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Dec 31, 2022
Tutor Perini Q4 2022 Earnings Report
Reported results for the fourth quarter and year ended December 31, 2022, with a record full-year operating cash flow and strategic business changes implemented.
Key Takeaways
Tutor Perini reported a decrease in revenue and a loss from construction operations for 2022, primarily due to a lack of major new awards, project adjustments, and unfavorable legal outcomes. However, the company generated a record operating cash flow and implemented strategic changes to improve future performance.
Full-year operating cash flow reached a record $207.0 million, the highest since 2008.
Backlog stood at $7.9 billion, providing good revenue visibility.
Business strategy changes were implemented to expedite dispute resolutions and improve the Specialty Contractors segment's operational performance.
The company anticipates continued strong operating cash generation in 2023.
Revenue by Segment
Forward Guidance
The Company is establishing its initial EPS guidance for 2023 at a range of $0.45 to $0.65 and expects continued strong operating cash generation in 2023.
Positive Outlook
- Funding allocations from the Bipartisan Infrastructure Law have already begun and are expected to increase in 2023 and continue over the next several years.
- The Company anticipates continued solid revenue contributions in 2023, particularly from its existing backlog of large Civil segment infrastructure projects on the West Coast and other projects in Guam.
- The Company is pursuing various large prospective projects on the West Coast and in the Northeast, Hawaii and Guam that are expected to be bid and/or awarded in 2023 and 2024.
- Earnings in 2023 are expected to be weighted more heavily in the second half of the year due to the anticipated timing of large project activities, as well as typical business seasonality.
- The Company expects continued strong operating cash generation in 2023, well in excess of consolidated net income for the year, as a result of projected solid cash collections, both from project execution activities and the anticipated resolution of various outstanding claims and change orders.
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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