Hurricane Sandy Drives Tutor Perini ResultsThursday, February 21, 2013
Tutor Perini Corp. exceeded Wall Street earnings forecasts due to a flurry of emergency work following Hurricane Sandy.
The Sylmar construction company reported net income of $41.6 million (86 cents a share) for the fourth quarter ended Dec. 31, compared to $24 million (50 cents) for the same period a year earlier. Revenue was flat at $1.11 billion.
Analysts on average had expected earnings of 67 cents a share, according to Thomson Financial Network.
The company said it performed roughly $60 million in emergency work in the quarter due to destruction caused by the October hurricane.
The company also announced two new contracts. It was the low bidder to replace City Island Road Bridge over Eastchester Bay. The contract with the New York City Department of Transportation is worth nearly $103 million, with work scheduled to begin in April and last until 2016.
And the company won a contract worth nearly $61 million to rehabilitate two runways at the Stewart International Airport in Orange County, New York. Work is expected to start in April 2013 and continue to 2015.
For the full year, the company reported a net loss of $265 million (-$5.59 a share) compared to a profit of $86 million ($1.80) for the previous year. Revenue grew 11 percent to $4.11 billion.
The company blamed its annual results on large public works projects that ended in 2011, a decline in new work and a decline in profit margins on current projects.
Shares lost 58 cents, or more than 3 percent, to close at $18.06 on the New York Stock Exchange prior to the late Thursday afternoon earnings announcement.