Public firms report lower profits, muted outlooks | Dump Trucks Charlotte NC
With the first half of 2022 over, large public construction firms reported earnings for the second quarter, with varied results.
Several of these industry giants reported lower profits in their most recent financial periods while Tutor Perini and Lendlease saw outright losses. Many lowered their financial guidance for the remainder of the year.
Corporate leaders cited a range of reasons for the challenges, including the continuing impact of COVID-19, inflation, staffing issues and changes in their companies’ portfolios.
Read on for details about each of the public firms that Construction Dive covers.
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Skanska CFO: 'We probably have the best balance sheet in the industry'
By Zachary Phillips • July 22, 2022Amid a war in Ukraine, inflation and a looming recession, the Swedish contractor saw second quarter profits dip slightly and revenue increase 18%. Read the full article ➔
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Granite’s Q2 profit, revenue dip as columbus oh dump truck company continues strategic shift
By Julie Strupp • July 29, 2022The Watsonville, California-based civil contractor said the infrastructure act remains a bright spot ahead as it battles labor woes and works through less profitable projects. Read the full article ➔
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Jacobs reports higher profits, more backlog but forecasts weak fourth quarter
By Sebastian Obando • Aug. 2, 2022The Dallas-based technical, professional and construction services firm beat both earnings and revenue estimates, but lowered its guidance for Q4. Read the full article ➔
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Fluor misses on estimates, trims guidance
By Sebastian Obando • Aug. 5, 2022The Irving, Texas-based columbus oh dump truck company reported an 11% revenue decrease and narrowed its high-end guidance. Read the full article ➔
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Tutor Perini posts wide-ranging loss, pulls guidance for 2022
By Joe Bousquin • Aug. 5, 2022The Los Angeles-based contractor blamed reduced project execution, COVID-19 impacts and a reversal of previously awarded legal damages for its results, which came in far below analysts’ expectations. Read the full article ➔
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AECOM raises guidance amid higher profits, lower revenue
By Joe Bousquin • Aug. 9, 2022Backlog at the 10th largest U.S. contractor increased by 3.5% to $41.1 billion, but COVID-19 in China and industry staffing shortages remain as challenges. Read the full article ➔
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WSP reports lower profits but higher revenue, adds RPS Group to buying spree
By Julie Strupp • Aug. 9, 2022The Montreal-based contractor hopes the acquisition will bolster its environmental strategy. Read the full article ➔
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Balfour Beatty reports higher profits on flat revenues
By Matthew Thibault • Aug. 18, 2022The London-based contractor increased its backlog and is bullish on the U.S. infrastructure market as a result of the $1.2 trillion IIJA. Read the full article ➔
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Lendlease reports $68M loss for full year, lowers construction outlook
By Zachary Phillips • Aug. 23, 2022The Australia-based global construction giant attributed its uneven performance to COVID-19, restructuring and pulling out of non-core work. Read the full article ➔
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