Tutor Perini Corp. (TPC), civil and building construction company, said it expects earnings per share for 2013 to be in the range of $1.65 - $1.90, and revenue of $4.5 billion and $5.0 billion.
Analysts polled by Thomson Reuters expect the company to report earnings of $2.06 per share on revenues of $4.53 billion for fiscal 2013. Analysts' estimates typically exclude special items.
Ronald Tutor, Chairman and Chief Executive Officer, said, "We expect to deliver double-digit revenue growth in three of our four segments in 2013. As discussed during our recent fourth-quarter conference call, our Building segment is expected to return to an acceptable, albeit lower-than-historical, segment operating margin in 2013."
Specialty Contractors segment is expected to have stable revenue in 2013 and a segment operating margin in the 6% to 8% range that the company has communicated previously.
Management Services segment operating margin is expected to be close to last year's margin and influenced by the shift towards lower margin work in existing and pending federal projects.
Earnings in 2013 are expected to be weighted towards the second half of the year. In addition, the company has a significant number of pending proposals with an aggregate value exceeding $2 billion. The company said that it will revisit guidance again mid-year, by which time we expect the results of these proposals to be made public.
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