By Don Nico Forbes
Tutor Perini withdrew its guidance for 2024 after several settlement charges hit profitability in the third quarter.
The Sylmar, Calif., construction company said it now expects to report a loss from construction operations and negative earnings per share for the third quarter because of the charges, but that this wasn't expected to affect compliance with its debt covenants.
The company said several disputes with project owners, subcontractors and insurance companies were adjudicated or otherwise settled in the quarter, with charges totalling about $145 million.
Tutor Perini said it expects to return to profitability in 2025, and will provide guidance for the year with 2024 results in February.
"With many of our larger disputes now behind us, we anticipate that we will experience less earnings volatility in 2025 and beyond," Chief Executive Ronald Tutor said.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
October 21, 2024 06:39 ET (10:39 GMT)
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