Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the fourth quarter and fiscal year ended December 31, 2013.
Fourth-Quarter and Fiscal 2013 Results
Revenues were $1,099.3 million and $4,175.7 million for the fourth quarter and fiscal 2013, respectively, compared to $1,114.2 million and $4,111.5 million for the same periods last year. Income from construction operations was $70.2 million and $203.8 million for the fourth quarter and fiscal 2013, respectively, compared to $60.7 million and a loss from construction operations of $221.8 million for the same periods last year. Net income was $33.3 million and $87.3 million for the fourth quarter and fiscal 2013, respectively, compared to $41.6 million and a net loss of $265.4 million for the same periods last year. Diluted earnings per share (EPS) were $0.68 and $1.80 for the fourth quarter and fiscal 2013, respectively, compared to $0.86 and a diluted loss per share of $5.59 for the same periods last year.
On an adjusted basis, net income and diluted EPS for the fourth quarter of 2012 were $31.9 million and $0.66, respectively. Adjustments for the fourth quarter of 2012 included a $12.7 million tax benefit associated with the $376.6 million 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. For fiscal 2012, adjusted net income was $70.3 million, or $1.46 per diluted share. Fiscal 2012 adjustments included the impairment charge and related $50.2 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 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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