Tutor Perini Reports Fourth Quarter and Full Year 2024 Results
Tutor Perini (NYSE: TPC) reported its Q4 and full-year 2024 results, highlighting a record operating cash flow of $503.5 million, up 63% year-over-year. The company achieved significant debt reduction of $477 million (52%) and reached a record backlog of $18.7 billion, up 84% from 2023.
Revenue increased 12% to $4.3 billion in 2024, driven by Civil and Building segment growth. However, the company reported a diluted loss of $3.13 per share, primarily due to resolutions of legacy disputes. For 2025, TPC provides guidance with double-digit revenue growth and EPS range of $1.50 to $1.90.
Notable new awards in 2024 totaled $12.8 billion, including the $3.76 billion Manhattan Jail project and $1.66 billion City Center Guideway project in Hawaii. The company expects preliminary EPS estimates for 2026 and 2027 to be more than double the 2025 guidance.
Tutor Perini (NYSE: TPC) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando un flusso di cassa operativo record di 503,5 milioni di dollari, in aumento del 63% rispetto all'anno precedente. L'azienda ha ottenuto una significativa riduzione del debito di 477 milioni di dollari (52%) e ha raggiunto un portafoglio ordini record di 18,7 miliardi di dollari, in aumento dell'84% rispetto al 2023.
I ricavi sono aumentati del 12% a 4,3 miliardi di dollari nel 2024, grazie alla crescita del segmento Civile e Edilizia. Tuttavia, l'azienda ha registrato una perdita diluita di 3,13 dollari per azione, principalmente a causa di risoluzioni di controversie storiche. Per il 2025, TPC fornisce indicazioni su una crescita dei ricavi a doppia cifra e un intervallo di EPS da 1,50 a 1,90 dollari.
I nuovi contratti significativi nel 2024 hanno totalizzato 12,8 miliardi di dollari, inclusi il progetto della prigione di Manhattan da 3,76 miliardi di dollari e il progetto City Center Guideway da 1,66 miliardi di dollari alle Hawaii. L'azienda si aspetta che le stime preliminari dell'EPS per il 2026 e il 2027 siano più del doppio delle indicazioni per il 2025.
Tutor Perini (NYSE: TPC) reportó sus resultados del cuarto trimestre y del año completo 2024, destacando un flujo de efectivo operativo récord de 503.5 millones de dólares, un aumento del 63% en comparación con el año anterior. La compañía logró una reducción significativa de la deuda de 477 millones de dólares (52%) y alcanzó un portafolio de pedidos récord de 18.7 mil millones de dólares, un incremento del 84% respecto a 2023.
Los ingresos aumentaron un 12% a 4.3 mil millones de dólares en 2024, impulsados por el crecimiento del segmento de Construcción y Civil. Sin embargo, la empresa reportó una pérdida diluida de 3.13 dólares por acción, principalmente debido a la resolución de disputas históricas. Para 2025, TPC proporciona orientación con un crecimiento de ingresos de dos dígitos y un rango de EPS de 1.50 a 1.90 dólares.
Los nuevos contratos notables en 2024 totalizaron 12.8 mil millones de dólares, incluyendo el proyecto de la cárcel de Manhattan de 3.76 mil millones de dólares y el proyecto City Center Guideway de 1.66 mil millones de dólares en Hawái. La empresa espera que las estimaciones preliminares de EPS para 2026 y 2027 sean más del doble de la guía de 2025.
튜터 페리니 (NYSE: TPC)는 2024년 4분기 및 연간 실적을 발표하며 기록적인 운영 현금 흐름 5억 3천5백만 달러를 기록했다고 밝혔습니다. 이는 전년 대비 63% 증가한 수치입니다. 회사는 4억 7천7백만 달러(52%)의 상당한 부채 감소를 달성했으며, 187억 달러의 기록적인 수주 잔고를 기록하여 2023년 대비 84% 증가했습니다.
2024년 매출은 12% 증가하여 43억 달러에 달했으며, 이는 토목 및 건설 부문의 성장에 힘입은 결과입니다. 그러나 회사는 주당 3.13달러의 희석 손실을 보고했으며, 이는 주로 역사적인 분쟁 해결에 기인합니다. 2025년을 위해 TPC는 두 자릿수 매출 성장과 주당 순이익(EPS) 범위를 1.50달러에서 1.90달러로 제시했습니다.
