Tutor Perini Moves to ProfitWednesday, May 1, 2013
Construction firm Tutor Perini Corp. swung to a profit in the first quarter as it recorded higher revenue due to work ranging from gaming projects in Nevada to fixing damage caused by Hurricane Sandy.
The Sylmar company reported net income of $14.8 million (31 cents a share) in the quarter ended March 31, compared to a net loss of $1.2 million (-8 cents) for the same quarter a year earlier. Revenue increased 8.8 percent to $993 million.
The results, announced after markets closed on Wednesday, beat analysts expected earnings of 24 cents on revenue of $983 million, according to Thomson Financial Network.
The company said the higher revenue came from hospitality and gaming projects in California, Arizona, and Nevada; work performed in New York to fix damage from Hurricane Sandy; and a tunnel project in Washington state.
Also, earlier this month, a joint venture of Tutor Perini, Zachry Construction Corp. and Parsons Corp. was identified as the apparent winning bidder for the first segment of the California High-Speed Rail project, with a bid worth about $985 million. The company also was the low bidder for the San Francisco Municipal Transportation Agency’s Third Street Light Rail Program Phase 2 with a bid valued at about $840 million.
“Our recent successful civil bids on two major California rail projects provide us with increased confidence and growth visibility over the next several years,” said Chief Executive Ron Tutor, in a statement.
Shares lost 45 cents, or 2.7 percent , to close at $15.99 on the New York Stock Exchange.