On Tutor Perini
Tutor Perini released its third quarter results last week, announcing record quarterly operating cash of $222.9 million.
The general contractor said the gains were driven by collections from specific dispute resolutions and the company’s “continued focus on improved working capital management.”
The firm’s backlog is currently at $10.9 billion, a 28% increase from the same time last year. Tutor Perini won several new projects and made adjustments to current projects to total $690 million in new business for Q3.
Revenue and construction operating income were also slightly up over Q3 2018—revenue for the quarter was $1.2 billion and operating income was $47.9 million. However, the company announced it will reduce its 2019 earnings per share (EPS) guidance to a loss of $5.01 to $5.16 per share. The adjusted EPS will fall somewhere between $1.40 to $1.55.
The Swedish company reported an operating profit of $221.6 million (2.15 billion Swedish kronor) in the third quarter 2019. The profit is an increase of 324% from Q3 2018 and significantly surpassed analysts’ expectations. Total revenue for Q3 was 44.5 billion Swedish kronor, up 8% from 2018.
President and CEO Anders Danielsson said the completion of disadvantageous legacy projects and a focus on profitable new projects will only help the company’s future success.