Plus   Neg

Stock Alert: Tutor Perini Shares Up 30% In Late Trade On Upbeat Q1

Shares of Tutor Perini Corp. (TPC) rose $1.86 or 30.05% to $8.05 in after-hours trading session on May 6, following the company's upbeat Q1 results.

The stock has been trading in the range of $2.61 - $19.48 for the past one year, and closed Wednesday's trade at $6.19, down 4 cents or 0.64%. Trading volume totaled 1.33 million versus an average volume of 1.34 million shares.

First-quarter net income attributable to the company was $17.4 million or $0.34 per share compared to a net loss of $0.4 million or $0.01 per share last year.

Revenue was $1.3 billion, an increase of 30% compared to $1.0 billion for the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $0.06 per share and revenue of $1.03 billion for the quarter. Analysts' estimate typically exclude certain special items.

Ronald Tutor, Chairman and Chief Executive Officer, said, "We are off to a solid start in 2020, delivering the strong revenue and earnings growth we have anticipated as the large projects awarded to us over the past couple of years accelerate and contribute more significantly."

For fiscal 2020, the company affirmed its EPS guidance and still expects EPS to be in the range of $1.80 - $2.10. Earnings in 2020 are expected to be weighted more heavily in the second half of the year due to the anticipated continuation of large project ramp-up activities, as well as typical business seasonality.

Wall Street analysts look for earnings of $1.81 per share for fiscal 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT