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Tutor Perini to Build San Francisco Subway

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Following up on the news that it's the likely winner of a $985 million contract to design the Madera-to-Fresno segment of California's new high-speed railway, civil engineering firm Tutor Perini  (NYSE: TPC  ) announced Tuesday that it's scored a second major contract win.

In San Francisco, the Municipal Transportation Agency (SFMTA) has picked Tutor as the low bidder on phase 2 of its Third Street Light Rail Program. Less high profile than statewide high-speed rail, the SFMTA project is also a bit less lucrative -- but at $840 million in estimated value, only just a bit.

Tutor will be hired to build three underground subway stations for SFMTA, located at Union Square/Market Street, Chinatown, and Yerba Buena Gardens/Moscone Center, as well as a surface-level station at 4th and Brannan Streets and trackwork and systems from the 4th and Brannan Station to the Chinatown Station. 

Tutor says its expects SFMTA to move forward on the project in the next few months, at which point, the company will add the new contract's value to its backlog of contracted work. Actual construction work should begin in Q3 of this year (i.e., next quarter), and the project should be substantially complete five years later, by Q1 2018.

Tutor shares responded positively to the news, rising 0.6% in Tuesday trading to close at $16.54.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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Related Tickers

11/27/2015 1:02 PM
TPC $18.48 Up +0.57 +3.18%
Tutor Perini Corpo… CAPS Rating: ****