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
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