry's growth of 33.6% [7]