Revenue during the quarter went up marginally by 2.95 percent to $1,117.36 million from $1,085.37 million in the previous year period. Gross margin for the quarter contracted 49 basis points over the previous year period to 9.19 percent. Total expenses were 96.69 percent of quarterly revenues, up from 96.30 percent for the same period last year. That has resulted in a contraction of 38 basis points in operating margin to 3.31 percent.

Operating income for the quarter was $37.02 million, compared with $40.12 million in the previous year period.

"We booked $2.1 billion of new awards into backlog in the first quarter of 2017, which represented the highest volume of new awards for any quarter in nearly four years,” remarked Ronald Tutor, chairman and chief executive officer. Tutor continued, “Close to three-fourths of the total award value booked in the quarter was in our higher-margin Civil segment, indicative of the unprecedented civil project opportunities that we are seeing. We have also booked or been informed that we will be awarded contracts for approximately $774 million of new Civil segment projects in the first month of the second quarter and expect that the number and size of these opportunities will increase even further over time as substantial new funding for infrastructure projects is released. In addition, our operating results for the first quarter were consistent with our expectations."

Tutor Perini Corporation projects revenue to be $5,500 million for financial year 2017. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $2.10 to $2.40.

The company has spent $15.07 million cash to meet investing activities during the quarter as against cash outgo of $7.18 million in the last year period. It has incurred capital expenditure of $5.41 million on net basis during the quarter, up 39.76 percent or $1.54 million from year ago period.

Cash flow from financing activities was $6.63 million for the quarter, up 4.12 percent or $0.26 million, when compared with the last year period.

Cash and cash equivalents stood at $104.82 million as on Mar. 31, 2017, up 15.72 percent or $14.24 million from $90.58 million on Mar. 31, 2016.

Working capital increases
Tutor Perini Corporation has recorded an increase in the working capital over the last year. It stood at $1,419.05 million as at Mar. 31, 2017, up 20.27 percent or $239.17 million from $1,179.88 million on Mar. 31, 2016. Current ratio was at 2.02 as on Mar. 31, 2017, up from 1.76 on Mar. 31, 2016.

Days sales outstanding were almost stable at 130 days for the quarter, when compared with the last year period.

At the same time, days payable outstanding went down to 84 days for the quarter from 90 for the same period last year.