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Saturday, Feb 4, 2023

Briefs: Tutor Perini, Unico American

A subsidiary of Tutor Perini Corp. has secured contracts worth about $123 million. The Sylmar construction company said the first contract, worth $90 million, is between its specialty electrical subsidiary Five Star Electric and GCT Constructors JV, the contractor responsible for the construction of the East Side Access Project at Grand Central Terminal in New York. The project will provide a faster subway and rail commute from Long Island and Queens to the east side of Manhattan. Five Star’s work will consist of lighting and power installation on the project. The second contract, worth $33 million, is with Judlau Contracting Inc. to perform electrical work for the restoration of the Cortlandt Street subway station in New York. The work will include all power, lighting, fire alarms, communications, security and signaling. Work at Cortlandt is set to start this month with completion anticipated by the first quarter of 2018. Construction already has started for the East Side Access Project and Tutor Perini expects completion by October 2019. The company announced the contracts Thursday. Shares closed Friday up 24 cents, or about 1 percent, to $22.88 on the New York Stock Exchange. Unico American Corp. reported a loss and higher revenue for the first quarter. The Woodland Hills insurance holding company reported a net loss of $397,000 (-7 cents a share) for the quarter ended March 31, compared to net income of $592,000 (11 cents) for the same quarter last year. Revenue rose 5 percent to nearly $7.8 million. No analyst follows the company, which underwrites and sells property and casualty insurance, mostly through its Crusader Insurance Co. subsidiary. Shares closed up 2 cents to $11.58 on the Nasdaq.

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