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

Editors Pick
Low-cost airline Allegiant Air announced its order for brand-new aircraft for the first time in its history. The carrier announced on Friday it had reached a deal to purchase 12 current-generation models of Airbus' A320 narrow-body jets. The company termed the deal as "another step towards Allegiant's... Los Angeles City officials have filed criminal charges against Soylent CEO Robert Rhinehart for placing a bright red shipping container on Montecito Heights hillside as part of his "experiment in sustainable living." City Attorney Mike Feuer Friday announced that his office has filed multiple criminal... A new study says that if Hillary Clinton is elected then her proposals will strengthen the U.S. economy and create millions of jobs. According to Moody's Analytics, Hillary Clinton's economic proposal would oversee a "somewhat stronger U.S. economy." The conclusion was reached after assessing her...
comments powered by Disqus
Follow RTT