Tutor Perini Moves to ProfitFriday, August 9, 2013
Tutor Perini Corp. reported a profitable second quarter on Friday but its earnings still failed to meet analysts’ expectations.
The Sylmar general contractor reported net income of $15.5 million (32 cents a share) in the quarter ended June 30, compared to a net loss of $348 million (-$7.35) for the same quarter a year earlier. Revenue increased 7 percent to $1.05 billion.
The results missed analysts expected earnings of 37 cents on revenue of $1.07 billion, according to Thomson Financial Network.
The earnings come one day after its subsidiary, Tutor Perini Building Corp., announced it won a $100 million contract to build the George Washington Bridge Bus Station Redevelopment Project in New York City.
And earlier in the week, another subsidiary was awarded a $130 million contract to build a highway project near Green Bay from the Wisconsin Department of Transportation.
Chief Executive Ron Tutor said he was pleased with the quarter, despite earnings not meeting expectations, because of the strong growth in the company’s backlog driven by $1.3 billion of new awards in the company’s civil building division.
“Our civil business fuels our growth, and this quarter’s strong civil backlog growth provides the foundation needed for higher revenue and improved margins over the next few years,” he said in a prepared statement.
Shares lost 84 cents, or more than 4 percent, to close at $18.85 on the New York Stock Exchange.