Tutor Perini: 2Q Earnings Snapshot
SYLMAR, Calif. (AP) _ Tutor Perini Corp. (TPC) on Thursday reported a second-quarter loss of $320.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Sylmar, California-based company said it had a loss of $6.38. Earnings, adjusted for one-time gains and costs, were 18 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The construction company posted revenue of $1.13 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $1.17 billion.
Tutor Perini expects full-year earnings in the range of $1.60 to $1.80 per share.
Tutor Perini shares have decreased 31% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.06, a decline of 47% in the last 12 months.