Tutor Perini Corporation (TPC) has reported 247.34 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $30.26 million, or $0.60 a share in the quarter, compared with $8.71 million, or $0.18 a share for the same period last year. Revenue during the quarter grew 3.81 percent to $1,246.60 million from $1,200.83 million in the previous year period. Gross margin for the quarter expanded 389 basis points over the previous year period to 9.44 percent. Total expenses were 95.82 percent of quarterly revenues, down from 98.71 percent for the same period last year. This has led to an improvement of 289 basis points in operating margin to 4.18 percent.
Operating income for the quarter was $52.05 million, compared with $15.47 million in the previous year period.
For fiscal year 2017, Tutor Perini Corporation expects revenue to be $5,500 million and the company expects diluted earnings per share to be in the range of $2.10 to $2.40.
Operating cash flow improves significantly
Tutor Perini Corporation has generated cash of $113.34 million from operating activities during the year, up 705.40 percent or $99.26 million, when compared with the last year. The company has spent $18.50 million cash to meet investing activities during the year as against cash outgo of $32.42 million in the last year. It has incurred net capital expenditure of $13.84 million on net basis during the year, down 55.24 percent or $17.09 million from year ago.
The company has spent $24.19 million cash to carry out financing activities during the year as against cash outgo of $41.79 million in the last year period.
Cash and cash equivalents stood at $146.10 million as on Dec. 31, 2016, up 93.64 percent or $70.65 million from $75.45 million on Dec. 31, 2015.
Working capital increases
Tutor Perini Corporation has recorded an increase in the working capital over the last year. It stood at $1,318.81 million as at Dec. 31, 2016, up 13.54 percent or $157.28 million from $1,161.54 million on Dec. 31, 2015. Current ratio was at 1.87 as on Dec. 31, 2016, up from 1.79 on Dec. 31, 2015.
Days sales outstanding went up to 64 days for the quarter compared with 56 days for the same period last year.
At the same time, days payable outstanding went up to 41 days for the quarter from 38 for the same period last year.
Debt comes down
Tutor Perini Corporation has recorded a decline in total debt over the last one year. It stood at $759.52 million as on Dec. 31, 2016, down 7.11 percent or $58.16 million from $817.68 million on Dec. 31, 2015. Total debt was 18.81 percent of total assets as on Dec. 31, 2016, compared with 20.23 percent on Dec. 31, 2015. Debt to equity ratio was at 0.49 as on Dec. 31, 2016, down from 0.58 as on Dec. 31, 2015. Interest coverage ratio improved to 3.44 for the quarter from 1.37 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
