- Tutor Perini (NYSE:TPC) -7.3% premarket after posting wide misses on Q3 earnings and revenues, and lowering full-year guidance for earnings and sales.
- TPC says Q3 results were affected as various civil and building segment projects are nearing completion and newer projects, are earlier in their project life cycle and are not yet generating expected higher levels of revenue, as well as certain delays in the timing of new awards and project execution activities for previously awarded projects.
- Backlog at the end of Q3 totaled $7.5B, up 12% Y/Y and up 20% from year-end 2016, and civil segment backlog rose 54% Y/Y to $4.3B, a new record.
- TPC cuts its guidance for FY 2017, now seeing EPS of $1.75-$1.90 vs. its earlier outlook of $2.10-$2.40 and well below $2.25 analyst consensus estimate, and revenues of $5B vs. its prior view of greater than $5.5B and below $5.39 consensus.
- However, Canaccord reiterates its Buy rating for TPC even as it trims its stock price target to $32 from $35, still seeing the company's long-term drivers in place and expecting additional large scale civil awards and continued growth in its backlog.