Tutor Perini Corporation Announces 2011 Results and Guidance for 2012

SYLMAR, Calif.--(BUSINESS WIRE)--

Tutor Perini Corporation (NYSE: TPC - News)(the Company), a leading civil and building construction company, today reported results for the fourth quarter and year ended, December 31, 2011.

Fourth Quarter and Full Year Results

Revenues from construction operations were $1.1 billion for the fourth quarter of 2011, as compared to $688.0 million for the fourth quarter of 2010. Net income was $24.0 million for the fourth quarter of 2011, as compared to $18.9 million for the fourth quarter of 2010. Diluted earnings per common share were $0.50 for the fourth quarter of 2011, as compared to $0.40 for the fourth quarter of 2010. The increase in operating results from the fourth quarter of 2010 primarily reflects the contributions from acquisitions the Company completed in 2011.

Revenues from construction operations were $3.7 billion for the year ended December 31, 2011, as compared to $3.2 billion for the year ended December 31, 2010. Net income was $86.1 million for 2011, as compared to $103.5 million for 2010. Diluted earnings per common share were $1.80 for 2011, as compared to $2.13 for 2010.

The decrease in operating results from the year ended 2010 primarily reflects the substantial completion of several successful, large public works and hospitality and gaming projects and increased interest expense associated with our senior unsecured notes, term loanand borrowings under our revolving facility, offset by contributions from the acquisitions the Company completed in 2011.

At December 31, 2011, working capital was $556.8 million, a decrease of $36.1 million from $592.9 million at December 31, 2010. As of December 31, 2011, the Company had $297.0 million available to borrow under its credit facilities. The Company believes its financial position and credit arrangements are sufficient to support the Companys current backlog and anticipated new work.

Backlog at $6.1 billion

The backlog of uncompleted construction work at December 31, 2011 was $6.1 billion, a decrease of $0.3 billion from backlog reported at September 30, 2011 and an increase of $1.8 billion from the $4.3 billion reported at December 31, 2010. The $1.8 billion net increase is attributable to backlog acquired through acquisitions of $2.6 billion, and new awards and adjustments to contracts in process which added $2.9 billion, offset by revenue earned during the year. Additions to new work during the fourth quarter of 2011 include a $176 million airport runway expansion project in Florida, a $64 million contract for electrical work on a mass transit station at the World Trade Center site in New York, a $31 million electrical subcontract for a central energy plant in Texas and a $31 million medical office building and parking garage in Mississippi.

Outlook

Here is the original post:
Tutor Perini Corporation Announces 2011 Results and Guidance for 2012