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
Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform. Discount retailers Dollar Tree Inc. and Dollar General Corp. both reported results for the second quarter that missed analysts' expectations. Looking ahead, Dollar Tree also forecast revenue for the third quarter below analysts' estimates and lowered its full-year revenue outlook. Shares of both companies are falling in pre-market activity.
comments powered by Disqus
Follow RTT