logo
Plus   Neg
Share
Email

Tutor Perini Slips To Loss, Misses Estimate; Reaffirms FY12 Outlook - Update

Construction company Tutor Perini Corp. (TPC) said Friday it slipped to a loss for the first quarter as lower margins and higher tax rate more than offset a rise in revenue.

Excluding items, the company reported a profit for the quarter that missed Street estimates, as did revenue. Tutor Perini said results were partly impacted by delays related to the timing of new awards.

Moving forward, Tutor Perini reaffirmed its outlook for the full year 2012.

CEO Ronald Tutor said: "The timing of awards and startup of existing backlog led to a slow start in the first quarter of 2012, especially for our Building segment. We continue to experience strong contributions from our Specialty Contractors segment, and look forward to converting pending awards into backlog in the second quarter."

Tutor Perini reported first-quarter net loss of $1.2 million or $0.03 per share, compared to net profit of $7 million or $0.14 per share last year.

Excluding items, the company reported adjusted earnings for the quarter of $4 million or $0.08 per share.

On average, three analysts polled by Thomson Reuters expected earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $912.5 million, compared to $615 million last year. Analysts expected revenue of $1.1 billion.

Backlog of uncompleted construction work at March 31, 2012, was $5.9 billion, compared to $6.1 billion of backlog reported at December 31, 2011.

Tutor Perini continues to expect fiscal 2012 earnings of $2.10 to $2.30 per share and revenue of $4.5 to $5.0 billion. Analysts currently expect earnings of $2.17 per share on revenue of $4.61 billion.

TPC closed Friday on the NYSE at $14.41, down $0.74 or 4.88%. In after hours, the stock gained 0.19.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT