Tutor Perini Corp. missed Wall Street expectations on earnings and revenue in the fourth quarter.
The Sylmar construction services company reported on Wednesday a net loss of $88 million (-$1.80 a share) for the quarter ending Dec. 31, compared with net income of $41 million (57 cents) in the same period of the previous year. Revenue decreased by 13% from the fourth quarter of the prior year to $907 million.
Analysts on average expected earnings of 1 cent on revenue of $976 million, according to Thomson Financial Network.
Ron Tutor, chief executive of the company, said he looks forward to delivering revenue growth and profitability this year as new award bookings should position the firm for a return to greater profitability over the next several years.
“In addition, there are several large bidding opportunities on the horizon that are expected to be funded in part by the new Bipartisan Infrastructure Law, and we anticipate that there will be many more such opportunities for growth over the coming years,” Tutor said in a statement.
After the earnings were announced, shares in Tutor Perini (TPC) closed down 28 cents, or about 3.8%, to $7.17 on the New York Stock Exchange, on a day when the Dow Jones closed down by 0.9%.