Tutor Perini Corporation (TPC) has reported 46.37 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $28.80 million, or $0.57 a share in the quarter, compared with $19.68 million, or $0.40 a share for the same period last year. Revenue during the quarter went down marginally by 0.58 percent to $1,332.98 million from $1,340.74 million in the previous year period. Gross margin for the quarter expanded 188 basis points over the previous year period to 9.35 percent. Total expenses were 95.43 percent of quarterly revenues, down from 97.09 percent for the same period last year. This has led to an improvement of 166 basis points in operating margin to 4.57 percent.
Operating income for the quarter was $60.92 million, compared with $38.97 million in the previous year period.
"Our third quarter results reflect solid operating performance in line with our expectations. Importantly, we have made substantial progress in cash collections," commented Ronald Tutor, chairman and chief executive officer. Tutor continued, "All three segments delivered improved quarterly profits compared to last year, with the Civil segment contributing a dominant share of operating income, as usual. The Civil and Building segments each delivered strong operating margins for the quarter."
Tutor Perini Corporation expects revenue to be in the range of $5,100 million to $5,200 million for financial year 2016. For financial year 2016, the company projects diluted earnings per share to be in the range of $1.90 to $2.
Operating cash flow improves significantly
Tutor Perini Corporation has generated cash of $94.17 million from operating activities during the nine month period, up 355.48 percent or $73.49 million, when compared with the last year period. The company has spent $12.01 million cash to meet investing activities during the nine month period as against cash outgo of $25.35 million in the last year period. It has incurred net capital expenditure of $9.13 million on net basis during the nine month period, down 70.67 percent or $22.01 million from year ago period.
Cash flow from financing activities was $13.13 million for the nine month period as against cash outgo of $34.02 million in the last year period.
Cash and cash equivalents stood at $170.74 million as on Sep. 30, 2016, up 76.22 percent or $73.85 million from $96.89 million on Sep. 30, 2015.
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