Tutor Perini Corp. missed on Wall Street expectations on adjusted earnings but beat on revenue for the second quarter, the company announced on Wednesday. The stock went up more than 3 percent.
The Sylmar construction firm reported adjusted net income of $18.7 million (37 cents a share) for the quarter ending June 30, compared to adjusted net income of $9 million (18 cents) in the same period a year earlier. Revenue increased by 13 percent to $1.3 billion.
Analysts on average expected earnings of 41 cents on revenue of $1.2 billion, according to Thomson Financial Network.
Chief Executive Ron Tutor said the company produced solid results during the quarter and did so despite impacts of the COVID-19 pandemic.
“Favorable execution on our large infrastructure projects is driving our strong revenue and earnings growth,” Tutor said in a statement.
The pandemic reduced revenue in the second quarter by about $130 million or 13 cents a share.
Shares in Tutor Perini closed up 41 cents, or about 3.5 percent, to $12.28 on the New York Stock Exchange, on a day when the Dow Jones industrial average finished up 0.6 percent and the Nasdaq finished up 1.4 percent.