TPC - Tutor Perini soars after winning $2.95B contract for NYC jails system

2023-05-01 13:01:27 ET

Tutor Perini ( NYSE: TPC ) +14.7% in Monday's trading after saying it was awarded a $2.95B contract by the New York City Department of Design and Construction for the design-build program for the NYC Borough-Based Jails System, Brooklyn Facility; the stock has resumed trading after a halt.

Upon receipt of a Notice to Proceed, which is expected in June 2023, design work will commence, the company said.

Chairman and CEO Ronald Tutor said Tutor Perini ( TPC ) is partnering with the NYC DDC to deliver a new state-of-the-art facility that will allow for the closure of Rikers Island and replacing it with a smaller network of safer modern jails.

More on Tutor Perini:

• See financial and valuation comparisons to sector peers
• SA analysis: Unique Turnaround Opportunity
• Stock price return: 18.5% loss YTD, 34% loss in the past 12 months

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