and you Thanks, afternoon, thank Good for joining Jorge. us.
second that As triggered in first-quarter release, in our the required sustained May were take by earnings non-cash has of price occurred saw in goodwill since charge our release in we stock a decrease impairment year. you to earnings quarter our this
business indicative our not of our result of it contract the impairment in the is While or any significant in way size, is execution outlook.
an the position as our but the as of opportunities. on business cash backlog again our ever demand new dramatic our reflected don’t opportunities. market remain record impairment financial reiterate been. have by backlog year, or compete like deal future flows, no project effect new strength or services stock advantageous awards the future would significant our with and goodwill I in was positive to charge as about driven impairment competitive to over our in execute strong downturn has the in new I’m past That having for same charge working for I with that once existing the I strictly charge, our ability impairment number our of the extraordinary price. our our We
our wind, Terminal One and Newark in Jersey, Excluding delays impacted and rain forward profit projects, of being timing and second owner-driven negatively XXXX. the impacts, year by quarter into those job, on continuing Airport High-Speed significant results significant major shifted impairment have specifically which revenue on Rail New this weather quarter were fourth the delays certain on California the and one the contributions into
have we discussions revenue the quarter been been the XXXX. Unfortunately, now has of right-of-ways commitments XXXX various right-of-way over to the first Despite months rendered contract. severely Through delayed and committed by inability and million of basic under the that by of this year, a our balance over of of high-speed in last this been by fourth has properties part approximately committed six the the rail XXXX negotiations, $XXX however, years, three the defers project to from XXXX. turned deliver
paid a change airport, executed and associated Newark as order The development very our these work the significant three of long-term positive. have of the over delays The the strong been weather completion and current months although reached with last August. to equitable delays, and in Building over only Despite shortly well, have execution be positive have with and significant issues, with by six going norm. Civil and costs significantly remained winds just months. Rain our experienced and overall money which beyond this the has we delayed outlook Groups an all month settlement in these associated the very very
performance in also Second-quarter impacted were very poor unfavorably Specialty group. by results our Contractors
the second in year year during contributions in this and specialty certain throughout quarter took the year. expect half improved the given writedowns second We next of we of this significant
week, career followed spent early at was management As current Brown Operating in Jean’s Corporation projects our served former where Kiewit Construction by Texas. Corporation, we the the headquartered of in disclosed years Zachry Officer earlier the San are and President with replacing this President East various Coast. XX Root & senior of Chief Jean Building Abiassi, on major positions he the Antonio, Group at throughout
as its Jean on go Operating until his him be He in until beginning Chief to past me, the – believed our President specialty Corporation set new Officer upon us. CEO XXXX we the to their And his partner over the to results more and in this In terms Building rising – a contractors shown Group specialty than Texas, operations will, two work and those as have and role initial be come groups, to about with from excuse retirement Jean’s rail, his the year. got for Specialty Zachry, high-speed of of taking XX% to two in those left manner Zachry to know extraordinary. on has of in course, Group. taking be contractors President in both improving to a XXXX – over and retirement consistent I focus him
the Rudolph valued and levels, subcontracts Approximately awards at subcontract work. last and backlog quarter. million XX% plant million a Mechanical, our of to Guam wastewater only new worth year-over-year XX% contract. for our near-record Line quarter, remains Black We $XXX and treatment than Desert a awards of $XX.X California three more Fisk $XXX comprised booked down million. backlog Sletten our second Becho $XXX whose $X.X total for million to $XXX up on in with specialty campus on compared contract, project slightly Construction the awards of finished Purple improvement technology A Electric, at million tenant for Northern quarter in billion, Significant still higher-margin and of amounted and in and civil included
the our should we to continue by continues reflected year significant this demand projects in pursue grow market various large number large all as Accordingly, for across Strong opportunities as of backlog believe services it. we project our segments. construction
in improved earnings generate Our and will record at Black strong is currently generally a million. over that backlog backlog most specialty, just particularly is I’m the continued revenue $XXX increased of years. margins – encouraged Construction record next operating growth,
per them constantly is next highest opportunities The the had I and their as is in since they’ve in over funds we high. sizable in is currently government, each backlog $X This recorded has of U.S. XXXX, purchased Guam five lump-sum almost to all twice know, previously years. bidding the billion year and committed
the All marketplace. of or are which in scheduled
to come. we bid into opportunities, the a Garcia starting island major work are to growing we with the Train profitability Overall, Xth only the New Indian in years Ocean, backlog bidding on of of their of our this enough, $XXX bid strong in the experience Control where which, be this all margins record contractor If of project as work York the we very year of the will volume U.S. Communications-Based government, strong Civil month, Avenue increase end not significantly Black Diego that and continue will to were At consequence. for million very believe Group City. have we of continues the
the in project. York bids and Culver Turnback Angeles bid for the the days. which a MTA West Portal Los Corridor, the quarter. in but in Ana with million sizable New $X-plus MTA, the Division billion of of Widening City first upcoming the L.A. in year; project project Valley Transit $XXX XX than similar Branch and the value booked Three including project Turnback Fernando Other which XX we bids Authority line billion scope A the Facility should large include for both Corridor; quarter next approximately large San $X.X Santa the the Transit projects East first civil
University Raritan York portal as Depot, both Triple bidding building in Authority swing with Miami York, award that Last large Lift includes Cantilever, Angeles And finally, Civic million New $XXX bridge Kaiser replacement, bridge the bidding renovation $X over Jersey and of PX. be Project selection III, opportunities River billion million million in pricing all a Amtrak New as the healthcare building well submitted Northstate Group, in government will Tunnel we and billion: anticipated and $X.X week, totaling and Bus in projects Torrance; for Expressway the in million XXXX. billion $X.X $XXX for Center Building with billion Harbor-UCLA, New the September. values addition, Los a In in project $XXX for three California in large Roseville. The New October. Phase the $XXX Port courthouse group $X.X the PX The larger Brooklyn-Queens Jersey, in in combined Hospital; bidding
worth of Florida strong Group New we their capacity limited balance contractors amid and and have York, projects speak. projects in electrical at specialty they demand the California continues Specialty of new group and $XXX been to as over over pipeline million Our Texas, has bidding excellent margins as experience winning The in mechanical industry XXXX.
