May 9, 2007
Completed projects lead to strong quarter for Perini
By Matthew L. Brown
Framingham-based Perini Corp. reported first quarter revenue 61 percent above the company's revenue from the same period last year.
With its $987.4 million in first-quarter revenue, the building and construction management company reported net income for the quarter of $22.7 million, 180 percent above its net income for the first quarter of 2006.
The company said the increases were due to "an increased volume of work in the hospitality and gaming market" as a result of new contracts.
Also, the company finished "a significant amount" of backlogged projects.
The company said it currently has a project backlog worth about $8.6 billion, and anticipates a record year for revenue and earnings per share.
The company expects 2007 revenue of between $3.8 and $4 billion.
With its $987.4 million in first-quarter revenue, the building and construction management company reported net income for the quarter of $22.7 million, 180 percent above its net income for the first quarter of 2006.
The company said the increases were due to "an increased volume of work in the hospitality and gaming market" as a result of new contracts.
Also, the company finished "a significant amount" of backlogged projects.
The company said it currently has a project backlog worth about $8.6 billion, and anticipates a record year for revenue and earnings per share.
The company expects 2007 revenue of between $3.8 and $4 billion.
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