logo
Share SHARE
FONT-SIZE Plus   Neg

Tutor Perini Slips To Loss In Q1; Backs FY12 Outlook - Quick Facts

Tutor Perini Corp. (TPC) reported that its first-quarter net loss was $1.2 million, compared to net income of $6.9 million for the first quarter of 2011. Loss per common share was $0.03 for the first quarter of 2012, compared to earnings of $0.14 for the first quarter of 2011.

Operating results for the quarter were negatively impacted by $3.6 million of discrete tax adjustments related to stock-based compensation and a $2.7 million loss on the sale of certain auction rate securities which, together, contributed non-recurring charges in the quarter of $0.11 per share.

xcluding these items the Company earned an adjusted $0.08 per share, reflecting the substantial completion of several large successful projects in 2011, coupled with the timing of approval of change orders on certain Civil segment jobs, delays related to the timing of new awards, and the startup of pending awards.

Revenues from construction operations were $912.5 million for the first quarter of 2012, as compared to $615.3 million for the first quarter of 2011.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share on revenues of $1.10 billion for the quarter. Analysts' estimates typically exclude special items.

Excluding the non-recurring items, guidance for the full-year 2012 is estimated to be in the range previously provided. Revenues are estimated to be in the range of $4.5 billion to $5.0 billion and earnings per share are estimated to be in the range of $2.10 to $2.30 per share. Analysts expect the company to report earnings of $2.17 per share on revenues of $4.61 billion for fiscal 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT