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HOUSTON - Tutor Perini Corporation (NYSE: TPC), a prominent construction company with a market capitalization of $1.14 billion and an overall "GOOD" financial health rating according to InvestingPro, has announced through its subsidiary, Fisk Electric Company, the award of a $99 million contract phase for electrical services at the new Harris Health hospital on the Lyndon B. Johnson Hospital campus. This phase is part of a larger contract currently valued at approximately $166 million.
The project involves the construction of a new 14-story hospital tower and podium, expected to become the third Level I trauma center in Harris County. Fisk Electric’s responsibilities include the core and shell electrical work and tenant finish-out, including fire alarm components. The first phase of work commenced in the fourth quarter of 2024, with the second phase beginning in March 2025. The entire electrical contract is anticipated to reach substantial completion by the fourth quarter of 2028. This contract adds to Tutor Perini’s annual revenue base of $4.33 billion, with the company maintaining a moderate debt level and showing an 11.5% revenue growth in the last twelve months.
The new facility will encompass roughly 1.3 million square feet, offering 390 private rooms with the option to expand by an additional 60 rooms if needed. The hospital will be equipped with a rooftop helipad, 15 operating rooms, and a state-of-the-art hybrid operating room, catering to a broad spectrum of medical services.
The second phase funding has been added to Tutor Perini’s backlog in the first quarter of 2025, with an additional $38 million expected to be accounted for the final phase later this year.
Tutor Perini Corporation has a longstanding history dating back to 1894, known for undertaking large and complex construction projects. The company operates globally, providing a range of services including general contracting, pre-construction planning, project management, and specializes in multiple construction approaches such as design-bid-build, design-build, and public-private partnerships.
Harris Health, established in 1966, is the public healthcare safety-net provider for Harris County, Texas, focusing on the healthcare needs of low-income, uninsured, and underinsured individuals. The network includes 37 clinics, health centers, and specialty locations.
This announcement is based on a press release statement from Tutor Perini Corporation. According to InvestingPro analysis, the company appears undervalued at its current price of $21.41, with analysts setting price targets between $38-40. For deeper insights into Tutor Perini’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 7 additional key ProTips about the company’s performance and outlook.
In other recent news, Tutor Perini Corporation reported a significant earnings per share (EPS) loss of $1.51 for Q4 2024, missing the expected EPS of $0.27. Despite this, the company achieved a 12% increase in full-year revenue, reaching $4.3 billion. Moody’s Ratings revised Tutor Perini’s outlook to positive from stable, affirming the B3 corporate family rating due to the company’s substantial deleveraging and a record backlog of $18.7 billion at the end of FY2024. The company’s liquidity remains robust, with $455 million in cash at the end of 2024 and a $170 million revolving credit facility available. Additionally, Tutor Perini updated its executive severance agreements, enhancing benefits for top executives in cases of termination without cause or resignation for good reason. The revised agreements also provide increased severance in the event of a change in control. These developments reflect the company’s strategic focus on strengthening financial health and aligning executive interests with those of shareholders.
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