Perini Builds Big Quarter - TheStreet

Perini Builds Big Quarter

The construction firm raises guidance.
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Perini (PCR) surged 11% late Tuesday after beating first-quarter earnings targets and raising guidance.

The Framingham, Mass., construction firm made $23 million, or 84 cents a share, for the quarter ended March 31, up from the year-ago $8 million, or 30 cents a share. Revenue rose 61% from a year ago to $987 million.

Analysts surveyed by Thomson Financial were looking for a 57-cent profit on sales of $949 million.

"The increase in our revenues and profit primarily reflects the conversion of our substantial building segment backlog into revenues and profit as anticipated, and an exceptionally strong management services segment performance resulting in a significant contribution to our first quarter operating results," said CEO Robert Band. "In addition, our backlog of $8.6 billion remains near its all-time record level. Given the visibility provided from this backlog, we continue to look forward to what we anticipate will be a record year in 2007 for revenues and earnings per share."

The company guided to full-year earnings of $2.40 to $2.60 a share, well above the $2.16 Thomson consensus.

After rising 4% in regular trading, the stock jumped $4.91 late Tuesday to $50.83.