Tutor Perini Announces Low Bid for the $478 Million LAX Airport Metro Connector Project

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) has been selected by the Los Angeles County Metropolitan Transportation Authority as the low bidder for the LAX Airport Metro Connector Project, valued at approximately $478 million. This project entails creating a new major transit station hub that connects the Metro Crenshaw/LAX and Green rail lines, along with various bus routes to the LAX Automated People Mover. Construction is expected to start in Q3 2021 and be substantially completed by Q1 2025. The contract value will be booked into backlog in Q1 2021.

Positive

• Awarded LAX Airport Metro Connector Project contract valued at $478 million
• Anticipated contract value to be added to backlog in Q1 2021
• Project supports infrastructure development in Los Angeles area

Negative

• Work commencement delayed until Q3 2021, extending project timeline

Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Company has been identified by the Los Angeles County Metropolitan Transportation Authority as the low bidder for the LAX Airport Metro Connector Project. The anticipated contract value is approximately $478 million. The project scope of work includes construction of a new major transit station hub connecting the Metro Crenshaw/LAX and Green rail lines and a number of bus routes with the LAX Automated People Mover.

Work is anticipated to begin in the third quarter of 2021 with substantial completion expected in the first quarter of 2025. The Company anticipates booking the contract value into backlog in the first quarter of 2021.

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 clients 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005087/en/

FAQ

What is the value of the LAX Airport Metro Connector Project awarded to TPC?

The project is valued at approximately $478 million.

When is the construction for the LAX project expected to start?

Construction is anticipated to begin in the third quarter of 2021.

What is the expected completion date for the LAX Metro Connector Project?

Substantial completion is expected in the first quarter of 2025.

When will TPC book the contract value into backlog?

The contract value is expected to be booked into backlog in the first quarter of 2021.