Tutor Perini Misses Estimates

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Tutor Perini Corp. on Thursday reported lower-than-expected quarterly results, hurt by weakness at its building construction segment.

However, the company forecast revenue for the coming year above Wall Street estimates.

After the markets closed, the Sylmar civil and building construction company reported net income of $18.9 million (40 cents a share), compared with $32.5 million (66 cents) a year earlier.

Tutor Perini’s most recent projects have included hotels and casinos, health care facilities, and highways. Revenue dropped 36 percent to $688 million, reflecting the completion of some large hospitality and casino projects a year earlier. The fall in revenue was partially offset by an increase in civil infrastructure work.

Analysts surveyed by Thomson Reuters on average had expected per-share profit of 47 cents on revenue of more than $728 million.

The company forecast 2011 revenue of $4.2 billion to $4.7 billion, higher than the Wall Street consensus of $3.08 billion. Its backlog of uncompleted construction work as of Dec. 31 was $4.3 billion, the same as at the end of 2009.

“Our civil operation has delivered outstanding results for us and we expect it to continue to grow in the future,” Chief Executive Ronald Tutor said in a statement. “Over the course of the coming year, we also anticipate the nonresidential building markets will steadily improve.”

Before the earnings were released, shares closed up less than a percent to $23.76 on the New York Stock Exchange and were unchanged in after-market trading.

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