The Sylmar construction and engineering services firm reported on Wednesday net income of $26.2 million (30 cents a share) for the quarter ending Sept. 30, compared to net income of $49.3 million (72 cents) for the same period a year earlier. Revenue decreased by 14 percent to $1.2 billion.
Analysts on average expected earnings of 63 cents on revenue of $1.3 billion, according to Thomson Financial Network.
Chief Executive Ron Tutor said the company had a strong third quarter of new awards, which enabled its backlog to grow to $8.4 billion.
It was waiting to hear back on large projects it had bid on, including the $3 billion JFK Terminal One project in New York, the $2 billion Maryland Purple Line project and the $2 billion Metro-North Railroad Penn Station Access project, also in New York, he said.
“Additionally, there are various other major projects that we will be bidding over the next several months,” Tutor added in a statement. “We remain optimistic that we will win our share of these, which should add substantially to our already healthy backlog, setting an even stronger foundation for growth and improved results over the next few years.”
Shares in Tutor Perini closed up 35 cents, or about 2.5 percent, to $14.32 on the New York Stock Exchange, on a day when the Dow Jones industrial average closed up a fraction of a percent.