Tutor Perini Corp. missed on Wall Street estimates on earnings and revenue in its first quarter.
The Sylmar construction services company reported on Thursday a net loss of $49 million (95 cents a share) for the quarter ending March 31, compared to a net loss of $19 million (42 cents) in the same period of the previous year. Revenue decreased by 18% from the first quarter of the prior year to $776 million.
Analysts on average expected earnings of -4 cents on revenue of $918 million, according to Thomson Financial Network.
Ronald Tutor, chief executive of the firm, said that its backlog stood at $7.9 billion at the end of the quarter and that it has already grown by more than $3 billion in the second quarter with the addition of new projects, including the $2.9 billion Brooklyn jail.
“These new projects, together with others that we expect to capture later this year, will provide a strong foundation for growth and improved profitability over the next several years,” Tutor said in a statement. “Our bidding pipeline remains large and active, and we expect it to further expand as funding from the Bipartisan Infrastructure Law reaches our customers, enabling them to advance various large, complex projects that have been long planned.”
Shares in Tutor Perini (TPC) closed down 6 cents, or 1%, to $5.86 on the New York Stock Exchange, on a day when the Dow Jones closed down 0.9%.