Tutor Perini Corp TPC:NYSE

Last Price$11.88Cboe Real-Time Last Sale as of 3:15PM ET 9/28/20
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Today's Change+0.58(5.13%)
Bid (Size)$11.88 (1)
Ask (Size)$11.88 (102)
Day Low / High$11.58 - 12.07
Volume204.7 K

Tutor Perini Surges 15% As Strong Cash-Flows Offset Q3 Results Miss

1:21PM ET 11/07/2019 MT Newswires
Tutor Perini (TPC) shares surged almost 15% on Thursday as investors apparently thought that strong operating cash-flows and backlog more than offset disappointing quarterly performance and lower guidance.

Net income fell to $0.38 per share in Q3 from $0.42 per share a year earlier, sharply lower than analysts' estimates of $0.63 per share in a Capital IQ survey. Revenue grew to $1.2 billion from $1.1 billion a year ago, also lagging the $1.30 billion estimate.

But the construction group said it generated record $222.9 million of operating cash in Q3, rising from $27.6 million a year ago, driven partly by collections from some dispute resolutions. It expects substantial cash collections from other dispute resolutions over the coming year.

For 2019, the company cuts its earnings guidance, expecting adjusted EPS of $1.40 to $1.55, down from $1.60 to $1.80 previously, and against CIQ estimate of $1.44. Still, the firm said backlog was strong at a near-record $10.9 billion at September end, up 28% from a year ago.

Price: 18.08, Change: +2.37, Percent Change: +15.05