2024년의 주목할 만한 신규 수주는 총 128억 달러에 달하며, 여기에는 37억 6천만 달러 규모의 맨해튼 교도소 프로젝트와 16억 6천만 달러 규모의 하와이 시티 센터 가이드웨이 프로젝트가 포함됩니다. 회사는 2026년과 2027년의 초기 EPS 추정치가 2025년 가이던스의 두 배 이상이 될 것으로 예상하고 있습니다.
Tutor Perini (NYSE: TPC) a annoncé ses résultats pour le quatrième trimestre et l'année entière 2024, mettant en avant un flux de trésorerie opérationnel record de 503,5 millions de dollars, en hausse de 63% par rapport à l'année précédente. L'entreprise a réalisé une réduction de la dette significative de 477 millions de dollars (52%) et a atteint un carnet de commandes record de 18,7 milliards de dollars, en hausse de 84% par rapport à 2023.
Les revenus ont augmenté de 12% pour atteindre 4,3 milliards de dollars en 2024, grâce à la croissance des segments Civil et Bâtiment. Cependant, l'entreprise a enregistré une perte diluée de 3,13 dollars par action, principalement en raison de la résolution de litiges historiques. Pour 2025, TPC prévoit une croissance à deux chiffres des revenus et une fourchette de BPA de 1,50 à 1,90 dollars.
Les nouveaux contrats notables en 2024 ont totalisé 12,8 milliards de dollars, y compris le projet de prison de Manhattan de 3,76 milliards de dollars et le projet City Center Guideway de 1,66 milliard de dollars à Hawaï. L'entreprise s'attend à ce que les estimations préliminaires de BPA pour 2026 et 2027 soient plus du double des prévisions pour 2025.
Tutor Perini (NYSE: TPC) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und hebt einen rekordverdächtigen operativen Cashflow von 503,5 Millionen Dollar hervor, was einem Anstieg von 63% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte eine signifikante Schuldenreduzierung von 477 Millionen Dollar (52%) und erreichte einen rekordhohen Auftragsbestand von 18,7 Milliarden Dollar, was einem Anstieg von 84% im Vergleich zu 2023 entspricht.
Der Umsatz stieg um 12% auf 4,3 Milliarden Dollar im Jahr 2024, was auf das Wachstum im Bereich Bau und Infrastruktur zurückzuführen ist. Dennoch meldete das Unternehmen einen verwässerten Verlust von 3,13 Dollar pro Aktie, hauptsächlich aufgrund von Regelungen in Bezug auf alte Streitigkeiten. Für 2025 gibt TPC eine Prognose mit zweistelligem Umsatzwachstum und einer EPS-Spanne von 1,50 bis 1,90 Dollar heraus.
Die bemerkenswerten neuen Aufträge im Jahr 2024 beliefen sich auf insgesamt 12,8 Milliarden Dollar, darunter das 3,76 Milliarden Dollar teure Manhattan-Gefängnisprojekt und das 1,66 Milliarden Dollar teure City Center Guideway-Projekt in Hawaii. Das Unternehmen erwartet, dass die vorläufigen EPS-Schätzungen für 2026 und 2027 mehr als doppelt so hoch sein werden wie die Prognosen für 2025.
- Record operating cash flow of $503.5M, up 63% YoY
- Substantial debt reduction of $477M (52%)
- Record backlog of $18.7B, up 84% YoY
- Revenue growth of 12% to $4.3B
- Strong 2025 guidance with projected EPS $1.50-$1.90
- Projected doubling of EPS in 2026-2027 vs 2025
- Net loss of $3.13 per share in 2024
- Operating loss of $103.8M in 2024
- Increased share-based compensation expense of $40.4M
Insights
Tutor Perini's 2024 results showcase a company making significant financial progress despite bottom-line challenges. The record $503.5 million operating cash flow (up 63% year-over-year) enabled substantial deleveraging, with debt reduction of $477 million (52%) since year-end 2023. This dramatic improvement in the balance sheet positions TPC with significantly greater financial flexibility moving forward.
