Tutor-Perini Corp. fell short on earnings and revenue in the fourth quarter despite increased work on projects in California and New York.
The Sylmar construction company reported net income of $27.7 million (56 cents a share) for the quarter ending Dec. 31, compared with net income of $33.3 million (68 cents) in the same period a year earlier. Revenue increased 9.3 percent to $1.2 billion.
Analysts on average expected earnings of 71 cents on revenue of $1.3 billion, according to Thomson Financial Network.
The company attributed the drop in net income to decreased activity on certain higher-margin projects and tunnel projects on the West Coast. Increased activity on mass transit projects in California and New York and an industrial building project in California was behind the increase in revenue.
Chief Executive Ron Tutor said that with a backlog of uncompleted projects of $7.8 billion, the company has a solid foundation for strong performance in the current year.
“Our end markets have remained strong, offering a large pipeline of project opportunities across all of our segments, and I anticipate continued strength and improvement across these markets,” Tutor said in a prepared statement.
Shares closed down 19 cents, or less than 1 percent, to $25.88 on the New York Stock Exchange.
LTC Properties Inc. posted fourth quarter funds from operations that narrowly missed Wall Street expectations on Thursday.
The Westlake Village real estate investment trust, which specializes in nursing homes, reported FFO of $22.8 million (64 cents a share) for the quarter ended Dec. 31, compared to $20 million (57 cents) for the same period last year. Revenue rose 7.6 percent to $30.8 million.
Analysts on average expected FFO of 65 cents a share on revenue of $25.7 million, according to Thomson Financial Network. Funds from operations is a key REIT metric that adds amortization and appreciation back into net income to get a better picture of cash flow.
The company reported net income of $21 million (58 cents), compared to $14.6 million (40 cents) for the same period last year.
The company said it made $74 million in investments for new development that demonstrated a commitment to continued diversification and a focus on growth.
LTC had 206 investments located in 29 states, including 98 skilled nursing properties, 92 assisted living properties and 7 range-of-care properties as of Dec. 31.
Shares closed down 63 cents, or 1.4 percent, to $43.85 on the New York Stock Exchange.