The Tutor Perini Corp. on Wednesday reported third quarter earnings and revenue that not only were lower than last year but fell significantly short of expectations. The specialty construction company blamed delays in the California High-Speed Rail project for much of its woes.
Ronald Tutor, the chairman and chief executive of the Sylmar company said: “Contributions from the California High-Speed Rail project since mid-year have shifted more significantly than anticipated due to the owner’s continuing inability to deliver the right-of-ways and easements critical to our construction efforts.”
Because of that, along with some other delays, the company’s expected revenue has shifted into the future, greatly boosting prospects for the coming years but hurting the current one. The company also chopped earnings guidance for the remainder of 2018.
The company reported third quarter earnings per share of 42 cents, which was 33 cents below analysts’ expectations. Likewise, revenue of $1.12 billon was down 6 percent from the same quarter last year and $220 million below expectations.
Net income for the third quarter was $21.3 million, down from $23.6 million in the same quarter last year.
However, the company’s backlog of business as of Sept. 30 was $8.5 billion, up 14 percent from a year earlier.
The company reported its earnings after the markets closed. Earlier Wednesday, Tutor Perini’s stock increased 55 cents, or 3 percent, to $18.75 on a day when the three major stock exchanges surged more than 2 percent each.