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Jun 30, 2024
Tutor Perini Q2 2024 Earnings Report
Reported second quarter 2024 results with revenue up 10% and backlog up modestly.
Key Takeaways
Tutor Perini reported strong operating cash flow and solid year-over-year revenue growth in Q2 2024. The company is affirming its 2024 EPS guidance in the range of $0.85 to $1.10.
Generated strong operating cash flow of $53.1 million in Q2 2024.
Revenue of $1.1 billion in Q2 2024, up 10% compared to Q2 2023.
Backlog of $10.4 billion at the end of Q2 2024, up modestly compared to the end of Q1 2024.
Affirming 2024 EPS guidance in range of $0.85 to $1.10.
Revenue by Segment
Forward Guidance
The Company is affirming its 2024 EPS guidance and still expects EPS to be in the range of $0.85 to $1.10.
Positive Outlook
- Anticipated significant backlog growth during the second half of this year and in 2025.
- Pursuing and expecting to capture share of various large project opportunities.
- Some projects have already been bid and others are expected to be bid soon.
- Expects a significant positive impact on third-quarter operating cash flow due to a project settlement.
- Delivered solid year-over-year revenue growth.
Challenges Ahead
- Impact of higher share-based compensation expense due to a substantial increase in stock price during the second quarter.
- Unfavorable adjustment due to a project settlement.
- Unfavorable outcomes of existing or future litigation or dispute resolution proceedings.
- Revisions of estimates of contract risks, revenue or costs, economic factors such as inflation, the timing of new awards, or the pace of project execution.
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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