Solid Quarter For Builder Tutor Perini

Tutor Perini Corp. missed on Wall Street expectations on adjusted earnings but beat on revenue for the second quarter, the company announced Aug. 5. The Sylmar construction firm reported adjusted net income of $18.7 million (37 cents a share) for the quarter ending June 30, compared to adjusted net income of $9 million (18 cents) in the same period a year earlier. Revenue increased by 13 percent to $1.3 billion. Analysts on average expected earnings of 41 cents on revenue of $1.2 billion, according to Thomson Financial Network. Chief Executive Ron Tutor said the company produced solid results during the quarter and did so despite impacts of the COVID-19 pandemic. “Favorable execution on our large infrastructure projects is driving our strong revenue and earnings growth,” Tutor said in a statement. In the ramp up to the outbreak, Tutor Perini had taken on quite a few high-profile projects, including several with the Los Angeles Metropolitan Transportation Authority, or Metro. February 2019 saw a joint venture between Tutor Perini and O&G Industries Inc. receive a notice of intent on a $1.4 billion contract for the construction on Metro’s Purple Line Extension into Westwood. Even post-pandemic outbreak, the company continued to seal new deals. In July, the company announced that subsidiary Perini Management Services Inc. received two contracts valued at about $34 million for work at Marine Corps Base Camp Lejeune in North Carolina. The work, which will see preconstruction and design activities start this fall, will entail renovating three buildings on the base for a contract valued at $22.8 million and be completed within 900 days and renovating two fire station buildings for a contract valued at $11.2 million to be completed within 730 days. Said buildings had been damaged by Hurricane Florence in 2018. The work involves phased renovations and replacement of mechanical, electrical and plumbing systems. Substantial completion of both projects is anticipated by late 2022.