Tutor Perini Corporation
) 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.
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EMCOR GROUP INC (EME): Free Stock Analysis
TUTOR PERINI CP (TPC): Free Stock Analysis
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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
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
Tutor Perini currently retains a Zacks Rank #3 (Hold).
Other stocks to consider in the same industry include
Dycom Industries Inc.
Chicago Bridge & Iron Company N.V.
EMCOR Group Inc.
). While Dycom Industries holds a Zacks Rank #1 (Strong Buy),
Chicago Bridge & Iron Company and EMCOR Group carry a Zacks
Rank #2 (Buy).