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Dec 31, 2023
Tutor Perini Q4 2023 Earnings Report
Reported fourth quarter and full year 2023 results, with backlog increased and focus on resolving disputes.
Key Takeaways
Tutor Perini reported a revenue of $1.02 billion for Q4 2023. The company's backlog increased 28% year-over-year to $10.2 billion. They are establishing initial EPS guidance for 2024 in the range of $0.85 to $1.10.
Record operating cash flow of $308.5 million in 2023, up 49% compared to the prior record of $207.0 million in 2022.
Term Loan B was paid down by an additional $91 million on February 23, 2024, earlier than required.
Backlog increased 28% year-over-year to $10.2 billion, providing visibility for strong revenue growth.
Senior Notes refinancing is underway, with transaction expected to be completed by the end of April 2024.
Revenue by Segment
Forward Guidance
The Company anticipates double-digit revenue growth in 2024 and a return to positive earnings, with substantially stronger earnings expected in 2025 and 2026. The Company is establishing its initial EPS guidance for 2024 at a range of $0.85 to $1.10.
Positive Outlook
- Continued significant backlog growth in 2024 and 2025.
- Tracking and expects to capture its share of more than $75 billion of new project opportunities over the next three to four years, of which more than $32 billion are expected in 2024 and 2025.
- Double-digit revenue growth in 2024 and a return to positive earnings.
- Substantially stronger earnings expected in 2025 and 2026.
- Continued strong operating cash generation in 2024 and 2025, well in excess of net income for each year.
Challenges Ahead
- Earnings in 2024 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.
- Refinancing of Senior Notes due in 2025 needs to be completed.
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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