Five Star Electric Awarded Lighting Subcontract for JFK International Airport Terminal 6
Tutor Perini (NYSE: TPC) announced that its subsidiary, Five Star Electric, has been awarded a subcontract by AECOM-Hunt for the JFK International Airport Terminal 6 project. The scope includes providing lighting, lighting controls, and associated electrical branch wiring for the new terminal. The project is divided into two phases, with work beginning immediately and substantial completion expected in Q1 2026 for the first phase and Q1 2028 for the second phase. The contract value, which will be added to Tutor Perini's backlog in Q3 2024, was not disclosed. The new Terminal 6 is part of a larger $4.2 billion project led by JFK Millennium Partners in partnership with the Port Authority of New York and New Jersey.
Tutor Perini (NYSE: TPC) ha annunciato che la sua filiale, Five Star Electric, ha ricevuto un subappalto da AECOM-Hunt per il progetto del Terminal 6 dell'Aeroporto Internazionale JFK. L'ambito del lavoro comprende la fornitura di illuminazione, controlli di illuminazione e cablaggio elettrico associato per il nuovo terminal. Il progetto è suddiviso in due fasi, con l'inizio immediato dei lavori e il completamento sostanziale previsto per il Q1 2026 per la prima fase e Q1 2028 per la seconda fase. Il valore del contratto, che verrà aggiunto al backlog di Tutor Perini nel Q3 2024, non è stato reso noto. Il nuovo Terminal 6 fa parte di un progetto più ampio del valore di $4,2 miliardi gestito dai JFK Millennium Partners in collaborazione con l'Autorità Portuale di New York e del New Jersey.
Tutor Perini (NYSE: TPC) anunció que su filial, Five Star Electric, ha sido adjudicada un subcontrato por AECOM-Hunt para el proyecto del Terminal 6 del Aeropuerto Internacional JFK. El alcance incluye proporcionar iluminación, controles de iluminación y cableado eléctrico asociado para el nuevo terminal. El proyecto se ha dividido en dos fases, comenzando el trabajo de inmediato y se espera que el progreso sustancial se complete en Q1 2026 para la primera fase y Q1 2028 para la segunda fase. El valor del contrato, que se añadirá al backlog de Tutor Perini en Q3 2024, no se ha divulgado. El nuevo Terminal 6 es parte de un proyecto más amplio de $4.2 mil millones liderado por JFK Millennium Partners en asociación con la Autoridad Portuaria de Nueva York y Nueva Jersey.
튜터 페리니 (NYSE: TPC)는 자회사인 파이브 스타 일렉트릭이 AECOM-Hunt로부터 JFK 국제공항 제6터미널 프로젝트에 대한 하도급을 수주했다고 발표했습니다. 작업 범위에는 새로운 터미널을 위한 조명, 조명 제어 및 관련 전기 배선 제공이 포함됩니다. 이 프로젝트는 두 단계로 나뉘며, 작업은 즉시 시작되며 첫 번째 단계는 2026년 1분기에, 두 번째 단계는 2028년 1분기에 실질적으로 완료될 것으로 예상됩니다. 계약 금액은 2024년 3분기에 튜터 페리니의 백로그에 추가될 예정이나 공개되지 않았습니다. 새로운 제6터미널은 JFK 밀레니엄 파트너스가 뉴욕 및 뉴저지 항만청과 협력하여 진행하는 42억 달러 규모의 대규모 프로젝트의 일환입니다.
Tutor Perini (NYSE: TPC) a annoncé que sa filiale, Five Star Electric, a été attribuée un sous-contrat par AECOM-Hunt pour le projet du Terminal 6 de l'Aéroport International JFK. L'étendue des travaux comprend la fourniture de luminaires, de contrôles d'éclairage et de câblage électrique associé pour le nouveau terminal. Le projet est divisé en deux phases, le travail commençant immédiatement et l'achèvement substantiel attendu pour le 1er trimestre 2026 pour la première phase et 1er trimestre 2028 pour la deuxième phase. La valeur du contrat, qui sera ajoutée au carnet de commandes de Tutor Perini au 3e trimestre 2024, n'a pas été divulguée. Le nouveau Terminal 6 fait partie d'un projet plus vaste d'une valeur de 4,2 milliards de dollars dirigé par JFK Millennium Partners en partenariat avec l'Autorité Portuaire de New York et du New Jersey.
Tutor Perini (NYSE: TPC) gab bekannt, dass seine Tochtergesellschaft, Five Star Electric, einen Unterauftrag von AECOM-Hunt für das Projekt Terminal 6 des Internationalen Flughafens JFK erhalten hat. Der Umfang umfasst die Bereitstellung von Beleuchtung, Beleuchtungssteuerungen und zugehörigen elektrischen Verbindungen für das neue Terminal. Das Projekt ist in zwei Phasen unterteilt, wobei die Arbeiten sofort beginnen und mit einer wesentlichen Fertigstellung im Q1 2026 für die erste Phase und Q1 2028 für die zweite Phase gerechnet wird. Der Vertragswert, der im Q3 2024 dem Auftragsbestand von Tutor Perini hinzugefügt wird, wurde nicht offengelegt. Der neue Terminal 6 ist Teil eines größeren 4,2 Milliarden Dollar Projekts, das von JFK Millennium Partners in Partnerschaft mit der Port Authority of New York and New Jersey geleitet wird.
- Secured a new subcontract for the JFK International Airport Terminal 6 project
- Project will contribute to the company's backlog in Q3 2024
- Long-term project with completion dates in 2026 and 2028, providing stable work pipeline
- Contract value not disclosed, limiting assessment of financial impact
- Project completion dates are several years away, potentially delaying revenue recognition
Insights
This contract award for Five Star Electric, a subsidiary of Tutor Perini , is a positive development for the company. The JFK Terminal 6 project, valued at
The phased approach, with completions set for 2026 and 2028, suggests a steady revenue stream for the company over the next four years. While the specific contract value is undisclosed, its addition to the backlog in Q3 2024 indicates a boost to future earnings potential. This project aligns with the growing trend of airport modernization across the U.S., positioning Tutor Perini favorably for similar contracts in the future.
Investors should note that large-scale projects like this can enhance a company's reputation and lead to follow-on contracts. However, they should also be aware of potential risks such as cost overruns and delays that are common in complex construction projects.
The undisclosed contract value for the JFK Terminal 6 project will be a key metric to watch when it's added to Tutor Perini's backlog in Q3 2024. This addition is likely to strengthen the company's order book, providing improved visibility on future revenues. For context, as of Q2 2023, Tutor Perini reported a backlog of
The phased nature of the project, spanning from 2024 to 2028, suggests a steady revenue recognition pattern, which could help in smoothing out the company's financial performance over this period. However, investors should be cautious about potential margin pressures, as large-scale projects can sometimes face cost escalations.
It's worth noting that Tutor Perini's stock (NYSE: TPC) has been volatile and such contract wins could provide positive momentum. Investors should monitor the company's upcoming earnings reports for more details on this contract's financial impact and overall project execution.
The undisclosed contract value will be added to the Company’s backlog in the third quarter of 2024.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905160847/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
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