Tutor Perini Falls Short of Revenue Estimate

Sylmar construction firm Tutor Perini Corp. (TPC) met analyst expectations on quarterly and full-year earnings but had mixed results on revenues. Fourth-quarter net income was $30.3 million (60 cents a share) on revenue of $1.25 billion. That met analysts’ expectations on earnings, but fell short of their revenue estimate of $1.36 billion, according to Thomson Financial Network. Tutor Perini also met Wall Street estimates on full-year net income of $95.8 million ($1.92 a share) compared to $45.3 million (91 cents a share) a year ago. Annual revenue of $5 billion bumped up slightly from the prior year’s $4.9 billion. Analysts expected $5 billion. Tutor gave guidance for 2017 and said it expects revenue in excess of $5.5 billion and earnings per share between $2.10 to $2.40 with results expected more in the year’s typically busier second half. Shares closed Thursday down $1.40, or 4.9 percent, to $27.45 on the New York Stock Exchange.