Tutor Perini (TPC) Reports Q3 EPS of $0.42, Revenues Miss; Lowers FY18 EPS Outlook Below Consensus

Tutor Perini (NYSE: TPC) reported Q3 EPS of $0.42. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.34 billion.

Ronald Tutor, Chairman and Chief Executive Officer, 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. The impact of this shift, combined with the timing of contributions from certain other projects, is that a significant amount of our revenue and earnings has moved from 2018 to 2019 and 2020. These factors together with our growing, higher-margin backlog, sizeable pending awards and exploding pipeline of bidding opportunities should result in significantly greater earnings in both 2019 and 2020.”

GUIDANCE:

Tutor Perini sees FY2018 EPS of $1.50-$1.65, versus the consensus of $1.90.

For earnings history and earnings-related data on Tutor Perini (TPC) click here.

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