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Sep 30, 2022
Tutor Perini Q3 2022 Earnings Report
Reported a net loss due to reduced project execution activities and unfavorable legal rulings, but generated strong operating cash flow.
Key Takeaways
Tutor Perini reported a decrease in revenue and a net loss for Q3 2022 compared to Q3 2021, primarily due to reduced project execution and unfavorable legal rulings. However, the company generated strong operating cash flow and maintains a healthy backlog.
Revenue decreased to $1.1 billion compared to $1.2 billion in Q3 2021.
Net loss attributable to the Company was $32.5 million, or $0.63 loss per diluted share, compared to net income of $15.4 million, or $0.30 earnings per diluted share in Q3 2021.
Generated $72.6 million in operating cash flow, compared to usage of $21.3 million in Q3 2021.
Backlog remained strong at $8.4 billion.
Revenue by Segment
Forward Guidance
Due to the uncertainty regarding the outcome of ongoing negotiations on various disputes, which could have a positive or negative impact on fourth-quarter financial results, the Company is continuing with its decision to not provide guidance for 2022. Regardless of the outcome of any potential settlements this year, the Company still expects a net loss for 2022.
Positive Outlook
- Expects solid operating cash for the rest of this year and in 2023
- Backlog remains healthy at $8.4 billion
- Looks forward to adding several significant new contract awards over the coming months
- Civil business is highly resilient to economic downturns
- Bidding pipeline continues to be very robust and is expected to further expand as substantial incremental funds from the Bipartisan Infrastructure Law flow to our customers to support many existing and future projects
Challenges Ahead
- Uncertainty regarding the outcome of ongoing negotiations on various disputes
- Disputes could have a positive or negative impact on fourth-quarter financial results
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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