The company's unprecedented backlog of $18.7 billion (up 84% year-over-year) provides exceptional revenue visibility for the next several years. This backlog strength spans across segments, with Civil, Building, and Specialty Contractors all reaching record levels. The $12.8 billion in new awards during 2024 demonstrates TPC's competitive positioning in infrastructure and building markets, particularly in transportation, healthcare, and government projects.
Despite 12% revenue growth to $4.3 billion, TPC reported a $3.13 diluted loss per share, primarily from charges related to legacy dispute resolutions. While these settlements created short-term earnings pain, they generated substantial cash and removed significant uncertainties from the business. Another earnings headwind was the $40.4 million in share-based compensation (versus $12.3 million in 2023), triggered by the stock price appreciation during 2024.
The 2025 guidance of $1.50-$1.90 EPS with double-digit revenue growth signals a clear inflection point toward profitability. More notably, management's preliminary estimates for 2026-2027 suggest earnings more than double the 2025 levels, indicating the company expects significant margin expansion as newer, presumably higher-margin projects progress from early stages into full construction.
With debt reduction goals achieved, management's pivot toward shareholder returns marks a significant strategic shift that should attract investor interest. The company appears well-positioned to capitalize on infrastructure spending, though execution on this massive backlog will be critical to achieving their ambitious earnings projections.
Tutor Perini's 2024 results reveal a company executing a strategic transformation while managing the fallout from legacy issues. The record $18.7 billion backlog represents a watershed moment for TPC, nearly doubling year-over-year and providing unprecedented revenue visibility across multiple years. This massive backlog is particularly significant as it spans diverse project types and geographies, reducing concentration risk while demonstrating TPC's competitive advantages in complex, large-scale projects.
The $12.8 billion in new awards during 2024 showcases TPC's strengthening market position across public infrastructure, institutional buildings, and government facilities. The project mix - including major mass transit systems, correctional facilities, healthcare campuses, and military installations - aligns perfectly with sectors receiving substantial government funding through the Bipartisan Infrastructure Law and state-level capital improvement programs.
While the $3.13 diluted loss per share appears concerning, it primarily reflects the company's strategic decision to resolve long-standing legacy disputes. These resolutions, while painful to short-term earnings, generated substantial cash flow and removed significant contingent liabilities from the business. The record $503.5 million operating cash flow enabled the company to dramatically strengthen its balance sheet through 52% debt reduction, positioning TPC with significantly improved financial flexibility.
The company's 2025 guidance and preliminary estimates for 2026-2027 suggest a clear earnings inflection point is approaching. The projected earnings trajectory aligns with typical construction project life cycles, where profitability improves substantially as projects progress from early mobilization phases into full construction. The current backlog contains numerous major projects still in early stages that should contribute increasing margins over the next 2-3 years.
Management's confidence in this trajectory is evident in their pivot toward shareholder returns, signaling they believe the company has successfully navigated through its most challenging period. This strategic shift, combined with the record backlog and strengthened balance sheet, positions TPC for what could be its strongest performance cycle in company history, assuming effective execution on its project portfolio.
-
Record operating cash flow of
$503.5 million 63% Y/Y -
Successfully accelerated debt reduction, reducing total debt by
$477 million 52% , from the end of 2023 through February 27, 2025, including the full payoff of the Term Loan B -
Record backlog of
$18.7 billion 84% Y/Y, driven by$12.8 billion -
Revenue of
$4.3 billion 12% Y/Y -
Company’s considerable progress in resolving many of its largest legacy disputes generated significant operating cash flow in 2024; however, these resolutions also resulted in net charges that drove a diluted loss of
$3.13 -
Provides 2025 guidance, including double-digit revenue growth and EPS range of
$1.50 $1.90 - Preliminary estimates point to significantly stronger earnings in 2026 and 2027 that are more than double the EPS guidance for 2025
Record Operating Cash Flow Enabled Substantial Debt Reduction
Tutor Perini delivered a third consecutive year of record operating cash flow, generating
As anticipated, the Company generated very strong operating cash flow of
Record Backlog Driven by a Massive Volume of New Awards
Consolidated backlog grew to
New awards and contract adjustments in 2024 totaled
-
$3.76 billion Manhattan Jail project inNew York ; -
$1.66 billion Hawaii ; -
$1.4 billion California ; -
$1.13 billion New Jersey ; -
$1.1 billion New York ; -
$479 million California ; -
$449 million California ; -
$331 million Guam ; -
$229 million Florida ; and -
The Company’s proportionate share of the
$1.3 billion Connecticut .
