Construction Delays Impact Tutor Perini’s Q3

Construction firm Tutor Perini Corp. of Sylmar disappointed Wall Street Thursday with third-quarter earnings that missed estimates due to project delays. Tutor Perini reported net income of $23.6 million (47 cents a share), a decline from $28.8 million (57 cents a share) from the same period a year ago. That missed analysts’ estimated earnings of 73 cents a share, according to Thomson Financial Network. Revenue was also down to $1.2 billion from $1.3 billion last year, which also missed analysts’ estimate of $1.55 billion. “We have continued to experience certain delays in the timing of new awards and project execution activities for previously awarded projects, which resulted in revenue and profit shortfalls in the quarter,” Chief Executive Ronald Tutor said in a statement. “On the positive side, we achieved improved operating margins for the quarter in both our building and specialty contractors segments while maintaining good margin performance in our civil segment.” Tutor Perini (TPC) shares fell 50 cents, or 1.9 percent, to close at $25.30 Thursday on the New York Stock Exchange.