Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of construction company Tutor Perini (NYSE:TPC) jumped 12% today after the company released earnings.
So what: First quarter revenue was up 9%, to $992.9 million, and earnings nearly quadrupled, to $0.31 per share. Wall Street expected revenue to be $983.2 million and earnings of just $0.24, so investors were pleasantly surprised by the results.
Now what: The company also recently won a $985 million bid for the California High-Speed Rail project, and an $840 million deal for San Francisco's light rail, building a backlog of $6.5 billion. Tutor Perini trades at just seven times forward estimates, a cheap price, especially after such a large earnings beat. I think the recent contract wins will help drive the company's results going forward and help the stock move higher.
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