Tutor Perini profit misses estimates

Mon Aug 6, 2012 5:27pm EDT

* Second-quarter adj EPS $0.16 vs est $0.37

* Second-quarter rev $985.3 mln vs est $1.08 bln

* Cuts 2012 adj EPS view to $1.50-$1.70 from $2.10-$2.30

* Cuts 2012 rev view to $4.0-$4.5 bln from $4.5-$5.0 bln

Aug 6 (Reuters) - Construction company Tutor Perini Corp posted a lower-than-expected quarterly profit and cut its 2012 forecast due to delays in getting new contracts.

The company now expects per-share adjusted earnings of between $1.50 and $1.70 this year on revenue of $4.0 billion to $4.5 billion. It had earlier expected a per-share adjusted profit of $2.10 to $2.30 on revenue of $4.5 to $5.0 billion for the year.

Analysts had estimated earnings of $1.93 on revenue of $4.53 billion on average, according to Thomson Reuters I/B/E/S.

For the second quarter, the company had a net loss of $348.4 million, or $7.35 per share, compared with a net income of $19.7 million, or 41 cents per share, a year earlier.

It took an impairment charge of $355.9 million in the second quarter. Excluding one-time items, it earned 16 cents per share.

Revenue at Tutor Perini, which builds hotels, casinos, healthcare facilities and highways, jumped about 20 percent to $985.3 million.

Analysts expected earnings of 37 cents per share on revenue of $1.08 billion, excluding one-time items.

Shares of Tutor Perini, which has market capitalization of $534.3 million, closed at $11.37 on Monday on the New York Stock Exchange.