New awards continue to be strong in the first quarter of 2025, as highlighted by the Company’s recently announced awards of the
The Company still has considerable Civil and Building segment bidding opportunities that it expects to pursue in 2025, including the multi-billion-dollar Midtown Bus Terminal Replacement project in
This record backlog enables Tutor Perini to be more selective around future bidding as the Company prioritizes opportunities focused on margin enhancement moving forward.
Management Remarks
“With an unprecedented
“Our record backlog and ample future bidding opportunities should serve as the catalyst for significant double-digit revenue growth and a return to solid profitability in 2025, followed by substantially higher earnings in 2026 and 2027,” added Mr. Smalley. “With our short-term debt reduction goals attained and solid future operating cash flow expected, our capital allocation priorities will turn to creating long-term value through the return of capital to shareholders.”
Revenue Growth Driven by Strength in Civil and Building Markets
Revenue for 2024 was
Significant Judgments and Settlements Resulted in an Operating Loss
Loss from construction operations for 2024 was
The Company's loss from construction operations for 2024 was also negatively impacted by
2025 Outlook and Guidance
The Company’s record backlog provides excellent visibility and confidence for significant revenue growth and improved profitability over the next several years.
Based on its assessment of the current market and business outlook, the Company anticipates double-digit revenue growth in 2025 and a return to solid earnings, with substantially higher earnings expected in 2026 and 2027, by which time newer large projects should be in the construction phase. For 2025, the Company expects EPS of
The Company believes that its record backlog is setting the stage for significantly better results over the next several years. Based on its current projections, the Company’s preliminary EPS estimates for 2026 and 2027 are more than double its EPS guidance for 2025.
The Company also continues to expect strong operating cash generation in 2025 and beyond as a result of increased project execution activities and the anticipated resolution of remaining legacy disputes.
Additionally, despite concerns in the market over federal budget scrutiny and tariffs imposed by the Trump administration, customer demand remains strong with substantial funding in place at the state and local levels, boosted by the
Fourth Quarter 2024 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Thursday, February 27, 2025, to discuss the fourth quarter and full year 2024 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.
Forward-Looking Statements
The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; revisions of estimates of contract risks, revenue or costs, economic factors such as inflation, tariffs, the timing of new awards, or the pace of project execution, which has resulted and may continue to result in losses or lower than anticipated profit; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; possible systems and information technology interruptions and breaches in data security and/or privacy; the impact of inclement weather conditions, disasters and other catastrophic events outside our control on projects; risks related to our international operations, such as uncertainty of
Tutor Perini Corporation |
