(Reuters) - Civil and building construction company Tutor Perini Corp (TPC.N) posted lower-than-expected quarterly results, hurt by weakness at its building segment, but forecast full-year revenue largely above analysts’ estimates.
The company, which builds hotels, casinos, healthcare facilities and highways, forecast 2012 revenue of $4.50-$5 billion, compared with analysts’ average estimate of $4.60 a share, according to Thomson Reuters I/B/E/S.
For the fourth quarter, net income was $24 million, or 50 cents a share, compared with $18.9 million, or 40 cents a share a year ago.
Revenue rose 62 percent to $1.11 billion. Building segment revenue was flat at $446 million.
Analysts, on average, had expected earnings of 75 cents a share, before special items, on revenue of $1.17 billion in the fourth quarter.
Shares of the Sylmar, California-based company closed at $16.04 on Thursday on the New York Stock Exchange. They have gained over half their value in the last five months.
Reporting by Kartick Jagtap in Bangalore; Editing by Maju Samuel