Tutor Perini reports highest backlog in five years
14 August 2013
US contractor Tutor Perini has reported increases in revenue and income and its highest backlog in five years as it files its second quarter 2013 financial results.
The company saw revenue increase +7% to US$ 1.05 billion, up from US$ 985.3 million in the second quarter of 2012.
Net income was US$ 15.5 million compared to a net loss of US$ 348.4 million the same time last year.
The backlog stood at US$ 6.6 billion as at June 30, 2013, its highest level since 2008 and up +12% year-on-year.
Significant additions to the backlog included an US$ 840 million San Francisco Central Subway construction project and numerous projects in New York. These included a US$ 143 million concrete placement contract, a US$ 133 million underground concrete casing project, and a US$ 56 million electrical subcontract, all for work at Hudson Yards.
Ronald Tutor, chairman and CEO, said, "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.
“In addition, we expect a continued strong volume of new awards in the third quarter, driven by our share of the US$ 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 Perini re-affirmed its fiscal 2013 guidance for revenue in the range of US$ 4.5 billion to US$ 5 billion.