Tutor Perini Corp. reported higher profits but lower revenue for the first quarter, the result of a slowdown in hospitality and casino projects.
The Sylmar construction company reported net income of $15.9 million (33 cents a share) for the quarter ended March 31, compared to $14.8 million (31 cents) in the same quarter last year. Revenue declined 3.8 percent to $955 million.
Analysts on average expected net income of 21 cents a share on revenue of $1 billion, according to Thomson Financial Network.
The company said lower revenues were attributed to decreased work on hospitality and gaming projects in California, Arizona, Nevada and Louisiana. Net-income growth was attributed to more work in the company’s civil engineering segment, which has higher profit margins.
Shares closed up $2.67, or more than 9 percent, to $30.91 on the New York Stock Exchange.
Salem Communications Corp. swung to a profit in the first quarter even as it absorbed the acquisition of Eagle Publishing.
The Camarillo broadcaster and publisher, which largely serves the Christian and politically conservative audience, reported net income of $431,000 (2 cents a share) for the quarter ended March 31, compared to a loss of $18.6 million (-75 cents) for the same quarter last year. Revenue increased 12 percent to $62.3 million.
During the quarter, the company paid $3.5 million to buy Eagle Publishing, a conservative political book publisher.
Shares closed up 33 cents, or 4 percent, to $$8.84 on the Nasdaq.
Shares of ReachLocal Inc. lost nearly 30 percent the day after releasing poor quarterly results and a lowered revenue forecast for the rest of the year.
The Woodlands Hills company, which specializes in online marketing for small businesses, reported a loss of nearly $6 million (-21 cents a share) compared to a loss of $635,000 (-2 cents) for the same quarter last year. Revenue fell 3 percent to $122 million.
Analysts on average had expected a net loss of 13 cents a share on revenue of $125 million, according to Thompson Financial Network.
For the full year, the company cut its guidance to revenue in the $500 million to $525 million range. Previously, the company predicted revenue between $580 million and $600 million.
The company announced its results after market closed on Tuesday.
Shares fell $2.85, or 28.7 percent, to close at $7.08 on the Nasdaq.