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Consolidated Statements of Operations |
||||||||||||||||
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||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
(in thousands, except per common share amounts) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
REVENUE |
|
$ |
1,067,649 |
|
|
$ |
1,021,471 |
|
|
$ |
4,326,922 |
|
|
$ |
3,880,227 |
|
COST OF OPERATIONS |
|
|
(1,077,111 |
) |
|
|
(972,552 |
) |
|
|
(4,129,884 |
) |
|
|
(3,739,603 |
) |
GROSS PROFIT |
|
|
(9,462 |
) |
|
|
48,919 |
|
|
|
197,038 |
|
|
|
140,624 |
|
General and administrative expenses(a) |
|
|
(76,783 |
) |
|
|
(71,393 |
) |
|
|
(300,791 |
) |
|
|
(255,221 |
) |
LOSS FROM CONSTRUCTION OPERATIONS |
|
|
(86,245 |
) |
|
|
(22,474 |
) |
|
|
(103,753 |
) |
|
|
(114,597 |
) |
Other income, net |
|
|
4,242 |
|
|
|
4,758 |
|
|
|
19,878 |
|
|
|
17,200 |
|
Interest expense |
|
|
(25,519 |
) |
|
|
(21,315 |
) |
|
|
(89,133 |
) |
|
|
(85,157 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(107,522 |
) |
|
|
(39,031 |
) |
|
|
(173,008 |
) |
|
|
(182,554 |
) |
Income tax benefit |
|
|
31,314 |
|
|
|
2,953 |
|
|
|
50,669 |
|
|
|
54,957 |
|
NET LOSS |
|
|
(76,208 |
) |
|
|
(36,078 |
) |
|
|
(122,339 |
) |
|
|
(127,597 |
) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
3,223 |
|
|
|
11,451 |
|
|
|
41,382 |
|
|
|
43,558 |
|
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
(79,431 |
) |
|
$ |
(47,529 |
) |
|
$ |
(163,721 |
) |
|
$ |
(171,155 |
) |
BASIC LOSS PER COMMON SHARE |
|
$ |
(1.51 |
) |
|
$ |
(0.91 |
) |
|
$ |
(3.13 |
) |
|
$ |
(3.30 |
) |
DILUTED LOSS PER COMMON SHARE |
|
$ |
(1.51 |
) |
|
$ |
(0.91 |
) |
|
$ |
(3.13 |
) |
|
$ |
(3.30 |
) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
BASIC |
|
|
52,460 |
|
|
|
52,024 |
|
|
|
52,322 |
|
|
|
51,845 |
|
DILUTED |
|
|
52,460 |
|
|
|
52,024 |
|
|
|
52,322 |
|
|
|
51,845 |
|
______________________________ |
|
| (a) |
General and administrative expenses for the three and twelve months ended December 31, 2024 include share-based compensation expense of |
Tutor Perini Corporation |
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Segment Information |
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Reportable Segments |
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(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
|||||||||||||||
Quarter ended December 31, 2024 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
599,238 |
|
$ |
353,748 |
|
$ |
161,670 |
|
$ |
1,114,656 |
|
|
$ |
— |
|
|
$ |
1,114,656 |
|
|||
Elimination of intersegment revenue |
|
(44,833 |
) |
|
(1,734 |
) |
|
(440 |
) |
|
(47,007 |
) |
|
|
— |
|
|
|
(47,007 |
) |
|||
Revenue from external customers |
$ |
554,405 |
|
$ |
352,014 |
|
$ |
161,230 |
|
$ |
1,067,649 |
|
|
$ |
— |
|
|
$ |
1,067,649 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
549,929 |
|
$ |
393,423 |
|
$ |
181,506 |
|
$ |
1,124,858 |
|
|
$ |
29,036 |
|
|
$ |
1,153,894 |
|
|||
Income (loss) from construction operations |
$ |
4,476 |
|
$ |
(41,409 |
) |
$ |
(20,276 |
) |
$ |
(57,209 |
) |
|
$ |
(29,036 |
)(b) |
|
$ |
(86,245 |
) |
|||
Capital expenditures |
$ |
5,193 |
|
$ |
90 |
|
$ |
204 |
|
$ |
5,487 |
|
|
$ |
3,656 |
|
|
$ |
9,143 |
|
|||
Depreciation and amortization(c) |
$ |
10,822 |
|
$ |
521 |
|
$ |
592 |
|
$ |
11,935 |
|
|
$ |
754 |
|
|
$ |
