Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of construction company Tutor Perini
So what: The company said that second-quarter revenue was $985.3 million, and adjusted earnings per share were $0.16. Analysts had expected revenue to be $1.08 billion and earnings per share of $0.37 in the quarter.
To make matters worse, management lowered full-year earnings outlook half a billion dollars to $4 billion to $4.5 billion and cut expected earnings-per-share range by $0.60 to between $1.50 and $1.70.
Now what: The results in the second quarter were actually worse than they appeared here when you account for a $355.9 million impairment charge the company took in the second quarter. That resulted in a $348.4 million net loss, or $7.35 per share, nearly the company's entire market cap. I just don't see anything that makes me think shares will move higher after hearing 2012 results will be so much worse than previously expected.
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