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Fluor (FLR) Reveals Purple Line Project's Financial Closure
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Engineering and construction firm Fluor Corporation (FLR - Free Report) revealed that its team, Purple Line Transit Partners has achieved the financial close for a recent award to design, build, finance, operate and maintain the Purple Line project awarded by Maryland Department of Transportation and the Maryland Transit Administration.
The financing for the project is taken care of with a Transportation Infrastructure Finance and Innovation Act loan from the United States Department of Transportation worth $874.6 million, and “Green Bonds” from Private Activity Bonds worth about $313 million.
Fluor is taking part in the 36-year life cycle of the $5.6 billion project, which includes a design-build contract valued at $2 billion. Fluor’s team consists of Fluor Enterprises Inc., Star America Purple Line, LLC and Meridiam Infrastructure Purple Line, LLC.
The Purple Line Transit Constructors team (comprised of Fluor Enterprises, The Lane Construction Corporation, Traylor Bros., and Atkins North America) has started on the initial design and survey work. The construction of the project is scheduled to begin later this year and passenger service is slated for early 2022.
Subsequent to the construction, Purple Line Transit Operators, a Fluor-led team will provide operations and maintenance services for 30 years. Fluor intends to book its share of the contract value in the current quarter.
The $2 billion Purple Line Light Rail Project is located in the Washington Metropolitan Region. It will provide services across 21 stations along a 16-mile alignment through Montgomery and Prince George’s counties. The line will connect numerous existing transit providers, thus enabling better mobility and connectivity to key economic and job centers.
Fluor has a solid track record of successful project execution in its infrastructure business, which is one of the key growth drivers for the company. However, weaker commodity prices are a major hindrance for Fluor’s customers, as it directly affects funding for new projects. Even the company’s non oil and gas end markets are under pressure due to these macroeconomic concerns.
This Zacks Rank #4 (Sell) company is also grappling with softness in key geographies, weakness in the mining and metals business and a strained global economic growth outlook.
Some better-ranked stocks in the same space include Ubiquiti Networks, Inc. , Sonus Networks, Inc. and Clearfield, Inc. (CLFD - Free Report) . While Ubiquiti sports a Zacks Rank #1 (Strong Buy), Sonus and Clearfield both hold a Zacks Rank #2 (Buy).
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Fluor (FLR) Reveals Purple Line Project's Financial Closure
Engineering and construction firm Fluor Corporation (FLR - Free Report) revealed that its team, Purple Line Transit Partners has achieved the financial close for a recent award to design, build, finance, operate and maintain the Purple Line project awarded by Maryland Department of Transportation and the Maryland Transit Administration.
The financing for the project is taken care of with a Transportation Infrastructure Finance and Innovation Act loan from the United States Department of Transportation worth $874.6 million, and “Green Bonds” from Private Activity Bonds worth about $313 million.
Fluor is taking part in the 36-year life cycle of the $5.6 billion project, which includes a design-build contract valued at $2 billion. Fluor’s team consists of Fluor Enterprises Inc., Star America Purple Line, LLC and Meridiam Infrastructure Purple Line, LLC.
The Purple Line Transit Constructors team (comprised of Fluor Enterprises, The Lane Construction Corporation, Traylor Bros., and Atkins North America) has started on the initial design and survey work. The construction of the project is scheduled to begin later this year and passenger service is slated for early 2022.
Subsequent to the construction, Purple Line Transit Operators, a Fluor-led team will provide operations and maintenance services for 30 years. Fluor intends to book its share of the contract value in the current quarter.
The $2 billion Purple Line Light Rail Project is located in the Washington Metropolitan Region. It will provide services across 21 stations along a 16-mile alignment through Montgomery and Prince George’s counties. The line will connect numerous existing transit providers, thus enabling better mobility and connectivity to key economic and job centers.
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Fluor has a solid track record of successful project execution in its infrastructure business, which is one of the key growth drivers for the company. However, weaker commodity prices are a major hindrance for Fluor’s customers, as it directly affects funding for new projects. Even the company’s non oil and gas end markets are under pressure due to these macroeconomic concerns.
This Zacks Rank #4 (Sell) company is also grappling with softness in key geographies, weakness in the mining and metals business and a strained global economic growth outlook.
Some better-ranked stocks in the same space include Ubiquiti Networks, Inc. , Sonus Networks, Inc. and Clearfield, Inc. (CLFD - Free Report) . While Ubiquiti sports a Zacks Rank #1 (Strong Buy), Sonus and Clearfield both hold a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>