12,689 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Quarter ended December 31, 2023 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
493,641 |
|
$ |
383,168 |
|
$ |
186,034 |
|
$ |
1,062,843 |
|
|
$ |
— |
|
|
$ |
1,062,843 |
|
|||
Elimination of intersegment revenue |
|
(34,263 |
) |
|
(7,073 |
) |
|
(36 |
) |
|
(41,372 |
) |
|
|
— |
|
|
|
(41,372 |
) |
|||
Revenue from external customers |
$ |
459,378 |
|
$ |
376,095 |
|
$ |
185,998 |
|
$ |
1,021,471 |
|
|
$ |
— |
|
|
$ |
1,021,471 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
431,077 |
|
$ |
383,384 |
|
$ |
210,111 |
|
$ |
1,024,572 |
|
|
$ |
19,373 |
|
|
$ |
1,043,945 |
|
|||
Income (loss) from construction operations |
$ |
28,301 |
|
$ |
(7,289 |
) |
$ |
(24,113 |
) |
$ |
(3,101 |
) |
|
$ |
(19,373 |
)(b) |
|
$ |
(22,474 |
) |
|||
Capital expenditures |
$ |
4,669 |
|
$ |
216 |
|
$ |
159 |
|
$ |
5,044 |
|
|
$ |
2,319 |
|
|
$ |
7,363 |
|
|||
Depreciation and amortization(c) |
$ |
9,932 |
|
$ |
572 |
|
$ |
589 |
|
$ |
11,093 |
|
|
$ |
2,151 |
|
|
$ |
13,244 |
|
|||
______________________________ |
|
| (a) | Segment expenses include the total expenses that are deducted from revenue to determine income (loss) from construction operations. |
| (b) | Consists primarily of corporate general and administrative expenses. |
| (c) | Depreciation and amortization is included in income (loss) from construction operations. |
Tutor Perini Corporation |
|||||||||||||||||||||||
Segment Information (continued) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reportable Segments |
|
|
|
|
|||||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
|||||||||||||||
Year ended December 31, 2024 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
2,248,659 |
|
$ |
1,666,862 |
|
$ |
590,822 |
|
$ |
4,506,343 |
|
|
$ |
— |
|
|
$ |
4,506,343 |
|
|||
Elimination of intersegment revenue |
|
(129,706 |
) |
|
(49,325 |
) |
|
(390 |
) |
|
(179,421 |
) |
|
|
— |
|
|
|
(179,421 |
) |
|||
Revenue from external customers |
$ |
2,118,953 |
|
$ |
1,617,537 |
|
$ |
590,432 |
|
$ |
4,326,922 |
|
|
$ |
— |
|
|
$ |
4,326,922 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
1,980,692 |
|
$ |
1,641,674 |
|
$ |
693,777 |
|
$ |
4,316,143 |
|
|
$ |
114,532 |
|
|
$ |
4,430,675 |
|
|||
Income (loss) from construction operations |
$ |
138,261 |
|
$ |
(24,137 |
) |
$ |
(103,345 |
) |
$ |
10,779 |
|
|
$ |
(114,532 |
)(b) |
|
$ |
(103,753 |
) |
|||
Capital expenditures |
$ |
27,040 |
|
$ |
613 |
|
$ |
530 |
|
$ |
28,183 |
|
|
$ |
9,226 |
|
|
$ |
37,409 |
|
|||
Depreciation and amortization(c) |
$ |
42,521 |
|
$ |
2,270 |
|
$ |
2,333 |
|
$ |
47,124 |
|
|
$ |
6,663 |
|
|
$ |
53,787 |
|
|||
|
|
|
|
|
|
|
|
||||||||||||||||
Year ended December 31, 2023 |
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue |
$ |
1,971,194 |
|
$ |
1,302,636 |
|
$ |
694,038 |
|
$ |
3,967,868 |
|
|
$ |
— |
|
|
$ |
3,967,868 |
|
|||
Elimination of intersegment revenue |
|
(87,329 |
) |
|
(97 |
) |
|
(215 |
) |
|
(87,641 |
) |
|
|
— |
|
|
|
(87,641 |
) |
|||
Revenue from external customers |
$ |
1,883,865 |
|
$ |
1,302,539 |
|
$ |
693,823 |
|
$ |
3,880,227 |
|
|
$ |
— |
|
|
$ |
3,880,227 |
|
|||
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Segment expenses(a) |
$ |
1,685,256 |
|
$ |
1,393,745 |
|
$ |
838,645 |
|
$ |
3,917,646 |
|
|
$ |
77,178 |
|
|
$ |
3,994,824 |
|
|||
Income (loss) from construction operations |
$ |
198,609 |
|
$ |
(91,206 |
) |
$ |
(144,822 |
) |
$ |
(37,419 |
) |
|
$ |
(77,178 |
)(b) |
|
$ |
