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Posted On: 08/12/2019 2:53:47 PM
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$TPC - Including the after-tax impairment charge of $329.5 million, net loss attributable to the Company was $320.5 million, or a $6.38 loss per share, for the second quarter of 2019 compared to net income attributable to the Company of $24.9 million, or $0.49 of diluted earnings per common share (“EPS”), for the same quarter of 2018.
Tutor Perini posts wide Q2 earnings miss, cuts full-year guidance
Aug. 8, 2019 5:12 PM ETTutor Perini Corporation(TPC)By: Carl Surran, SA News Editor
Tutor Perini (NYSE:TPC) -22% after-hours after missing Q2 earningsestimates by a wide mark and lowering full-year earnings guidance to adjust for an impairment charge.On an unadjusted basis, which includes a $329.5M after-tax impairment charge, TPC's Q2 net loss was $320.5M, or a $6.38/share loss, compared to net income of $24.9M, or $0.49/share, for the year-ago quarter.Q2 revenue was flat at $1.1B but hurt by significant delays on certain projects, including owner-driven delays on California High-Speed Rail and weather delays on Newark Airport Terminal One.TPC's backlog remained strong at a near-record $11.4B at the end of Q2, up 31% from $8.7B at the end of the prior-year quarter; new awards and adjustments to contracts in process totaled $916M in Q2.For FY 2019, TPC now sees EPS of $1.60-$1.80 vs. prior guidance of $2.00-$2.30 and well below $2.12 analyst consensus estimate.
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Tutor Perini posts wide Q2 earnings miss, cuts full-year guidance
Aug. 8, 2019 5:12 PM ETTutor Perini Corporation(TPC)By: Carl Surran, SA News Editor
Tutor Perini (NYSE:TPC) -22% after-hours after missing Q2 earningsestimates by a wide mark and lowering full-year earnings guidance to adjust for an impairment charge.On an unadjusted basis, which includes a $329.5M after-tax impairment charge, TPC's Q2 net loss was $320.5M, or a $6.38/share loss, compared to net income of $24.9M, or $0.49/share, for the year-ago quarter.Q2 revenue was flat at $1.1B but hurt by significant delays on certain projects, including owner-driven delays on California High-Speed Rail and weather delays on Newark Airport Terminal One.TPC's backlog remained strong at a near-record $11.4B at the end of Q2, up 31% from $8.7B at the end of the prior-year quarter; new awards and adjustments to contracts in process totaled $916M in Q2.For FY 2019, TPC now sees EPS of $1.60-$1.80 vs. prior guidance of $2.00-$2.30 and well below $2.12 analyst consensus estimate.
Share
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Gold's Path To $5,000: The 'New Economic Reality'Fri, Aug. 9, 2019Victor Dergunov
Another Monopoly Man Play: It's Tanger TimeFri, Aug. 9, 2019Brad Thomas
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Sentiment Speaks: I Told You The Market Will Get Wild - Prepare To Be Whipsawed AgainYesterday, 8:00 AMAvi Gilburt
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