Construction company Tutor Perini Corp. (TPC) Thursday reported a higher fourth-quarter profit, helped mainly by improved margins and tax benefit, amid flat revenues. However, both earnings and revenues for the quarter missed Street estimates.
The company reported quarterly net income of $41.6 million or $0.86 per share, compared with $24 million or $0.50 per share last year. Results were helped .
Excluding a $12.7 million tax benefit, adjusted earnings for the reporting quarter were
$31.9 million or $0.66 per share.
Revenues from construction operations for the quarter were $1.11 billion, unchanged from a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.67 per share on revenues of
$1.15 billion for the quarter. Analysts' estimates typically exclude special items.
Expenses for the quarter were lower at $65.7 million, compared with $74.5 million a year
ago.
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