(114,597 |
) |
|||
Capital expenditures |
$ |
41,318 |
|
$ |
3,932 |
|
$ |
1,250 |
|
$ |
46,500 |
|
|
$ |
6,453 |
|
|
$ |
52,953 |
|
|||
Depreciation and amortization(c) |
$ |
31,685 |
|
$ |
2,227 |
|
$ |
2,445 |
|
$ |
36,357 |
|
|
$ |
8,872 |
|
|
$ |
45,229 |
|
|||
______________________________ |
|
| (a) | Segment expenses include the total expenses that are deducted from revenue to determine income (loss) from construction operations. |
| (b) | Consists primarily of corporate general and administrative expenses. |
| (c) | Depreciation and amortization is included in income (loss) from construction operations. |
Tutor Perini Corporation |
||||||||
Consolidated Balance Sheets |
||||||||
|
||||||||
|
|
As of December 31, |
||||||
(in thousands, except share and per share amounts) |
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents ( |
|
$ |
455,084 |
|
|
$ |
380,564 |
|
Restricted cash |
|
|
9,104 |
|
|
|
14,116 |
|
Restricted investments |
|
|
139,986 |
|
|
|
130,287 |
|
Accounts receivable ( |
|
|
986,893 |
|
|
|
1,054,014 |
|
Retention receivable ( |
|
|
560,163 |
|
|
|
580,926 |
|
Costs and estimated earnings in excess of billings ( |
|
|
942,522 |
|
|
|
1,143,846 |
|
Other current assets ( |
|
|
192,915 |
|
|
|
217,601 |
|
Total current assets |
|
|
3,286,667 |
|
|
|
3,521,354 |
|
PROPERTY AND EQUIPMENT: |
|
|
|
|
||||
Land |
|
|
44,132 |
|
|
|
44,127 |
|
Building and improvements |
|
|
138,799 |
|
|
|
132,639 |
|
Construction equipment |
|
|
609,495 |
|
|
|
613,166 |
|
Other equipment |
|
|
196,870 |
|
|
|
185,530 |
|
|
|
|
989,296 |
|
|
|
975,462 |
|
Less accumulated depreciation |
|
|
(566,308 |
) |
|
|
(534,171 |
) |
Total property and equipment, net ( |
|
|
422,988 |
|
|
|
441,291 |
|
GOODWILL |
|
|
205,143 |
|
|
|
205,143 |
|
INTANGIBLE ASSETS, NET |
|
|
66,069 |
|
|
|
68,305 |
|
DEFERRED INCOME TAXES |
|
|
143,289 |
|
|
|
74,083 |
|
OTHER ASSETS |
|
|
118,554 |
|
|
|
119,680 |
|
TOTAL ASSETS |
|
$ |
4,242,710 |
|
|
$ |
4,429,856 |
|
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
24,113 |
|
|
$ |
117,431 |
|
Accounts payable ( |
|
|
631,468 |
|
|
|
466,545 |
|
Retention payable ( |
|
|
240,971 |
|
|
|
223,138 |
|
Billings in excess of costs and estimated earnings ( |
|
|
1,216,623 |
|
|
|
1,103,530 |
|
Accrued expenses and other current liabilities ( |
|
|
219,525 |
|
|
|
214,309 |
|
Total current liabilities |
|
|
2,332,700 |
|
|
|
2,124,953 |
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
510,025 |
|
|
|
782,314 |
|
DEFERRED INCOME TAXES |
|
|
— |
|
|
|
956 |
|
OTHER LONG-TERM LIABILITIES |
|
|
241,379 |
|
|
|
237,722 |
|
TOTAL LIABILITIES |
|
|
3,084,104 |
|
|
|
3,145,945 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock – authorized 1,000,000 shares ( |
|
|
— |
|
|
|
— |
|
Common stock – authorized 112,500,000 shares ( |
|
|
52,486 |
|
|
|
52,025 |
|
Additional paid-in capital |
|
|
1,146,800 |
|
|
|
1,146,204 |
|
Retained (deficit) earnings |
|
|
(30,575 |
) |
|
|
133,146 |
|
Accumulated other comprehensive loss |
|
|
(33,988 |
) |
|
|
(39,787 |
) |
Total stockholders' equity |
|
|
1,134,723 |
|
|
|
1,291,588 |
|
Noncontrolling interests |
|
|
23,883 |
|
|
|
(7,677 |
) |
TOTAL EQUITY |
|
|
1,158,606 |
|
|
|
1,283,911 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
4,242,710 |
|
|
$ |
4,429,856 |
|
Tutor Perini Corporation |
|||||||
Consolidated Statements of Cash Flows |
|||||||
|
|||||||
Year Ended December 31, |
