U.S. News

Cubic lands $370M contract from Sydney, Australia


Cubic Corp., whose electronics are used for collecting fares on mass transit, said Monday it signed a $370 million contract to provide an electronic ticketing system for the city of Sydney, Australia.

The company said additional charges based on customer use could bring the total contract value to between $500 million and $600 million through 2024.

Shares of Cubic rose $1.76, or 4.9 percent, to $37.44 in morning trading.