Tutor Perini Corporation (TPC) has secured a $133 million contract from National Railroad Passenger Corporation or Amtrak. As per the contract, Tutor Perini will build an underground concrete casing under the Eastern Rail Yard of the Hudson Yards site in New York City.
Amtrak is the U.S. intercity passenger rail provider and high-speed rail operator. The corporation operates commuter rail systems on behalf of several states and transit agencies.
The project is the cornerstone for Amtrak's Gateway Program which targets rail service expansion through two proposed tunnels underneath the Hudson River. The tunnels will directly connect New Jersey and Penn Station in order to double capacity across the Hudson River.
However, trains passing through the new tunnels would cross an area on Manhattan's west side kept aside for mixed-use development through a right-of-way. But without the tunnel box, construction of the new tunnels will be impossible.
According to the deal, Tutor Perini will construct an 800 feet long, 50 feet wide and 35 feet tall box tunnel which will extend from the 10th to the 11th Avenue and between 31st and 33rd Streets.
Construction work is scheduled to begin in Aug 2013, with completion expected in late 2014. Funds for the projects have come from a Federal Transit Administration Hurricane Sandy relief allocation. Tutor Perini expects to book the value of the contract into the backlog during the second quarter of 2013.
Sylmar, Calif.-based Tutor Perini is a leading civil and building construction company offering diversified general contracting and design-build services to private clients and public agencies globally.
Tutor Perini currently retains a Zacks Rank #3 (Hold).
Other stocks to consider in the same industry include Dycom Industries Inc. (DY), Chicago Bridge & Iron Company N.V. (CBI) and EMCOR Group Inc. (EME). While Dycom Industries holds a Zacks Rank #1 (Strong Buy), Chicago Bridge & Iron Company and EMCOR ! Group carry a Zacks Rank #2 (Buy).
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