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.
Interested in more info on Tutor Perini? Add it to your watchlist by clicking here.
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