logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Senate Republicans released a draft of their version of legislation to repeal and replace Obamacare on Thursday, with a vote on the 142-page bill expected as soon as next week. The bill, called the Better Care Reconciliation Act, repeals Obamacare's individual and employer mandates as well as the... A local cable and broadband provider in Texas has filed a lawsuit against Comcast Corp., alleging that the cable giant and its contractors drove it out of business by severing its business cable lines after it rejected Comcast's buyout offer. The lawsuit was filed last week in Harris County, Texas, court by Anthony Luna, owner of Telecom Cable LLC. John Oliver, the host of HBO's Sunday Show "Last Week Tonight," HBO and Time Warner have been sued by coal baron Robert Murray for mocking him and his coal company on the show's most recent episode. Murray had previously sent the show its first cease-and-desist letter.
comments powered by Disqus
Follow RTT