Revenues down at Tutor Perini
25 February 2011
US contractor Tutor Perini reported a US$ 2 billion drop in construction revenues for 2010 to US$ 3.2 billion - a fall which it attributed to the completion of large works during 2009.
Net income also fell to US$ 103.5 million for 2010, compared to US$ 137.1 million for 2009, while the company's order backlog remained stable year-on-year at US$ 4.3 billion.
New contracts won during the fourth quarter totalled US$ 925 million and included a US$ 490 million joint venture share of a US$ 1.1 billion contract for construction of the Seattle SR99 Bored Tunnel in Washington. In addition, Tutor Perini won a US$ 107 million joint venture share for I-95 roadway improvements in New Haven, Connecticut, and a US$ 54 million joint venture share for an airport terminal in Florida, among others.
Chairman and CEO Ronald Tutor said the contractor expects non-residential building markets to "steadily improve" this year, adding that Tutor Perini would target growth opportunities through acquisition.
And the company issued a bullish forecast for 2011, projecting revenues to increase to US$ 4.2 to US$ 4.7 billion for the 12-month period.