|||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
||||
Net loss |
$ |
(122,339 |
) |
|
$ |
(127,597 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
51,551 |
|
|
|
42,992 |
|
Amortization of intangible assets |
|
2,236 |
|
|
|
2,237 |
|
Share-based compensation expense |
|
40,356 |
|
|
|
12,259 |
|
Change in debt discounts and deferred debt issuance costs |
|
14,068 |
|
|
|
5,458 |
|
Deferred income taxes |
|
(78,008 |
) |
|
|
(64,820 |
) |
(Gain) loss on sale of property and equipment |
|
116 |
|
|
|
(5,016 |
) |
Changes in other components of working capital |
|
589,124 |
|
|
|
428,910 |
|
Other long-term liabilities |
|
14,898 |
|
|
|
3,754 |
|
Other, net |
|
(8,458 |
) |
|
|
10,294 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
503,544 |
|
|
|
308,471 |
|
|
|
|
|
||||
Cash Flows from Investing Activities: |
|
|
|
||||
Acquisition of property and equipment |
|
(37,409 |
) |
|
|
(52,953 |
) |
Proceeds from sale of property and equipment |
|
4,752 |
|
|
|
10,062 |
|
Investments in securities |
|
(35,643 |
) |
|
|
(48,351 |
) |
Proceeds from maturities and sales of investments in securities |
|
27,613 |
|
|
|
12,997 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(40,687 |
) |
|
|
(78,245 |
) |
|
|
|
|
||||
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from debt |
|
787,135 |
|
|
|
712,324 |
|
Repayment of debt |
|
(1,141,765 |
) |
|
|
(773,999 |
) |
Cash payments related to share-based compensation |
|
(5,556 |
) |
|
|
(969 |
) |
Distributions paid to noncontrolling interests |
|
(23,300 |
) |
|
|
(46,500 |
) |
Contributions from noncontrolling interests |
|
15,230 |
|
|
|
2,000 |
|
Debt issuance, extinguishment and modification costs |
|
(25,093 |
) |
|
|
(2,233 |
) |
NET CASH USED IN FINANCING ACTIVITIES |
|
(393,349 |
) |
|
|
(109,377 |
) |
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash |
|
69,508 |
|
|
|
120,849 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
394,680 |
|
|
|
273,831 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
464,188 |
|
|
$ |
394,680 |
|
Tutor Perini Corporation |
||||||||||||||
Backlog Information |
||||||||||||||
Unaudited |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized in the
|
|
Backlog at
|
||||||
Civil |
|
$ |
6,895.0 |
|
$ |
2,495.0 |
|
$ |
(554.4 |
) |
|
$ |
8,835.6 |
|
Building |
|
|
5,138.0 |
|
|
2,240.9 |
|
|
(352.0 |
) |
|
|
7,026.9 |
|
Specialty Contractors |
|
|
1,992.2 |
|
|
980.4 |
|
|
(161.2 |
) |
|
|
2,811.4 |
|
Total |
|
$ |
14,025.2 |
|
$ |
5,716.3 |
|
$ |
(1,067.6 |
) |
|
$ |
18,673.9 |
|
|
|
|
|
|
|
|
|
|||||||
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized in the
|
|
Backlog at
|
||||||
Civil |
|
$ |
4,240.6 |
|
$ |
6,713.9 |
|
$ |
(2,118.9 |
) |
|
$ |
8,835.6 |
|
Building |
|
|
4,177.5 |
|
|
4,467.0 |
|
|
(1,617.6 |
) |
|
|
7,026.9 |
|
Specialty Contractors |
|
|
1,740.3 |
|
|
1,661.5 |
|
|
(590.4 |
) |
|
|
2,811.4 |
|
Total |
|
$ |
10,158.4 |
|
$ |
12,842.4 |
|
$ |
(4,326.9 |
) |
|
$ |
18,673.9 |
|
______________________________ |
|
| (a) | New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227210877/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
FAQ
What was Tutor Perini's (TPC) operating cash flow performance in 2024?
How much debt did TPC reduce in 2024-2025?
What is TPC's current backlog and major new awards for 2024?
What is Tutor Perini's (TPC) earnings guidance for 2025?
What caused TPC's loss per share in 2024 despite revenue growth?
