Tutor Perini works to rebuild backlog
By Sarah Ann McCay26 February 2013
US contractor Tutor Perini reported healthy growth in revenue for its fiscal year 2012, while backlog took a dive. The company posted revenue gains of +11% to US$ 4.11 billion for 2012, compared with US$ 3.72 billion in 2011.
The company’s backlog as at December 31, 2012 was US$ 5.6 billion, down US$ 500 million on 2011 figures of US$ 6.1 billion. Tutor Perini also posted a net loss of -US$ 265 million, compared to net income of US$ 86 million in 2011.
However, Tutor Perini stated that construction operation revenue increased for 2012 primarily due to full-year contributions from the company’s 2011 acquisitions combined with increased activity on some projects.
New contracts signed in the fourth quarter of 2012 included a US$ 235 million bridge rehabilitation project in New York, a US$ 167 million signal modernisation project in New York, a US$ 130 million irrigation and watershed management programme in Afghanistan, and a US$ 116 million joint venture bridge and highway project in Minnesota.
Ronald Tutor, chairman and CEO, remarked, “In 2012, we experienced a very disappointing year for our Building business. However, our Civil, Specialty Contractors, and Management Services groups performed well, and we have moved beyond the building market trough and are working to rebuild our backlog with recent new projects.”