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
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