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Thursday, Mar 28, 2024

Tutor Perini Beats Estimates

Tutor Perini Corp. reported net income that beat Wall Street expectations Monday, but the company fell short on revenue. The Sylmar construction company reported net income of $8.7 million (18 cents a share) for the quarter ended Dec. 31, compared to $27 million (56 cents) for the same quarter last year. Revenue fell a fraction of a percent to $1.2 billion. Analysts on average expected net income of 8 cents a share on revenue of $1.3 billion, according to Thomson Financial Network. For the full year, Tutor Perini reported net income of $45 million (91 cents a share) on revenue of $4.9 billion. The company said it was impacted by a nearly $46 million charge for Five Star Electric, which it acquired in July. Shares closed down 9 cents or less than 1 percent to $13.36 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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