Tutor Perini Down 7.5% on Weak Q4 Earnings

Tutor Perini Corporation

is trading lower on the session following its Q4 earnings announcement yesterday. The company reported Q4 EPS of $0.50 vs $0.75 estimate and revenues of $1.11 billion vs $1.17 billion estimate. Ronald Tutor, Chairman and CEO of Tutor Perini, said: “Momentum in the construction services market is growing. During 2012 we expect to add significant civil work to backlog and, led by the recently announced Hudson Yards development project, to grow our East Coast building business. Our integrated service capabilities, enhanced through the acquisitions made last year, represent a competitive advantage that we believe will contribute to additional large scale awards in 2012.” Tutor Perini is currently trading at $14.83, down $1.21 or 7.54%.