Tutor Perini Earnings: Here’s Why Investors are Ambivalent Now
Tutor Perini Corporation (NYSE:TPC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Tutor Perini Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 287.5% to $0.31 in the quarter versus EPS of $0.08 in the year-earlier quarter.
Revenue: Rose 8.81% to $992.93 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tutor Perini Corporation reported adjusted EPS income of $0.31 per share. By that measure, the company beat the mean analyst estimate of $0.24. It beat the average revenue estimate of $983.16 million.
Quoting Management: Ronald Tutor, Chairman and Chief Executive Officer, said, “I am pleased with the Company’s strong first-quarter results, which were highlighted by double-digit organic revenue growth in our Building and Specialty Contractors segments and solid profitability across all our segments. In addition, our recent successful civil bids on two major California rail projects provide us with increased confidence and growth visibility over the next several years.” Tutor continued, “The Company is maintaining its fiscal 2013 guidance for revenue in the range of $4.5 billion to $5.0 billion and diluted EPS in the range of $1.65 to $1.90, and we plan to re-evaluate this guidance next quarter based upon the expected impact of new contracts executed between now and then.”
Key Stats (on next page)…