Suncrete reported a third-quarter net loss of $504,000, or 1 cent a share, compared with net income of $2.5 million, or 11 cents a share, a year earlier. Analysts polled by FactSet had expected earnings of 5 cents a share. Revenue rose 45% to $141 million but missed the $145.7 million analysts had forecast. Operating expenses nearly tripled to $34.2 million.

Chief Executive Officer Randall Edgar said some large projects are moving their start dates to 2027 as the year draws to a close. Rising interest rates were also reflected in the revised outlook, he said.

Suncrete now expects full-year revenue of $408 million to $434 million, down from its previous forecast of $420 million to $480 million. It projects a net loss of $44.7 million to $48.7 million, compared with an earlier range of a $7 million to $31 million loss.

On an adjusted basis, the company expects a loss of $17.8 million to $21.8 million. Its previous adjusted forecast ranged from a $4 million loss to $20 million in profit.