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.

Latest News
Major Volvo dealer signs deal with Metso
Swedish demolition and construction machinery distributor to offer crushing and screening equipment
SC&RA debuts best-practice guide for carriers and pilot cars
The guide was born out of a concern was growing over a disconnect between carriers and pilot car services in both the U.S. and Canada.
Navigating cannabis confusion in the construction sector
With the continual passage of recreational and medical cannabis laws, the percentage of construction and transport workers who test positive for marijuana will continue to increase.