Tutor Perini Earnings: Everything You Must Know Now

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 100% to $0.32 in the quarter versus EPS of $0.16 in the year-earlier quarter.

Revenue: Rose 6.88% to $1.05 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Tutor Perini Corporation reported adjusted EPS income of $0.32 per share. By that measure, the company missed the mean analyst estimate of $0.37. It missed the average revenue estimate of $1.07 billion.

Quoting Management: Ronald Tutor, Chairman and Chief Executive Officer, remarked, “I am satisfied with the Company’s second-quarter results—in particular our 12% backlog growth, which was driven by $1.3 billion of new awards in our Civil segment. Our Civil business fuels our growth, and this quarter’s strong Civil backlog growth provides the foundation needed for higher revenue and improved margins over the next few years. Our backlog now stands at the highest level since 2008. In addition, we anticipate a continued strong volume of new awards in the third quarter, driven by our share of the $1 billion joint venture California High-Speed Rail project and both the platform and North Tower contracts for Hudson Yards. Our second-quarter financial results were in-line with our projections and we continue to foresee stronger results in the second half of 2013 and in 2014 as we ramp up work on several mega-projects.” Tutor continued, “Based on our outlook for the remainder of this year, we are re-affirming our 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.”

Key Stats (on next page)…

Revenue increased 6.06% from $992.93 million in the previous quarter. EPS increased 3.23% from $0.31 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.59 and has not changed. For the current year, the average estimate is a profit of $1.90, which is the same with that ninety days ago.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)