TPC - Tutor's unit gets two contracts worth ~$90M

• Tutor Perini ( NYSE: TPC ) said its unit Five Star Electric was awarded two contracts worth ~$90M.
• Five Star, in a joint venture with Yonkers Contracting, was given a design-build contract by the Port Authority of New York and New Jersey for a new two-story substation building at JFK International Airport which will provide power to the new JFK Terminal 1.
• The project scope for Five Star includes furnishing and installing 27kV switchgear, 15kV switchgear, medium-voltage cables, and low-voltage power distribution equipment, among other things
• Tutor said work has begun and substantial completion is expected in the spring of 2024.
• The contract value will be included in Tutor's Q3 2022 backlog.
• The second contract is for replacement of PATH Substation #2, Jersey City.
• Five Star, working as a subcontractor to Yonkers Contracting, was given the electrical component of a project to build a new two-story substation building in Jersey City, N.J, according to Tutor
• The company noted that work will start in Q4 2022 and substantial completion is expected in the summer of 2026.
• The contract value will be included in Tutor's Q4 2022 backlog.

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