Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the second quarter ended June 30, 2013.
Second-Quarter and Six-Month Results
Revenues were $1,053.1 million and $2,046.0 million for the second quarter and six months ended June 30, 2013, respectively, compared to $985.3 million and $1,897.9 million for the same periods last year. Income from construction operations was $39.5 million and $75.6 million for the second quarter and six months ended June 30, 2013, respectively, compared to a loss from construction operations of $354.2 million and $337.2 million for the same periods last year. Net income was $15.5 million and $30.3 million for the second quarter and six months ended June 30, 2013, respectively, compared to a net loss of $348.4 million and $349.6 million for the same periods last year. Diluted earnings per share (EPS) were $0.32 and $0.62 for the second quarter and six months ended June 30, 2013, respectively, compared to a diluted loss per share of $7.35 and $7.38 for the same periods last year. Excluding a $376.6 million goodwill and intangible assets impairment charge and a $20.7 million tax benefit provided on the impairment charge, both of which were recorded in the second quarter of 2012, net income for the second quarter of 2012 was $7.5 million, or $0.16 per diluted share. Excluding the impairment charge and related tax benefit, together with a $2.7 million realized loss on the sale of certain auction rate securities and $3.6 million in discrete tax adjustments recorded in the first quarter of 2012, net income for the six months ended June 30, 2012 was $11.6 million, or $0.24 per diluted share. Net income and diluted EPS excluding these adjustments 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.
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