TPC - Tutor Perini -16% after Q2 earnings miss suspended guidance

Tutor Perini ( NYSE: TPC ) -15.9% to a 52-week low in Friday's trading after reporting a surprise Q2 loss and suspending full-year guidance.

Q2 results swung to a loss of $63M, or a loss of $1.23/share, from a profit of $31.2M, or a $0.61/share profit, in the year-earlier quarter.

Q2 sales plunged 29% Y/Y to $861M, a huge miss compared to analyst estimates, with the company citing reduced project execution activities on various projects in all three segments, most of which are completed or nearing completion.

Q2 backlog rose 14% Y/Y to $8.5B; YTD operating cash flow of $178.7M was the largest result for the first six months of any year since the company's 2008 merger.

"Several factors, including certain unfavorable project adjustments, certain settlements of claims and change orders, an unexpected partial reversal of previously awarded legal damages, and the reduced profits associated with the lower revenue volume in the quarter had a significant negative impact" on Q2 results, the company said.

Tutor Perini ( TPC ) withdrew its full-year guidance and said it expects to issue new projections during its Q3 earnings announcement.

Tutor Perini ( TPC ) shares have lost 39% YTD and 46% during the past year .

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