Shares of Tutor Perini Corporation (TPC) plummeted 5.88% on Wednesday, November 7, 2024, despite the company reporting a record backlog of $14 billion and securing several high-value project awards during its Q3 2024 earnings call.

The construction company's stock took a hit as it reported a net loss of $101 million, or a loss of $1.92 per share, for the third quarter of 2024. This loss was significantly higher than the $37 million loss in the same quarter last year, primarily due to a $152 million charge from dispute resolutions, negatively impacting income and earnings per share.

While Tutor Perini highlighted its strong backlog growth, new project awards, and plans for debt reduction and improved profitability in the coming years, investors appeared to be more focused on the company's current financial performance. The decreased revenue in the specialty contractor segment and increased share-based compensation expenses also contributed to the stock's decline.