Perini’s profits rise

By Steve Skinner08 May 2009

Ron Tutor

Ron Tutor

Perini reported first quarter pre-tax profits of US$ 62.6 million, up +56% on the US$ 40 million for the same period last year. Sales of US$ 1.5 billion were up +21% on the US$ 1.2 billion reported for the first quarter of 2008.

Following the acquisitions of Tutor-Saliba and Keating Building Corporation, construction revenues for Perini Corporation climbed +21% to US$ 1.5 billion, up from US$ 1.2 billion 12 months earlier.

Order backlog in the first quarter fell US$ 851 million to US$ 5.8 billion, down -13%. A statement said the backlog reflected the normal completion of work for the period and a reduced level of new work acquired as a result of the challenging economic environment, which caused some customers to delay the start of new projects.

Perini is targeting a number of civil infrastructure projects which will be awarded this year. "The company is very well positioned to capture civil infrastructure projects in our core geographic markets," said Ronald Tutor, chairman and CEO.

"We expect to begin adding to our backlog in the second half of this year with a greater mix of higher margin civil projects.

"Our building business too continues to perform at a high level and is poised to acquire new work when the market opens up," said Mr Tutor, "while Management Services continues to deliver outstanding results with our work in Iraq and Guam."

In a statement Perini re-affirmed its guidance for 2009 revenues of between US$ 5.5 to US$ 6 billion.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
Post-pandemic demand leads to long delivery times
Government stimulus measures following the global pandemic have led to a surge in demand for construction equipment
Industry interview: Sany builds towards a sustainable future
Industry interview: Sany takes steps towards building a sustainable future
Opinion: Connected construction
Ian Barnes of Sitech UK & Ireland, offers advice on building a connected construction site
CONNECT WITH THE TEAM
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail: andy.brown@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA