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Tutor Perini Corporation (NYSE: TPC)(the “Company”), a leading civil and building construction company, today reported results for the first quarter ended March 31, 2012.
First Quarter Results
Revenues from construction operations were $912.5 million for the first quarter of 2012, as compared to $615.3 million for the first quarter of 2011. Net loss was $1.2 million for the first quarter of 2012, as compared to net income of $6.9 million for the first quarter of 2011. Diluted loss per common share was $0.03 for the first quarter of 2012, as compared to diluted earnings of $0.14 for the first quarter of 2011.
Operating results for the quarter were negatively impacted by $3.6 million of discrete tax adjustments related to stock-based compensation and a $2.7 million loss on the sale of certain auction rate securities which, together, contributed non-recurring charges in the quarter of $0.11 per share. Excluding these items the Company earned an adjusted $0.08 per share, reflecting the substantial completion of several large successful projects in 2011, coupled with the timing of approval of change orders on certain Civil segment jobs, delays related to the timing of new awards, and the startup of pending awards.
The Company’s effective tax rate for the three months ended March 31, 2012 and 2011 was 133.7% and 36.5%, respectively. The current period income tax expense of $4.8 million includes discrete items of $3.6 million related to an increase in unrecognized tax benefits and an adjustment, both associated with certain stock-based compensation items identified during the current period. The Company expects its 2012 fiscal year tax rate to approximate 38.0%, excluding these discrete items.
At March 31, 2012, working capital was $596.3 million, an increase of $39.5 million from $556.8 million at December 31, 2011. The Company believes its financial position and credit arrangements are sufficient to support the Company’s current backlog and anticipated new work.