Tutor Perini Reports Good Quarter

Tutor Perini Corp. beat Wall Street estimates on earnings but just missed on revenue for the first quarter.The Sylmar construction and engineering services firm on Wednesday reported net income of $16 million (31 cents a share) for the quarter ending on March 31, down from net income of $17.4 million (34 cents) in the same period a year earlier. Revenue dropped by 3 percent to $1.2 billion.Analysts on average expected earnings of 22 cents a share on revenue of $1.3 billion, according to Thomson Financial Network.Company Chief Executive Ron Tutor called the first quarter results solid and were modestly ahead of expectations.The company is currently bidding on several large projects, with a large stream of other significant bids expected to occur later this year and well into next year, Tutor said.“We look forward to winning our share of these opportunities and resuming strong backlog growth in the second half of this year,” Tutor added in a statement. “We are also encouraged by the Biden Administration’s strong focus on infrastructure investments and the potential for substantial federal infrastructure spending on the horizon, which would further bolster our already positive long-term business outlook.”Shares in Tutor Perini (TPC) closed down 5 cents, or about 0.3 percent, to $16.65 on the New York Stock Exchange on Wednesday, a day when the Dow Jones industrial average increased about 0.3 percent.