With first quarter 2022 construction earnings season in the books, public contractors' financial results might best be described as "lumpy," to use Wall Street parlance for times when things aren't terrible, but there are no overwhelmingly bright spots, either.
Both Granite and Tutor Perini, for example, posted first quarter losses, but maintained their financial guidance for the remainder of the year, giving investors hope of better things to come. Similarly, Texas-based Fluor disappointed analysts' expectations, but signaled it could make up ground over the next three quarters.
Meanwhile, Jacobs, AECOM and Skanska all stressed the geopolitical headwinds they've faced in the wake of Russia invading Ukraine and inflation from a still choked supply chain. But they also emphasized the positive impacts of coming infrastructure investments in the U.S. and globally, a theme that ran through Canada-based WSP's report, as well.
Here's a roundup of results from public contractors' earnings announcements.