Tutor Perini Corp. missed Wall Street estimates on earnings for the third quarter but beat on revenue.
The Sylmar construction services company reported on Wednesday a net loss of $32 million (-63 cents a share) for the quarter ending Sept. 30, compared with net income of $15.4 million (30 cents) in the same period a year earlier. Revenue decreased 9% from the prior year to $1.1 billion.
Analysts on average expected earnings of 11 cents on revenue of $953 million, according to Thomson Financial Network.
Tutor Perini said the decrease in revenue was due to reduced projection execution activities on various projects in all three segments of its business: civil, building and specialty contractors.
Ron Tutor, the company’s chief executive, said the company’s backlog remains healthy at $8.4 billion.
“We look forward to adding several significant new contract awards over the coming months, which should position our backlog at a new all-time high and provide a strong foundation for growth and improved profitability over the next several years,” Tutor said in a statement.
Shares in Tutor Perini (TPC) closed down 47 cents, or 6.3%, to $6.99 on the New York Stock Exchange on a day when the Dow Jones closed down at just above 1.5%.