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Sep 30, 2023
Tutor Perini Q3 2023 Earnings Report
Tutor Perini's Q3 2023 results were reported, revealing a revenue that remained level compared to the previous year, alongside a net loss, but highlighted by strong operating cash flow and backlog growth.
Key Takeaways
Tutor Perini reported Q3 2023 results with a flat revenue of $1.1 billion compared to the same quarter last year. The company experienced a net loss of $36.9 million, or $0.71 per diluted share. However, operating cash flow was strong at $103.2 million, and backlog grew to $10.6 billion, up 28% year-over-year.
Revenue remained level at $1.1 billion compared to Q3 2022.
Net loss was $36.9 million, or $0.71 diluted loss per share, compared to a net loss of $32.5 million, or $0.63 diluted loss per share, for the same period in 2022.
Operating cash flow was strong at $103.2 million, up 42% compared to $72.6 million in Q3 2022.
Backlog grew to $10.6 billion, a 28% increase year-over-year.
Revenue by Segment
Forward Guidance
The Company expects improved performance in the fourth quarter of 2023 and for next year. They are focused on debt maturities and anticipate a timely refinancing of their debt. The company is still not providing new guidance for 2023, but expects to provide initial EPS guidance for 2024 when it issues its fourth quarter and full year 2023 results.
Positive Outlook
- Expects improved performance in Q4 2023 and next year.
- Anticipates strong cash generation over the next several quarters.
- Backlog remains healthy and is expected to increase significantly.
- Focus on debt maturities and plans for timely refinancing.
- Accumulating cash for deleveraging the balance sheet.
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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