May 6, 2010 / 8:42 PM / 8 years ago

UPDATE 2-Tutor Perini Q1 results miss estimates, keeps 2010 view

* Q1 EPS $0.42 vs est $0.47

* Rev down 43 pct

* Still sees FY EPS $2.00-$2.20

* Still sees FY rev $3.4 bln-$3.9 bln

* Shares up 5 pct in extended trade (Recasts; adds conference call details, share movement)

May 6 (Reuters) - Construction company Tutor Perini Corp (TPC.N) posted lower-than-expected quarterly results, hurt by lower building segment revenues, but reiterated its 2010 outlook as it was seeing signs of recovery in its end markets.

“There are notable signs of improvement in the broad economy, such as available financing, that we anticipate will translate into promising bidding opportunities for the company,” Chief Executive Ronald Tutor said.

The company said although its civil segment -- which mainly serves the public construction market-- would provide more than 40 percent of its operating income in 2010, it was also seeing signs of recovery in the non-residential construction market.

Pending awards of $969 million in the building group, consisting primarily of healthcare, education and hospitality projects would boost the company’s backlog in the coming quarters, a company executive said on a conference call with analysts.

The prospective size of opportunities in the civil infrastructure market, which includes construction of bridges, highways and mass transit systems, is $16.5 billion, the executive said.

The company’s backlog stood at $3.8 billion as of March 31.

    For the first quarter, net income was $20.9 million, or 42 cents a share, compared with $39 million, or 80 cents a share, a year ago.

    Revenue nearly halved to $865.1 million. Building segment revenue fell 49 percent.

    Analysts on average were expecting earnings of 47 cents a share, before special items, on revenue of $961.8 million, according to Thomson Reuters I/B/E/S.

    The company still sees 2010 earnings of $2.00 to $2.20 a share, on revenue of $3.4 billion to $3.9 billion.

    Analysts on average were expecting earnings of $2.09 a share, before special items, on revenue of $3.64 billion.

    Shares of the company rose 5 percent to $23.92 in trading after the bell. They closed at $22.87 Thursday on the New York Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Aradhana Aravindan) ((; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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