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.
By Zachary Phillips • July 22, 2022
Amid 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 ➔
By Julie Strupp • July 29, 2022
The 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 ➔
By Sebastian Obando • Aug. 2, 2022
The Dallas-based technical, professional and construction services firm beat both earnings and revenue estimates, but lowered its guidance for Q4. Read the full article ➔
By Joe Bousquin • Aug. 5, 2022
The 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 ➔
By Joe Bousquin • Aug. 9, 2022
Backlog 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 ➔
By Julie Strupp • Aug. 9, 2022
The Montreal-based contractor hopes the acquisition will bolster its environmental strategy. Read the full article ➔
By Matthew Thibault • Aug. 18, 2022
The 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 ➔
By Zachary Phillips • Aug. 23, 2022
The 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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