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Tutor Perini Constructs Solid Quarter Despite Pandemic

Tutor Perini Corp. missed on Wall Street expectations on adjusted earnings but beat on revenue for the second quarter, the company announced on Wednesday. The stock went up more than 3 percent. The Sylmar construction firm reported adjusted net income of $18.7 million (37 cents a share) for the quarter ending June 30, compared to adjusted net income of $9 million (18 cents) in the same period a year earlier. Revenue increased by 13 percent to $1.3 billion. Analysts on average expected earnings of 41 cents on revenue of $1.2 billion, according to Thomson Financial Network. Chief Executive Ron Tutor said the company produced solid results during the quarter and did so despite impacts of the COVID-19 pandemic. “Favorable execution on our large infrastructure projects is driving our strong revenue and earnings growth,” Tutor said in a statement. The pandemic reduced revenue in the second quarter by about $130 million or 13 cents a share. Shares in Tutor Perini closed up 41 cents, or about 3.5 percent, to $12.28 on the New York Stock Exchange, on a day when the Dow Jones industrial average finished up 0.6 percent and the Nasdaq finished up 1.4 percent.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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