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Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the first quarter of 2014.
Revenue was $955.2 million for the first quarter of 2014, compared to $992.9 million for the same period last year. Income from construction operations was $41.5 million for the first quarter, compared to $36.1 million for the same period last year. Net income was $15.9 million for the first quarter, compared to $14.8 million for the same period last year. Diluted earnings per share (EPS) were $0.33 for the first quarter, compared to $0.31 for the same period last year.
Revenue decreased 3.8% in the first quarter due primarily to decreased activity on hospitality and gaming projects in California, Arizona, Nevada, and Louisiana, which was partially offset by the ramp-up of civil and building projects at Hudson Yards in New York and a rail transportation project in California. Inclement weather in the first quarter also contributed to the decreased revenue, as it impacted several projects in the northeastern U.S. The increase in net income in the first quarter was due primarily to an overall increase in volume in our Civil segment, which was partially offset by Hurricane Sandy-related projects performed in the first quarter of 2013.
The Company used $41.1 million of cash from operating activities in the first quarter, compared to $84.5 million in the same period last year. The cash usage in the first quarter was primarily driven by the timing of payments primarily in our Civil and Building segments. At March 31, 2014, working capital was $873.5 million, an increase of $86.1 million from $787.4 million at December 31, 2013. The Company believes its financial position and available borrowing under existing credit arrangements are sufficient to support the Company’s current backlog and anticipated new work.