The stock of Tutor Perini Corp. soared more than 26 percent Thursday following its earnings report that crushed Wall Street’s expectations.
The construction and contracting company based in Sylmar reported late Wednesday that net income tripled for the period ended March 31 to $15.4 million (31 cents a share), compared to $5.13 million (10 cents a share) for the year-ago period. That far exceeded estimates by analysts, according to Thompson Financial Network, of 19 cents a share.
Revenue was $1.19 billion, up slightly from $1.17 billion. Analysts estimated $1.14 billion.
Tutor said a 17 percent jump in revenue of its construction segment – $488 million compared to $416 million – helped drive the boost in net income and income from construction operations.
Also in the quarterly report, Tutor affirmed 2016 guidance and said it expects yearly revenue of $5.1 billion to $5.6 billion and earnings per share of $1.90 to $2.20.
Shares gained $3.91, or 26 percent, to close at $18.90 Thursday on the New York Stock Exchange.