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Jun 30, 2023
Tutor Perini Q2 2023 Earnings Report
Tutor Perini reported second quarter 2023 results with revenue up 19% and backlog growing 27% year-over-year.
Key Takeaways
Tutor Perini Corporation reported a 19% increase in revenue for Q2 2023, reaching $1.02 billion, and a significant 27% growth in backlog to $10.9 billion. The company generated $56.3 million in operating cash flow and anticipates strong operating cash generation for the remainder of the year, with expectations to exceed the record amount reported in 2022.
Revenue increased by 19% to $1.02 billion compared to Q2 2022.
Operating cash flow remained solid at $56.3 million.
Backlog grew by 27% year-over-year to $10.9 billion.
The Building segment was the primary contributor to new award activity.
Revenue by Segment
Forward Guidance
In light of the Company's year-to-date financial results and continued uncertainties that could cause a wide range of results in the second half of 2023, the Company is not providing new guidance. The Company anticipates a return to positive EPS performance in 2024.
Positive Outlook
- Operating cash flow for 2023 is expected to exceed the record $207.0 million generated last year.
- Confident that this should enable to facilitate a successful refinancing by early next year.
- Strong backlog growth will continue over the next 12 to 18 months.
- Expected to capture share of a tremendous pipeline of large new project opportunities.
- Expected to position the company favorably for strong growth and profitability in the years ahead.
Challenges Ahead
- Continued uncertainties could cause a wide range of results in the second half of 2023.
- The company is not providing new guidance.
- Unfavorable outcomes of existing or future litigation or dispute resolution proceedings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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