Tutor Perini had revenues of US$ 1.08 billion for the second quarter of the year, a +3% increase on the same period last year. However, the US contractor’s net profit moved up +84% to US$28.5 million for the quarter.
In another positive development, the company’s backlog was +18% higher at the end of June than a year previously, at US$ 7.8 billion. It said this was mainly due to a large number of new contract wins by its civil construction segment, although there were also several large wins by the building segment.
Chairman and CEO Ronald Tutor commented, “I am pleased with the company’s second-quarter results, which were highlighted by continued backlog growth as well as increased operating profit margins in our civil and building segments. The outlook for additional new awards remains favourable across our segments and we are increasingly confident in the likelihood of collecting substantial cash over the next few quarters due to the expected resolutions or adjudications of certain legacy project issues.”
Based on the current outlook, the Tutor Perini has upgraded its guidance for 2014. It now expects revenues to be between US$ 4.5 billion to US$ 4.7 billion, although diluted earnings per share (EPS) are expected to remain between US$ 2.20 to US$ 2.40.