Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the third quarter ended September 30, 2012.
Third Quarter and Nine Month Results
Revenues from construction operations were $1.10 billion for the third quarter of 2012 compared to $1.17 billion for the third quarter of 2011, a decrease of 6%. Net income for the third quarter of 2012 was $42.6 million compared to $35.5 million for the third quarter of 2011. Diluted earnings per share were $0.88 for the third quarter of 2012 compared with $0.74 for the third quarter of 2011. Excluding a $16.8 million tax benefit related to the goodwill and intangible asset impairment charge which the Company recognized in the second quarter of 2012, net income and diluted earnings per share for the third quarter of 2012 were $25.8 million and $0.54, respectively. Net income and diluted earnings per share excluding the after-tax impairment charge and certain other discrete items are non-GAAP measures defined elsewhere in this press release and are reconciled to GAAP measures in the financial tables attached hereto.
Revenues from construction operations decreased in the third quarter compared to the same quarter last year primarily due to the substantial completion of several large public works and hospitality and gaming projects in 2011. Excluding the $16.8 million tax benefit on the impairment charge, the decrease in net income in the third quarter was primarily due to the decline in volume discussed above as well as the favorable performance and successful close out of several specialty subcontracts in 2011. This decrease was partially offset by increases in the estimated recoveries on certain large hospitality and gaming, healthcare, and condominium projects based on changes in facts and circumstances surrounding those projects that occurred during the period.Revenues from construction operations were $3.0 billion for the first nine months of 2012 compared to $2.6 billion for the first nine months of 2011, an increase of 15%. Including the after-tax impairment charge of $339.2 million, discrete tax expense adjustments of $3.6 million related to stock-based compensation and an after-tax loss on the sale of certain auction rate securities of $1.6 million, the Company recorded a net loss of $307.0 million, or $6.47 diluted loss per share, for the first nine months of 2012 compared to net income of $62.1 million, or $1.30 diluted earnings per share for the first nine months of 2011. Excluding the impairment charge and other discrete items noted above, net income and diluted earnings per share for the first nine months of 2012 were $37.4 million and $0.78, respectively.