Tutor Perini Corporation (NYSE:TPC) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Tutor Perini Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 32% to $0.66 in the quarter versus EPS of $0.50 in the year-earlier quarter.
Revenue: Decreased 0.05% to $1.11 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tutor Perini Corporation reported adjusted EPS income of $0.66 per share. By that measure, the company missed the mean analyst estimate of $0.67. It missed the average revenue estimate of $1.15 billion.
Quoting Management: Ronald Tutor, Chairman and Chief Executive Officer, remarked, “In 2012, we experienced a very disappointing year for our Building business. However, our Civil, Specialty Contractors, and Management Services groups performed well, and we have moved beyond the building market trough and are working to rebuild our backlog with recent new projects. Our strategy to diversify our business and enhance our self-perform capabilities continues to produce good results.” Tutor continued, “We are proud of our role in helping New York recover from Hurricane Sandy and are well positioned to continue assisting the East Coast region to rebuild with the aid of more than $50 billion dollars of recently allocated disaster relief funds. In addition to new Sandy-related opportunities, we also remain very optimistic about our opportunities in our Civil business.”
Key Stats (on next page)…