Lower-than-Expected Quarter at Tutor PeriniThursday, March 1, 2012
Tutor Perini Corp reported higher fourth quarter profit that fell short of Wall Street estimates, in part due to increased interest expenses.
The Sylmar civil and building construction company late Thursday reported net income of $24 million (50 cents a share), compared with $18.9 million (40 cents) in the same period a year earlier.
Revenue rose 62 percent to $1.11 billion, with growth in its large building division flat at $446 million. The company specializes in hotels, casinos, and highways.
Analysts surveyed by Thomson Reuters on average had expected net income of 75 cents a share on revenue of $1.17 billion.
For the full year, the company reported 15 percent lower net income of $1.80 a share on 16 percent higher revenue of $3.7 billion.
In guidance for the current year, Tutor Perini said it expects revenue of $4.5 billion to $5 billion, with earnings of $2.10 to $2.30 a share. As of the end of the year the company had an order backlog of $6.1 billion, 42 percent higher than at the end of 2010.
“Momentum in the construction services market is growing,” said Chief Executive Ronald Tutor in a statement. “Our integrated service capabilities, enhanced through the acquisitions made last year, represent a competitive advantage that we believe will contribute to additional large scale awards in 2012.”
Shares earlier closed up 26 cents, or 1.7 percent, to $16.04 on New York Stock Exchange, and was unchanged in after-market trading.