Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the third quarter ended September 30, 2013.
Third-Quarter and Nine-Month Results
Revenues were $1,030.4 million and $3,076.4 million for the third quarter and nine months ended September 30, 2013, respectively, compared to $1,099.4 million and $2,997.3 million for the same periods last year. Income from construction operations was $58.1 million and $133.6 million for the third quarter and nine months ended September 30, 2013, respectively, compared to $54.7 million and a loss from construction operations of $282.5 million for the same periods last year. Net income was $23.8 million and $54.0 million for the third quarter and nine months ended September 30, 2013, respectively, compared to $42.6 million and a net loss of $307.0 million for the same periods last year. Diluted earnings per share (EPS) were $0.49 and $1.11 for the third quarter and nine months ended September 30, 2013, respectively, compared to $0.88 and a diluted loss per share of $6.47 for the same periods last year.
Excluding a $16.8 million tax benefit recognized in the third quarter of 2012, associated with the $376.6 million goodwill and intangible assets impairment charge recorded in the second quarter of 2012, net income for the third quarter of 2012 was $25.8 million, or $0.54 per diluted share. Excluding the impairment charge and related $37.4 million 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 nine months ended September 30, 2012 was $37.4 million, or $0.78 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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