WDF Awarded $35.5 Million Boiler Plant Project at George Washington Carver Houses
Tutor Perini (NYSE: TPC) has announced that its subsidiary, WDF, Inc., has been awarded a $35.5 million project by the New York City Housing Authority. The project involves constructing a new boiler plant at George Washington Carver Houses, a 13-building public housing development in Manhattan. The scope of work includes replacing the existing boiler plant with new boilers, domestic hot water heaters, and sump pumps. Work is scheduled to begin in June 2024, with substantial completion expected by January 2027. The contract value has been added to Tutor Perini's backlog in the second quarter of 2024.
Tutor Perini (NYSE: TPC) ha annunciato che la sua filiale, WDF, Inc., ha ricevuto un progetto del valore di 35,5 milioni di dollari dalla New York City Housing Authority. Il progetto prevede la costruzione di un nuovo impianto di caldaie presso le George Washington Carver Houses, un complesso di edilizia residenziale pubblica composto da 13 edifici a Manhattan. L'ambito dei lavori include la sostituzione dell'attuale impianto di caldaie con nuove caldaie, scaldabagni e pompe di sentina. I lavori inizieranno a giugno 2024, con un completamento sostanziale previsto per gennaio 2027. Il valore del contratto è stato aggiunto al portafoglio di Tutor Perini nel secondo trimestre del 2024.
Tutor Perini (NYSE: TPC) ha anunciado que su filial, WDF, Inc., ha recibido un proyecto de 35,5 millones de dólares de la Autoridad de Vivienda de la Ciudad de Nueva York. El proyecto consiste en la construcción de una nueva planta de calderas en las casas George Washington Carver, un desarrollo de vivienda pública de 13 edificios en Manhattan. El alcance del trabajo incluye la sustitución de la planta de calderas existente por nuevas calderas, calentadores de agua y bombas de sumidero. Se prevé que los trabajos comiencen en junio de 2024, con una finalización sustancial esperada para enero de 2027. El valor del contrato se ha añadido al backlog de Tutor Perini en el segundo trimestre de 2024.
Tutor Perini (NYSE: TPC)는 그 자회사인 WDF, Inc.가 뉴욕 주택청으로부터 3,550만 달러 규모의 프로젝트를 수주했다고 발표했습니다. 이 프로젝트는 맨해튼에 위치한 13개 건물로 구성된 공공 주택 개발인 조지 워싱턴 카버 하우스에 새로운 보일러 시설을 건설하는 내용입니다. 작업 범위에는 기존 보일러 시설을 새로운 보일러, 온수기 및 배수펌프로 교체하는 것이 포함됩니다. 작업은 2024년 6월에 시작될 예정이며, 2027년 1월까지 주요 완공이 예상됩니다. 계약 금액은 Tutor Perini의 2024년 2분기 백로그에 추가되었습니다.
Tutor Perini (NYSE: TPC) a annoncé que sa filiale, WDF, Inc., a obtenu un projet d'une valeur de 35,5 millions de dollars de la New York City Housing Authority. Ce projet implique la construction d'une nouvelle centrale de chauffage au sein des George Washington Carver Houses, un développement de logements sociaux composé de 13 bâtiments à Manhattan. Le périmètre des travaux comprend le remplacement de l'ancienne centrale de chauffage par de nouvelles chaudières, des chauffe-eau domestiques et des pompes de relevage. Les travaux sont prévus pour débuter en juin 2024, avec une achèvement substantiel attendu pour janvier 2027. La valeur du contrat a été ajoutée aux commandes de Tutor Perini au deuxième trimestre de 2024.
Tutor Perini (NYSE: TPC) gab bekannt, dass ihre Tochtergesellschaft WDF, Inc. ein Projekt im Wert von 35,5 Millionen Dollar von der New Yorker Wohnbaugesellschaft erhalten hat. Das Projekt umfasst den Bau eines neuen Heizwerks in den George Washington Carver Houses, einer 13 Gebäude umfassenden öffentlichen Wohnanlage in Manhattan. Der Arbeitsumfang umfasst den Austausch des bestehenden Heizwerks durch neue Heizkessel, Warmwasserbereiter und Schmutzwasserpumpen. Die Arbeiten sollen im Juni 2024 beginnen, mit einer wesentlichen Fertigstellung, die bis Januar 2027 erwartet wird. Der Vertragswert wurde im zweiten Quartal 2024 zum Auftragsbestand von Tutor Perini hinzugefügt.
- Secured a $35.5 million contract for boiler plant construction
- Project added to company's backlog in Q2 2024
- Long-term project with expected completion in January 2027
- None.
Insights
This $35.5 million contract win for WDF, a subsidiary of Tutor Perini (NYSE: TPC), is a positive development but relatively modest in scale. For context, TPC reported
The project's long duration (until January 2027) suggests steady, albeit small, revenue recognition over time. This aligns with TPC's business model of maintaining a robust project pipeline. However, investors should note that long-term projects can be subject to potential cost overruns or delays, which could impact profitability.
Overall, while positive, this contract alone is unlikely to significantly move the needle for TPC's stock price or financial performance. Investors should focus on the company's ability to secure larger contracts and maintain a healthy backlog-to-revenue ratio for sustained growth.
The George Washington Carver Houses project highlights a important trend in urban infrastructure: the modernization of aging public housing facilities. This boiler plant replacement addresses critical needs in energy efficiency and reliability for a 13-building complex, potentially reducing long-term maintenance costs and improving residents' quality of life.
The project's scope, including new boilers, domestic hot water heaters and sump pumps, indicates a comprehensive upgrade. Such improvements can lead to significant energy savings and reduced carbon emissions, aligning with broader urban sustainability goals. This type of work positions WDF and Tutor Perini well for similar projects as cities nationwide grapple with aging infrastructure.
However, working on occupied public housing presents unique challenges, including minimizing disruptions to residents and navigating potential asbestos or lead issues common in older buildings. WDF's ability to execute this project efficiently will be important for maintaining profitability and securing future contracts in this niche market.
The contract value was added to the Company’s backlog in the second 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/20240812356885/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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