projects results. to contributed I Next, our certain major will that second-quarter discuss
In to the $X.X Los tunnel X launch in Century shaft Angeles, Purple we progress of work very well and advance City. continues Line construction pit billion the as extension, Section the on
relocations as probably are well. with million tunnel In final two to Frontier-Kemper’s work We are progress continues Kemano station the tunnel in January. Columbia, later for boring September. in starting to anticipate this continuing they we construction utility November, on Hills, and year, expect begin Beverly the the assembling machines number of British start in preparing tunneling in $XXX project
work significant access the York New part project, Authority the In and in And course, the $XXX million the of Maryland; is million million Construction in CQXX, $XXX our Rail the the on bridge York $X.X Light New I-XX Newark Side well projects of Minneapolis billion under Airport $XXX In million the include New again, $XXX CMXX the Viaduct with a $XXX million East as $XXX project continued active Terminal the New way Transit Jersey. Northeast, City. as for Transit; most in the in Midwest, projects CSXX; as York Canton City million Southwest progress on Lunda now Iowa. for
the the Tutor all resources previously, of highlighted million, of from namely our million. contract who group, have electrical type but as manages a the building Perini and which that to perform is projects holds specialty are qualified to $XXX is and complex to not Newark group, build the the $XX group, segments, and removal large the demolition; I at who uniquely least, last, leverage three business As the is typical civil project; of earthwork, able we mechanical the contract, project the of example orchestrate concrete the
many we this remainder X as Purple year project both in we immediate significant and, work Line I would and received also of billion $X.X Purple proceed contributions from a the acceleration projects the for significant over the to the increases. Line year and foresee as of a which July, and significant previously have procurement, of We immediately next X; discussed; notice – project, of anticipate our year me, finally X, excuse next into activities Light-Rail; Minneapolis Purple as X particularly, note over right-of-way Line and, year & still Rail Line Newark being Resort course, in started of larger going this which in of California ground design remainder $XXX get broke Choctaw High-Speed million Casino the recently Oklahoma, been construction. those delayed and projects, in Purple
However, share, taking per earnings now course, shortfall, second-quarter have of XXXX impact that the we earnings anticipated. we consideration determined be previously goodwill lower the excluding, impairment, into than will of the our full-year
we accordingly, $X.XX. $X.XX guidance share to revising earnings to adjusted per of are range XXXX a So our
investors confidence in may to We some abundantly stock our to have disputed that interest us. is been tumble. disbelief clear our It watching company’s due prices as ability collect amounts continue are the us to have in lost near that with
our many by as reassure I’m issues. in of So dollars, we to we excellent resolve unbilled than timing overdue orders, anticipated are insight have open will in summarizing are resolving receivables. that including many the tied as in before we to making strides detailed accounts going claims, of provide the in in progress of as items are Hopefully, these up more many change as investors, today, well receivables, resolving of this the fact these collections, making which done you,
of has which unbilled, in by XX days, of settled in enable billed will cases, or the in $XX To have third is in quarter. $XXX of we will start, most us collections result receivables, five us or enabled excess to million reduce and million, the which last significant
million. also nine are individual serious totaling issues on $XXX in We negotiations
as to be at one quarter of informed a we’ll but before you end any they the first We expect of XXXX, negotiations keep results in significant occur. the time these concluded
negotiations that course, the amounts there, the With ultimately offered will of us. no satisfy certainty
we part However, of confident agreed move I owed. are cases, in must to negotiate discussing nine a that We receive state amounts reality. to our we our confidence that major to all money entitlement and remain as willingness have to additional that must been as
are at will $XXX individual $XX with with litigate other amounts still or amounts cases and X, to XXXX. arbitrate these claims arbitration trial currently XXXX million, of eight April concluded litigating or XX, XX We million booked cases, booked are prior in to between December arbitration totaling to with Besides of arbitrator completion or XXXX. in litigation other expected which totaling be also in all March XXXX, absolute and
just I owners, we futility or and light might don’t the not of to talk to because see of in add opposition. mean litigation, their are arbitration we hope our does they continue
to we start Over and for of account last XX trial date. with times, trial the the have trial review, the gone XX prepared years, meaning by our
won the others but steps, but courthouse we Some that These facts. two. of the are the litigated, the cases all, settled of actually on many
should our record aware our litigation. this, understand importantly, but should of shareholders Our more of be adversary
As meantime, by never us. the losing criticality unbilled to growth on will confident day we continue same of while, remain ahead the the becomes moneys the we the at sight collections. that focus In such, collect our of will that more the of obvious time, we us due
I details will call the turn over Gary our results. the Smalley financial present to that, With to of
