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Tutor Perini Announces 2012 Results

Stocks in this article: TPC

Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the fourth quarter and year ended December 31, 2012.

Fourth-Quarter Results

Revenues from construction operations were $1.11 billion for the fourth quarter of 2012 compared to $1.11 billion for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $41.6 million compared to $24.0 million for the fourth quarter of 2011. Diluted earnings per share were $0.86 for the fourth quarter of 2012 compared with $0.50 for the fourth quarter of 2011. Excluding a $12.7 million tax benefit recognized in the fourth quarter of 2012 related to the goodwill and intangible asset impairment charge which the Company recognized in the second quarter of 2012 and a $5.0 million pre-tax ($3.0 million after-tax) charge related to an adverse jury verdict received in December 2012 by one of the Company’s recently acquired companies, net income and diluted earnings per share for the fourth quarter of 2012 were $31.9 million and $0.66, respectively. Net income and diluted earnings per share excluding the after-tax impairment charge and certain other discrete items are non-GAAP financial measures, which are discussed below and are reconciled to the most directly comparable GAAP measures in the financial tables attached hereto.

In the fourth quarter, the Company performed approximately $60 million of emergency repair services in response to Hurricane Sandy. Tutor Perini performed the largest share of work among the general contractors hired for New York City’s Rapid Repairs Program. The goal of the program was to restore heat, power, and hot water to thousands of residential properties damaged by the hurricane, as well as perform repairs to protect residents from further damage and allow them to remain in or return to their homes. The Company’s work on the program is expected to conclude this week. In addition, Tutor Perini’s specialty electrical and mechanical services subsidiaries, Five Star Electric and WDF, restored power, plumbing, and heating to the Rockaway Water Control Plant, which was submerged after the storm, re-energized 35 New York City Department of Environmental Protection pumping stations, and provided emergency repair services to the New York City Housing Authority (NYCHA) at various NYCHA-managed properties by restoring electricity and/or heat to over 100 buildings.

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