Tutor Perini Corporation (NYSE:TPC) shares are trading higher after the company secured a $1.66 billion contract from the Honolulu Authority for Rapid Transportation (HART) on Thursday.
The contract is for the City Center Guideway and Stations Project in Honolulu, Hawaii, which is expected to be executed in mid-September.
The project involves designing and constructing six rail stations and about three miles of elevated rail guideway, extending from the Middle Street Transit Center Station to the Civic Center Station near downtown Honolulu.
The design work will commence right after the contract is executed, with construction slated to begin in the latter half of 2025 and substantial completion expected by 2030.
The contract value will be added to Tutor Perini's backlog in the third quarter of 2024.
Ronald Tutor, Chairman and Chief Executive Officer said, "Tutor Perini has a long and successful history of building large, complex light rail projects in various cities in the United States, and we look forward to partnering with HART to see this project successfully delivered."
This week, Tutor Perini disclosed that its subsidiary, WDF, won a $35.5 million contract from the New York City Housing Authority to construct a new boiler plant at George Washington Carver Houses in Manhattan.
As of June 30, 2024, Tutor Perini Corporation's backlog stood at $10.4 billion. The company expects FY24 EPS of $0.85-$1.10 vs. est. of $0.89.
Price Action: TPC shares were up 1.9% at $20.88 at the last check Friday.
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