CORRECTION -- Hill International, Inc.

Rhea-AI Summary

Hill International (NYSE:HIL) announced it has secured a five-year program management contract with the Miami-Dade County Aviation Department for its $5 billion Capital Improvement Program (CIP). This initiative will enhance Miami International Airport and local aviation facilities to accommodate projected passenger growth of 60 million annually and freight traffic of over 4 million tons by 2040. The contract includes the potential for two additional five-year extensions, with improvements aimed at ensuring efficient and safe travel experiences.

Positive

• Awarded a five-year contract worth $5 billion for the Miami-Dade County Aviation Department's CIP.
• Projected increase in annual passengers to 60 million, indicating growth potential.
• Expectations of freight traffic exceeding 4 million tons by 2040, supporting revenue growth.
• Potential for two five-year extensions, providing long-term project continuity.

Negative

• None.

PHILADELPHIA and MIAMI, Aug. 06, 2021 (GLOBE NEWSWIRE) -- In a release issued on Thursday, August 5th by Hill International (NYSE:HIL), please note that in the headline, $6 Billion should have read $5 Billion. The corrected release follows:

Hill International Awarded Five-Year Program Management Contract to Support the Miami-Dade County Aviation Department’s $5 Billion CIP at MIA, Executive, and General Aviation Airports

Hill International (NYSE:HIL), delivering the infrastructure of change, announced today it was awarded a contract to provide program management services for the Miami-Dade County Aviation Department’s (MDAD) $5 billion Capital Improvement Program (CIP). The program encompasses Miami International Airport as well as all the County’s executive and general aviation airports and will support modernization projects over the next 15 years. These improvements will accommodate dramatic growth at MDAD’s airports, with total passengers expected to reach 60 million annually over the life of the program. Due to MIA being the first IATA-Designated Pharma Hub Airport in the U.S. and substantial growth in e-commerce, freight traffic is also expected to increase substantially to a total of more than 4 million tons by 2040. Hill’s contract is for the initial five years of the program, with the potential to execute two additional five-year extensions.

According to the office of the Miami-Dade County Mayor, Miami International Airport and related area airports generate approximately $31 billion in business revenue annually and serve as the gateway for 96 percent of the region’s visitors. The CIP at Miami International Airport is composed of five sub-programs: the redevelopment of Central Terminal (concourses E and F); the expansion of the South Terminal (concourses H and J); renovations to North Terminal gates (concourse D) to accommodate additional wide- and narrow-body aircraft and larger regional jets; two new hotels; miscellaneous landside projects; and expanded aircraft parking and warehouses for cargo operations.

Hill First Vice President and Southeast Regional Manager Eladio Castrodad, PE, PMP, CGC, said of the award, “MDAD’s CIP positions the community’s airports to continue providing an efficient, safe, and pleasant passenger experience for many years to come. It’s a long-term vision, one that fits with the dynamic nature of the region and meets the demands on MDAD’s facilities. Our team firms reflect the diversity of the Miami metro area itself and is tailored to MDAD’s program management needs with both local and international aviation expertise. This emphasis on inclusion and our experience-based approach will help MDAD execute their vision successfully.”

“The pandemic certainly slowed growth in the region, but as air travel returns there is building pressure to resume and accelerate that growth,” concludes Hill’s Chief Executive Officer Raouf Ghali. “MDAD’s program will take advantage of the pressure to realize these new and improved facilities and put Miami-Dade’s airports ahead of the curve, as efficiently and cost-effectively as possible.”

About Hill International

Hill International, with more than 2,800 professionals in 72 offices worldwide, provides program management, project management, construction management, facilities management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as one of the largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

Forward Looking Statements

Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.

Hill International, Inc.
Elizabeth J. Zipf, LEED AP BD+C
Senior Vice President
(215) 309-7707
elizabethzipf@hillintl.com

The Equity Group, Inc.
Devin Sullivan
Senior Vice President
(212) 836-9608
dsullivan@equityny.com 

FAQ

What is the contract awarded to Hill International concerning?

Hill International was awarded a contract to manage the Miami-Dade County Aviation Department's $5 billion Capital Improvement Program.

How long is the contract for Hill International with Miami-Dade County?

The contract is for five years, with the possibility of two additional five-year extensions.

What are the expected passenger growth figures for Miami International Airport?

Passenger numbers are projected to reach 60 million annually over the life of the program.

What is the projected increase in freight traffic at Miami International Airport?

Freight traffic is expected to exceed 4 million tons by 2040.

How will the contract affect Hill International's operations?

The contract positions Hill International to play a key role in significant airport modernization and growth initiatives.