General contracting company Tutor Perini (NYSE: TPC) will be announcing earnings results this Wednesday after the bell. Here’s what to look for.
Tutor Perini beat analysts’ revenue expectations by 8.5% last quarter, reporting revenues of $1.37 billion, up 21.8% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.
Is Tutor Perini a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Tutor Perini’s revenue to grow 27.8% year on year to $1.38 billion, improving from the 2.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.89 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Tutor Perini has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time since going public by 12.6% on average.
Looking at Tutor Perini’s peers in the construction and maintenance services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Primoris delivered year-on-year revenue growth of 32.1%, beating analysts’ expectations by 17.7%, and Comfort Systems reported revenues up 35.2%, topping estimates by 13.2%. Comfort Systems traded up 18.9% following the results.
Read our full analysis of Primoris’s results here and Comfort Systems’s results here.
Investors in the construction and maintenance services segment have had steady hands going into earnings, with share prices flat over the last month. Tutor Perini is up 6.6% during the same time and is heading into earnings with an average analyst price target of $76 (compared to the current share price of $67).
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