February 16, 2007
Perini builds on success
By Christina Davis
Framingham-based Perini Corp. reported blockbuster profits for 2006, helped in part by the construction company's acquisition of California-based Rudolph and Sletten Inc. in the fall.
Perini's net income totaled $41.5 million in 2006, more than 10 times the profit the firm posted in 2005. Revenues reached a record of $3 billion, thanks to bringing Rudolph and Sletten into the fold, as well as an increase of work in the building segment's hospitality and gaming market. Specifically, Perini was awarded a $462.8 million contract in the fall of 2005 for construction of a 2,000,000-square-foot expansion of Foxwoods Resort Casino in southeastern Connecticut.
For the fourth quarter, Perini recorded $19.3 million in net income, as compared to a net loss of $13.9 million during the same period in 2005.
For 2007, the company confirmed previous earnings guidance, saying revenues should be in the range of $3.8 to $4.0 billion.
Perini's net income totaled $41.5 million in 2006, more than 10 times the profit the firm posted in 2005. Revenues reached a record of $3 billion, thanks to bringing Rudolph and Sletten into the fold, as well as an increase of work in the building segment's hospitality and gaming market. Specifically, Perini was awarded a $462.8 million contract in the fall of 2005 for construction of a 2,000,000-square-foot expansion of Foxwoods Resort Casino in southeastern Connecticut.
For the fourth quarter, Perini recorded $19.3 million in net income, as compared to a net loss of $13.9 million during the same period in 2005.
For 2007, the company confirmed previous earnings guidance, saying revenues should be in the range of $3.8 to $4.0 billion.
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