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Sep 30, 2024
Tutor Perini Q3 2024 Earnings Report
Reported third quarter results with a diluted loss per share of $1.92, impacted by net charges from dispute resolutions, but backlog reached a new record of $14.0 billion.
Key Takeaways
Tutor Perini reported a net loss for Q3 2024, primarily due to net charges of approximately $152 million related to dispute resolutions. However, the company achieved a record backlog of $14.0 billion and anticipates strong cash flow in the coming periods, expecting to return to profitability in 2025.
Record backlog of $14.0 billion at the end of Q3 2024, a 35% increase compared to Q2 2024.
Loss from construction operations was $106.8 million for Q3 2024.
Net loss attributable to the Company for Q3 2024 was $100.9 million, or a $1.92 diluted loss per share.
Expecting record full-year 2024 operating cash flow in the range of $425 million to $575 million.
Revenue by Segment
Forward Guidance
The Company expects a return to profitability in 2025 and anticipates issuing its initial guidance for 2025 in February, when it reports its results for the full year of 2024.
Positive Outlook
- Expecting record full-year 2024 operating cash flow in the range of $425 million to $575 million
- Planning to utilize anticipated strong 2024 cash collections to prepay $100 million to $150 million of Term Loan B debt by December 31, 2024
- Expecting to return to profitability in 2025, with even stronger earnings anticipated in 2026 and beyond
- We have tremendous momentum with several large new project wins in the third quarter that resulted in a new record backlog of $14 billion
- We are pleased to put many of our largest disputes behind us
Challenges Ahead
- The Company's considerable progress in resolving seven of its largest disputed matters is expected to generate approximately $180 million of future operating cash flow, however these resolutions also resulted in net charges that drove a diluted loss of $1.92 per share in Q3 2024
- Outlook and Guidance As previously announced on October 21, 2024, the Company withdrew its 2024 guidance due to the adverse earnings impact of the net charges recorded in the third quarter of 2024 related to several dispute resolutions as described above.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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